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Welcome to the web site of the Canadian Biosphere Research Network (CBRN)!

CBRN Field Trip to the Redberry Lake Biosphere Reserve, June 2, 2007

�Canadian Association of Geographers Conference 2007



Business Insurance Policies that are Essential for Any Business

From the time a business person decides to establish a firm, he exposes himself to certain threats. Even before you hire your first employee, the trade is already at risk; requiring you to get the right insurance. One catastrophic incident or a lawsuit is sufficient to wipe away your small business even before you get it off the ground.

The Good thing is that there are several insurance policies that enterprises can take to protect themselves against dangers. Here are some of the business insurance Burlington offers.


Property insurance

Regardless of whether an enterprise owner owns or leases space, he should take property insurance. Property insurance takes care of signage, furniture, equipment, and inventory in case of fire, theft or storm. However, calamities such as earthquakes and floods are not covered. Therefore, if you are in an area prone to such disasters, talk to your insurance provider for a different policy.


Errors and omission insurance

It can also be called specialized liability insurance. It covers business against carelessness claims that arise from damage that is caused by mistakes or failing to perform. There is no liability insurance can suit everybody. Rather, each industry has its concerns that are addressed in a customized policy drafted for business.


Workers compensation insurance

The moment the first worker is employed, workers compensation should be added to the firm's insurance coverage. The cover will take care of ill health, disability, and demise benefits in case an employee is hurt or dies due to his work with the business. Even in firms where employees perform low-risk work such as slip and fall, any accident could result in a costly claim. Thus it is important to have This policy.


Business interruption insurance

If a catastrophic event occurs, an enterprise can suffer massive losses, because its operations are interrupted. This kind of cover works best for firms that require a physical situation to operate; an example being retail stores. Business interruption cover reimburses an enterprise the revenue lost due to such unexpected events.


Home based businesses

Many professionals start their business from their houses. While a home insurance will not cover for the home business, commercial property cover will. If you operate from home, talk to your insurance provider for extra cover to cater for inventory in equipment in case of a problem.


Vehicle insurance

In case the vehicles of a company are in use, they should be fully insured so as to protect the business against liability in case an accident occurs. The third-party injury is vital, but a comprehensive cover is better because it will cover the vehicle too.


Product liability insurance

If your business is one which manufactures products for sale to the general market, then product liability is essential. Even corporations that are careful to ensure the safety of their products can find themselves in costly lawsuits because of damage caused by only one of their products.


Having the right insurance is vital, as a business can avoid significant financial losses as a result of a catastrophic incident or a lawsuit. Consult your insurance provider for advice on the best policy to take depending on your type of business.



Please use the links on the left to explore the site. More content will be added regularly, so please keep checking back.

CBRN Coordinator: Sharmalene Mendis-Millard

This web site was last updated on: Dec 2016