Small Business Insurance
Arranging insurance is a very important step when you are about to embark in business. Small business insurance will help protect your vehicles, business assets, property, tools and stock but most importantly your personal assets and health. At Hallmark we have an Independent Business Unit (the “IBU”) with professional brokers trained in small business insurance who will understand your needs and can counsel you on what coverages you will require to protect your business as it grows.
- Property insurance that will cover the property and buildings owned by your business in the event of destruction or damage due to things like fire, extreme weather and other perils.
- Contents insurance covers assets (supplies, tools, finished products) that you store at your business premises. If you are leasing space for your business, the owner of the property probably has property insurance, but you are likely responsible for your own contents insurance. If you run your business out of your home, you will likely need separate contents insurance for your business assets.
- Business interruption insurance in case you need to shut down your business temporarily due to a fire or other damage, this will cover your loss of earnings until you are back in business.
- Vehicle insurance to protect any vehicles that your business owns, as well as liability coverage for their use. If you use personal vehicles for business purposes, be sure to advise your insurance broker.
- Liability insurance for when mistakes happen. You, your employees, your equipment or your suppliers could be the cause of mistakes that end up hurting your customers, your employees or other people who are involved with your business. To protect your business from being sued, you should consider these types of insurance to limit your liability:
- General liability — Covers injury to clients or employees on your premises
- Product liability — Provides protection in the event that your products are defective or cause serious harm to those using them
- Professional liability insurance — Provides protection if you are sued by a client for errors, omissions or negligence, when performing professional services