Business Insurance

" Many growing businesses in Mississauga trust the experts at the Able Elite Team, a leading insurance brokerage based in the city."

Running a business of any kind requires a thick skin and ability to brave challenges and take some losses on the chin. But if you are a small, growing business there is a limit to the accidental losses you can absorb without running the risk of going under. The reality is small businesses in Mississauga, or anywhere else in the GTA, need the protection of business insurance to hedge against losses caused by factors outside your direct control

Business insurance covers your enterprise from losses resulting from lost revenue or inventory or liability claims filed against you. It does not matter what type of business you run, which could be a restaurant, bookstore, auto dealership, or manufacturing plant, you need insurance to protect your business interests.

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What Type Of Insurance Does My Small Business In Mississauga Need?

The choice of insurance policy you will purchase for your Mississauga business will depend on the nature of the business you operate. Generally, though, most of the liabilities and risks businesses face will be covered under commercial property insurance.

A commercial property policy pays claims directly to you the policyholder and covers losses caused by damage to your buildings, equipment, and other physical assets. This business insurance policy will also extend coverage to equipment or buildings you lease from someone else.

The policy also gives you options to insure against ‘all perils’ or against specific risks. You can also insure a property to its actual cash value or the replacement value as well as expand or remove coverage.

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Business Income And Extra Expense Insurance

Some of the top perks of business insurance are its flexibility and breadth of options. If you have budget constraints, you can cover yourself against loss of income or additional expenses resulting from damage to a property and not specifically the property itself.

You can, however, add business income insurance to your commercial property insurance policy. If you are buying it as a standalone policy, you can also conceivably expect to pay lower premiums because of the lower risk profile.

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Business Type Specific Insurance Policies

Just as there are risks specific to different industries, there are also business insurance products that give special coverages for certain businesses. Good examples are contractors’ equipment policies, business auto insurance if you own delivery vehicles, and cyber insurance if your business is particularly susceptible to cybercrime. If your business is heavily dependent on the special skills of key personnel you can even buy key person insurance.

Generally, however, there is a slew of business insurance policies your Mississauga business can buy to protect itself from accidental losses. A few ones include professional indemnity insurance that covers against losses by your clients, business interruption, and product liability insurance.

There are also types of business insurance policies that are mandated by law. An example is employer’s liability insurance for all businesses that employ people. If you’re going to take out a mortgage on a building, you will also be required to take out insurance. The fact, though, is even if you run a single-person business from home, you will need some form of insurance to protect yourself against damage to your equipment as well as any claims from clients and vendors.

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How Much Will Commercial Insurance Cost My Business In Mississauga?

Business insurance cost depends on a variety of factors. Chief among these are the nature and size of business you operate, the size and location of your premises, your claims history, as well as the level of coverage you are looking for.

Whatever factors are relevant to your business, though, you will need expert guidance to find the business insurance policy that’s most relevant to your business and that comes with the lowest possible premiums. Many growing businesses in Mississauga trust the experts at the Able Elite Team, a leading insurance brokerage based in the city.

Able Elite Team works with Canada’s leading insurers and has on its books some of the most experienced insurance brokers in Mississauga. Contact us here to discuss your needs.

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