4 small business insurance options you may not know about

by | Sep 5, 2023 | Finance and Business

According to Statistics Canada, ninety-eight per cent of all businesses in this country are small businesses. Since there are different types of small businesses, this means there is no one-size-fits-all approach when it comes to protecting them. That’s why you should look for an insurance provider that can provide customized insurance options, so your policy is reflective of your business needs.

TD Insurance is one provider that offers small business insurance coverage based on a business’s needs. Here are four insurance add-ons for small businesses that you may not know about:

  1. Business income or interruption insurance: In case of a temporary business closure due to an interruption from an insured event, this type of insurance may help you cover lost income and ongoing expenses during this period. This way, you could pay your bills during a time when you might not be earning income.
  2. Crime: In addition to commercial property insurance, business owners can also opt for additional coverage options, like crime. This type of insurance coverage can protect you from a business-related crime, such as employee dishonesty, forgery or misrepresentation.
  3. Loss of use: As a small business owner, you can opt-in for loss of use coverage. This means that if you have to rent a vehicle to go about your daily business activities, you will be covered by your insurance. In addition, you can keep your rental vehicle until your business vehicle is repaired or until your coverage limit has been reached – whichever comes first.
  4. Equipment floaters: If you are a business owner who regularly transports your tools and equipment when visiting clients, you can opt in for an equipment floater. This way, if an insured event occurs during a site visit, the equipment that travels with you is also covered. For example, if you are a contractor who takes your tools on site and they are stolen, an equipment floater may help you with coverage in this scenario.

Learn more about customized insurance options at tdinsurance.com

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