IBC offers Top 10 Insurance Tips to Mark Small Business Week

Montréal, QC (Aug. 21, 2014) – To mark Small Business Week, Insurance Bureau of Canada offers its top 10 insurance tips for small businesses in Ontario and across the country.

According to the Government of Canada, there are more than one million small- and medium-sized businesses in Canada, making up 99.8% of all companies in the country.

“IBC wants to make sure that small businesses – the economic drivers of our country – have information to help them find insurance coverage that meets their unique needs,” said Ralph Palumbo, Vice-President, Ontario, IBC.

IBC’s top 10 insurance tips for small businesses are as follows:

  • Speak to an insurance professional about the specific insurance needs of your business.
  • Shop around to find the right policy to fit your unique needs.
  • Review your policy at least once a year.
  • Understand your policy. Know what your policy covers and your policy’s limits and deductibles. If you have questions, contact your insurance representative.
  • Ensure your policy’s limits are appropriate. Check to see if you have the right amount of coverage for what you own and operate.
  • Look into purchasing liability insurance. If someone were to slip and fall on your premises, you’d want to be sure you had adequate liability coverage.
  • Ensure that you have appropriate auto insurance coverage. A personal auto insurance policy will not cover commercial use of a vehicle.
  • Look for ways to lower your premiums. Some insurers offer discounts if you take actions to reduce risk. Ask your insurance representative about what you can do to lower your premiums.
  • Consider errors and omissions coverage. If you are offering advice to clients, you will want to make sure you are covered if your advice goes awry.
  • Contact IBC if you have further questions. Consumers can contact IBC’s Ontario Consumer Information Centre at 1-800-387-2880.

For more information about insurance for businesses, see IBC’s business insurance brochure (PDF).

About Insurance Bureau of Canada

Since 1964, IBC has been working with governments across Canada to make our communities safer, championing issues that directly affect Canadians and the property and casualty (P&C) insurance industry. IBC is the national industry association representing Canada’s private home, car and business insurers.

SOURCE: Insurance Bureau of Canada