Oegema Nicholson and Associates understands what’s at stake when running your own business. Having been in business ourselves since 1961, we’re well aware of the risks involved and what it takes to protect your hard-earned assets. That’s why we offer a suite of high-quality insurance products geared for small businesses.
If you’re interested in acquiring this type of protection, the knowledgeable insurance experts at Oegema Nicholson can help.
What is small business insurance?
Sometimes called commercial insurance, small business insurance helps cover a business’ assets, income and property against certain losses. Your facility can become damaged by a number of things, including fire, theft, and falling objects. Or your income could be impacted by circumstances out of your control. It’s important to review your insurance documents carefully to understand which perils are covered in your policy.
What does small business insurance cover?
Small business insurance typically offers three basic kinds of coverage, which we can explore in further detail.
This coverage helps protect the property and buildings owned by your business in the event of damage from covered perils. For example, if your facility suffers damage from a gas explosion, your property coverage may help pay for repairs. Keep in mind this coverage only applies to property your business owns. You can also purchase contents coverage to protect the items inside. For example, if your business’ IT equipment is stolen, your contents coverage may help to replace it.
General Liability Coverage
If someone is injured at your business due to negligence, general liability coverage can help pay for their medical expenses. It could also cover your legal costs, should the injured party choose to sue. Liability coverage is important because you could still be held responsible for someone else’s injury, even if you were not at fault. Should your claim exceed your coverage limit, you may have to pay out of pocket to cover the rest.
Business Interruption Coverage
Also known as business income coverage, this helps replace lost income if your business is impacted by a covered peril. For example, if your property’s roof collapses from storm-related damage and makes your office inhabitable — business interruption coverage may provide funds to temporarily rent a new workspace. It’s important to note this coverage is subject to limits, and you will have to pay a deductible in order to make a claim. The insurance advisers at Oegema Nicholson can help you understand the various limits of your policy.
Do I need insurance for my workers?
If you have employees that could be injured on the job, it may be a good idea to invest in worker’s compensation. This type of coverage provides wage replacement and medical benefits to those who are injured while working. But unlike general liability insurance, the employee must give up his rights to sue the employer for the incident.
It’s important to note that worker’s compensation is mandatory in Canada. However, Canadian employers must purchase this insurance from their local worker’s compensation board. In Ontario, this would be the WSIB and in Quebec the CNESST. Penalties for non-compliance can be severe. So speak to your insurance adviser to understand the additional coverage required to keep your employees safe.
How much does small business insurance cost?
Your insurance premiums will be dictated by a number of factors, including the type of business you’re in. Some business endeavours will be considered ‘high risk’, especially if they involve operating heavy machinery or your facility is located in a remote area. And should you decide to purchase additional coverage, such as product liability or data compromise coverage, you can expect your monthly premiums to increase. The best way to get a reliable quote is to work with a trusted brokerage. Oegema Nicholson can connect you with some of the best insurance products on the market.
Why trust Oegema Nicholson?
Because we are family-owned and operated, we believe our clients should also be treated like one of us. Proudly serving the areas of eastern Ontario and western Quebec, Oegema Nicholson has six convenient locations to address all your insurance needs. We can help you compare small business insurance quotes to get you the coverage you need — at a price you can afford. Whether you require basic coverage for a fleet of trucks or professional liability protection for your dental practice, rely on Oegema Nicholson to cover all your bases.
For more information on small business insurance, call us at 613-224-1455 or contact us here.