The world of commercial insurance can be confusing to even the most seasoned business owner. The last thing you want to do is to take unnecessary risks with your business. After all, the way to get ahead in business is to control what you can and mitigate risks where necessary.
With the right insurance, your business is virtually bullet proof. Without it, you’re risking your livelihood.
Get the inside scoop on specialized commercial insurance below.
Is Opting Out of Proven Protection Worth the Risk?
When you’re thinking about the risk make sure you understand – this isn’t just money we’re talking about. A simple financial loss is one thing. Losing your entire business, and with it, your livelihood is another thing altogether.
Business risks range from break-ins, damage, public liability, professional indemnity, damage of goods in transit, employee dishonesty, unfair dismissal claims, loss of profit, the cost of legal proceedings, defending tax audits and the list goes on.
Without the right coverage, at a minimum you’re taking an unnecessary risk with your business’s profitability.
At maximum, you’re risking your business itself, your livelihood and the jobs of your employees.
So, if you’re following along, I’m saying this is a serious decision to make.
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Specialized insurance protects your business where general policies leave you exposed and vulnerable.
Specialized Commercial Insurance 1: Tax Investigation Insurance
In a nutshell: When your business is audited, we pay your accountant and/or tax lawyer to defend you.
Why now? The CRA has declared war on “small business tax compliance”. What that really means is that they are handing out tax audits all over the place – whether you did anything wrong or not. One in 9 businesses will be audited this year, and it could get expensive:
- 1 in 9 Canadian small businesses will be audited this year
- The average accounting fees are $250 per hour
- A simple business audit can cost $9,000 in accounting and legal fees
Bottom line: If your accountant doesn’t warranty their returns (and they probably don’t) you’re at risk and should seriously consider investing in the protection.
If you fall into any of these categories, the CRA is probably preparing your letter of review right now, don’t wait:
- You recently bought a business
- You recently sold a business
- You had an increase in business
- You had unusual losses in revenue
- You operate a cash based business
- You have family on payroll
- You have unusual business expenses (even if they are legitimate)
Get a quote now to find out how affordable tax protection is.
Specialized Commercial Insurance 2: Legal Expense Insurance
In a nutshell: When your business is facing legal action or wants to bring legal action – your legal defence is covered. If you have any legal question (whether related to your business or not) you can call for unlimited legal advice.
Why now? Canadians are taking notes from our litigious neighbour to the south. Litigation is on the rise and most small businesses are vulnerable. When faced with legal action if you can’t afford to pay for a legal defence you have to either “absorb it” as a business cost (hurting your bottom line) or try to represent yourself (even though you don’t know what you’re doing).
- 3 in 10 Canadian businesses will face legal action in the next three years
- Average legal fees are $400 per hour
- A simple 2-day civil court case can cost you $44,000
Bottom line: If you don’t have a lawyer on retainer or a cash reserve of $50,000 earmarked for legal expenses then this coverage is invaluable. It’s *like* having a lawyer on retainer, without paying the ongoing – inflated – retaining fees.
Unexpected Tax and Legal Fees Can Cause Serious Set Backs.
Protect your business from these unexpected but insurable risks with specialized protection.