Technology: If You Run A Business From Home, This Is Why You'll Need Business Insurance - - PressFrom - Canada
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Technology If You Run A Business From Home, This Is Why You'll Need Business Insurance

21:40  21 october  2019
21:40  21 october  2019 Source:   huffingtonpost.ca

Scheer accused of breaking law, falsely claiming he was once an insurance broker

  Scheer accused of breaking law, falsely claiming he was once an insurance broker OTTAWA — The Liberals are asking Saskatchewan's insurance industry watchdogs to investigate Conservative Leader Andrew Scheer for allegedly falsely claiming he once worked as an insurance broker in that province. Biographies of Scheer posted on the Conservative party's current website and his past MP and leadership websites have repeatedly referred to the Conservative leader as a one-time insurance broker in Saskatchewan. But the Globe and MailBiographies of Scheer posted on the Conservative party's current website and his past MP and leadership websites have repeatedly referred to the Conservative leader as a one-time insurance broker in Saskatchewan.

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of Microsoft News or Microsoft. Always check with your advisor or other experts before making investment and other financial changes.

As much as home-based businesses wish to prosper, they must learn to figuratively cover their bases to avoid financial pitfalls. Entrepreneurs running a business out of their place of residence need to understand the difference between home insurance and business insurance in order to get the best coverage possible. In partnership with Intact Insurance, we explain why home-based business owners should acquire business insurance.

Blaze reveals why bargain hunting for property insurance is playing with fire

Blaze reveals why bargain hunting for property insurance is playing with fire Blaze reveals why bargain hunting for property insurance is playing with fire

What home insurance does and does not cover

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According to the Insurance Bureau of Canada, home insurance “offers a small coverage limit for books, tools and instruments necessary for a business, profession or occupation.” Essentially just the bare bones of your enterprise would be covered.

Depending on policies, home-based business insurance can be added as an extension of home insurance. It can cover business property up to $50,000, as well as liability arising from the use of the premises.

To cover all the bases, business insurance offers more comprehensive and flexible coverage that extends to all aspects of your business such as furniture, tools, stock, data breaches or interruptions which might result from something like a power outage in your residence.

Andrew Scheer's experience in the insurance industry: '6 or 7 months'

  Andrew Scheer's experience in the insurance industry: '6 or 7 months' Conservative Leader Andrew Scheer has talked for years about his private-sector experience as an insurance broker, but when questioned Monday, he admitted he only worked in the industry for "six or seven months."Conservative Leader Andrew Scheer has talked for years about his private sector experience as an insurance broker, but under questioning Monday, he admitted he only worked in the industry for "six or seven months.

All in all, home insurance for a home-based business is somewhat rudimentary compared to business insurance which offers more options for coverage and protection.

Avoid costly consequences

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Each home-based business is unique. A small operation which sporadically deals face-to-face with customers is obviously quite different from a beauty salon operating in the basement of one’s home. A customer could arrive at your residence and have a bad fall, meaning either you or your business would be held liable and possibly take a hefty financial haircut. This would be an instance where commercial general liability coverage would be a saving grace, as home insurance could not cover such cases of liability.

To err is human (and insurable)

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Another thing to consider is professional liability insurance, also known as errors and omissions insurance. This covers you in the event your business is sued for negligence or providing information which caused financial loss to a client or client’s business. If a suit is brought against you for damages covered by your insurance policy, this protection would cover the legal fees for your defence, whether or not you’re liable. Professionals who are likely to consider errors and omissions insurance are real estate agents, personal trainers, chiropractors, lawyers and accountants to name a few. After all, a business should try to woo customers, not be sued by them.

'Cars don't cause crashes, drivers do': New ICBC premium rates take effect Sunday

'Cars don't cause crashes, drivers do': New ICBC premium rates take effect Sunday Starting Sunday, driving experience and crash history play a bigger role in determining the cost of insurance than before. Ahead of the changes, ICBC released an online rate calculator tool where British Columbians can get an estimate of their basic insurance premiums. Playing around with the calculator and changing the variables — like years of experience and crash history of a secondary listed driver — leads to a price shift of a couple hundred dollars in either direction.

Keep an open mind

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Every business has the need to protect itself against liability and property loss; it’s just a matter of how much. The coverage of a home insurance policy might be a fraction of what business insurance could offer. But you shouldn’t forego any coverage altogether. Furthermore, if you do not have business insurance you could be held personally responsible in case of a lawsuit.

In the end, having the right insurance is critical to the growth and success of your small business. It’s always a good idea to establish an optimal policy before leaping into the unknown.Discover how Intact Insurancecan help you protect your entrepreneurial dreams.

This article originally appeared on HuffPost Canada.

Andrew Scheer completed one of four insurance broker courses, industry association says .
Andrew Scheer completed one of four insurance broker courses, industry association saysOTTAWA—Conservative Leader Andrew Scheer completed just one of four required courses to become an insurance broker, according to the Insurance Brokers Association of Saskatchewan.

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