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Saskatchewan business owners have many responsibilities, including protecting their company against a wide range of risks. Anything from injuries in the workplace to damage to business vehicles can be quite costly for businesses. That's why the coverages provided by a comprehensive business insurance policy can be a lifesaver for business owners and managers in Moose Jaw, Regina, Saskatoon and everywhere in between.
Here's more on the coverages generally featured in a business insurance policy.
As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the "principal insured" rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.
If you have a personal umbrella liability policy, there's generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage.
Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. The Hartford's liability programs extend far beyond the provisions of typical policies, with broadened coverage and increased limits in over 30 areas.
Workers Compensation Insurance laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many provinces limit the amount an injured employee can recover from an employer.
Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most provinces require that employers carry some form of Workers Compensation Insurance. All federally-regulated employers are required this coverage as well. Workers Compensation is designed specifically for injuries sustained on the job.
In most provinces, if you have employees, you are required to carry Workers Compensation coverage. Even if it's not required, it can be a very good idea to have, particularly if you have many employees, or if they are engaged in hazardous activities.