Owning a business involves a great deal of responsibility. Along with structuring the company and making sure everything is in place to be profitable, there's the need to secure the right type and amount of insurance protection. Corporate insurance in Toronto involves more than purchasing one kind of policy and considering the task done. In fact, you need to make sure the overall scope of the protection covers several different scenarios. Here are some examples of what you need and why.
General Liability Coverage
The foundation for your corporate insurance profile is general liability coverage. Essentially, this is in place to protect the business from any negligent actions on the part of your employees. The range of the coverage includes damage to property, medical expenses that result from injuries caused by the negligence, and even damage done as the result of slanderous or libelous statements. Whether your target customer base is individual consumers or other companies, being able to provide proof of this coverage will increase the odds of establishing a business relationship with the client.
Professional Liability Coverage
This kind of insurance is also concerned with negligence but is more specific than the general liability benefits you have in place. Sometimes called errors and omissions insurance, professional liability protection is essential if your business is part of an industry not covered by general liability benefits. This would include legal services, consulting, healthcare institutions, and accounting firms.
Property and Real Estate Insurance
Part of the protection you need has to do with the property you own and use for business purposes. There are plenty of things that can happen at any physical business site, including fires, storm damage, and vandalism combined with theft. Depending on what has taken place, it may be some time before the site can be used for business purposes again. This type of protection provides the resources needed to undo the damage and be able to start the operation again.