However, insurance should be taken seriously – especially by entrepreneurs. Now that you’re the owner, you’re the one left responsible when things may go wrong. Protecting your new business venture with an insurance plan outweighs the costs of any disaster.

Here are 4 ways insurance can help you as an entrepreneur and give you peace of mind when you least expect it –

Commercial property insurance provides protection for your workplace, from the building itself to the contents inside it. So, if you operate out of an office, factory or warehouse, you’re safeguarded from damage at the hands of disasters like fire, or water damage resulting from a burst pipe. As well, if someone breaks into your facility, the insurance will cover any necessary building repairs and security upgrades, and can help with the cost of replacing stolen equipment or goods.

As mentioned on our blog, the threat of cyber crime continues to grow. An enterprise’s online presence can be just as vulnerable to thieves as their office space. A cyber attack could uncover confidential information, potentially putting the finances and personal data of your clients––and your company––at risk. As an entrepreneur, you have a brand to protect and insurance will help you minimize the impact on your online operations and your digital reputation.

You may think that going to court only happens to companies that do bad things. However, it’s a lot more common than you think. Whether it’s a customer making a slip and fall claim or a client saying you’ve broken the terms of your contract, a lawsuit could potentially put you out of business. The cost of going to court could bankrupt you. There are different types of liability insurance. General liability covers bodily injury incurred at the premises, while professional liability protects in case of negligence or errors causing bodily harm or financial loss.

If disaster strikes, you want to be able to minimize the impact on your customers and your business. By purchasing insurance, you can safeguard yourself and enable your business to continue its operations. Depending on your industry, this may also set you apart from other competitors who have not taken these steps to insure their businesses.

An insurance renewal is the standard length of time an insurance policy is in effect without an insurance company adjusting your rate. Of course, there are exceptions to every rule, and it is possible – on rare occasion – for your rate to change shortly after purchasing a new policy if you do not meet underwriting guidelines.

The renewal date of your insurance policy is based on the date your policy took effect. So, it could actually take place on any day of the year depending on when you originally started the policy. The other factor in determining your renewal date is the length of your policy period. Policies usually renew annually or semi-annually. The start of the year is a perfect time to take stock of when these renewals are coming due so you can plan ahead.

Renewal information is usually mailed or emailed to you 45 to 30 days in advance of your renewal. You will receive a declaration page along with other information explaining your policy. A new proof of insurance is usually enclosed with the declaration page.

Look at your existing rate and see if you qualify for any further discounts. When you get your renewal reminder, this will help prompt you to do this review as sometimes insurance is easy to forget if you haven’t had the need to use it recently. It is a good time to contact your insurance agent to review your policy.

It is possible for every person insured with a given carrier to have a rate increase. Insurance rates can rise due to increased claim activity. If an insurance carrier is losing money, rates can increase. Also, if there appears to be a higher level of risk, an insurer will increase the value of the insurance on the policy to protect them from further exposure. Insurance policy renewals are a standard part of insurance. All policies renew and insurance companies have the ability to recalculate your insurance rate. Use this time of year to mark your renewal dates in 2020 so you know when to review your policy and think about possible changes.

When looking for insurance coverage, you want to partner with an insurance agency that has access to a wide network of insurers. This is key to getting the best coverage and the most competitive rates.

At Leaders Insurance, we can often source competitive insurance coverage where other agencies can’t. Our team has a wealth of expertise and we service clients not only in the Tri- Cities but also across the Lower Mainland and BC as a whole. As you plan out your year, please feel free to reach out to us so we can provide you with a quote for all your insurance needs. Let’s make 2020 your best year ever!