5 Reasons Why You Need Commercial Insurance in Nova Scotia
5 Reasons Why You Need Commercial Insurance
One of the key elements of owning a successful small business is to build a very strong reputation. This will make your company known for its high quality products and services. But, without adequate insurance coverage, you will be at risk when there is a loss and it can also threaten your reputation. Here are some of the moments that can make you realize how much you need commercial insurance in Nova Scotia.
1. Hosting a Trade Show or Networking Event
Participating in a networking event or trade show is a great way for small business owners to meet with like-minded people within the same industry. It also offers people a chance to discuss solutions to common problems. But, when you want to host this type of event, you need to get a permit from local authorities. At that point, you will be asked to provide proof of your commercial insurance in Nova Scotia. The type of policy you will need for your permit will depend on the type of event. But generally, you need coverage for speaking engagements, company gatherings, award presentations, and job fairs.
2. Signing a Commercial Lease
When your startup business starts growing and your present location can no longer accomodate your business enterprise, you may need to lease a larger commercial space. When you review the lease contract, you will most likely find a clause that wants you as the tenant to have commercial insurance in Nova Scotia. This kind of coverage shields you from personal injury claims or property damage. If you’ve already had some form of business insurance, you will need to contact your insurer about your lease and let them know that you need to adjust the terms of your insurance to provide commercial general liability coverage.
3. When You Are Taking on a Savvy New Client
Many Canadian customers, particularly those with VIP insurance in Nova Scotia, know what to expect from a reputable service provider. Most times, they could ask you for proof of insurance before they offer you a job. If you can’t provide this, it will place a big question mark on your reliability and credibility. This frequently occurs when you are signing a contract with a large corporate client or working with high net worth individuals.
4. When you are purchasing costly equipment
Buying a new piece of equipment for your company requires a relatively large capital expense. In some cases, you may even have to finance the purchase with a loan. That’s why you need to have insurance for your key equipment. Typically, you will need to have either property insurance or equipment breakdown insurance. You will also need commercial business insurance for your business vehicles, just as many wealthy individuals insure their expensive cars with VIP insurance in Nova Scotia.
5. Taking on new employees
As your business grows, you will need to find more workers to take up some of the responsibilities in your company. Hiring a new employee will make your workload lighter. But, intelligent employees will not just work for anyone. You need to attract them and protect them and their families. You must provide group health insurance, so you will have the opportunity to get top talent, keep your employees satisfied and your business competitive.