I run a graphic design firm, and like many entrepreneurs and small business owners, my home is also my home office. My business was growing fast – until water from the washing machine in my neighbour’s apartment leaked into my workspace, damaging the electronics I need to operate my business. I never thought it would happen to me.

You probably wouldn’t overlook insuring your car or your home, but you may be overlooking protecting your business. Not having insurance is a gamble. Without insurance, you risk having to pay expenses that you might not be able to recover from. I bounced back from the damage to my property because I insured my business.

Learn how you can protect the future of your business with these common questions and answers about insurance:

Doesn’t My Home or Car Insurance Cover My Business?

Your home or car insurance may not cover your home-based business.

Do you:

• Stock your product in your home?
• Rely on equipment that runs in your home office?
• Transport business-related items in your car?

If you answered “Yes” to any these questions, you may not have the right coverage. Many personal insurance policies don’t include coverage for business-related losses that occur in your home or car. For most small business owners, general liability insurance, property insurance and commercial automobile insurance for the items in your car are a great place to start.

Why Should I Insure My Small Business?

Life can be unpredictable. Insurance gives you the peace of mind that you can recover from losses like these:

• Your client slips and falls. Someone visiting your home for business purposes could injure themselves. You could get sued for the cost of their medical expenses.
• Your property gets damaged. Insurance can help you pay the costs of replacing damaged equipment (like computers) or repairing damage to your home office.
• You lose income. If your ability to deliver your service or product is interrupted, insurance can help you recover lost income to pay suppliers and employees.
• Your data gets hacked. If cyber criminals steal your customers’ information, insurance could help you pay legal fees.
• You have legal fees to pay. If a client suffers a loss because they followed advice provided by your business, you could find yourself dealing with legal expenses. Insurance can help you pay these fees.

How Much Insurance Do I Need?

This depends on the kind of business you have, whether or not you have employees and the assets you want to protect.

Having the right amount of coverage for your business means your insurance provider will help you pay for the costs of your losses. Prepare for a conversation with your insurance provider by creating a list of what you think needs to be protected and how much each item is worth.

What If I Can’t Afford Business Insurance?

Insuring your business isn’t as expensive as you may think. The type of business you own, previous claims and the right coverage will affect your monthly premium. The best insurance policy is one that’s tailored to your needs and provides the right level of coverage for your business. Coverage can cost as little as a cup of coffee every day, and not the expensive “double-shot, non-fat, extra-hot-with-foam-and-caramel-drizzle” kind of coffee, either.

Don’t go bust. Take steps to protect yourself and your business. Consider the benefits of insurance, the type of coverage you need, the right limits, and the ideal insurance provider for you.

Learn More

Want to know more? Take advantage of Small Business BC’s wide selection of seminars for entrepreneurs and small to medium-sized business owners. Space is limited, so don’t miss your chance to register today.

Plus, don’t forget that you can meet one-on-one with an expert to get specific information that applies to your business by booking an appointment with Small Business BC’s Ask the Expert service now.