GENERAL BUSINESS INSURANCE

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Why this product?

When you run a business, responsibility is synonymous with risk management. You want to ensure that you are as efficient as possible going about providing the best service possible to your customers while maintaining good business standards and looking after your property. It’s a lot – and sometimes, despite our vigilance, things can go wrong. Luckily, Megson FitzPatrick offers business insurance so that you can rest easy knowing we’re hard at work aligning the right coverage and risk management program to support you and your organization.

No matter what you do or where you do it, Megson FitzPatrick has business insurance brokers at the ready to help you. Our coverage provides you protection at a fair price. Contact us today to get a free business insurance quote.

Business Insurance FAQ

What does business insurance cover?
Megson FitzPatrick offers business insurance for a wide variety of industries, and because every business is unique we provide a large selection of coverage options. Our basic general business insurance coverage includes:

  • Property Coverage: Covers the repair and replacement costs of a business’ building and the contents within.
  • Crime and Theft Coverage: Covers replacement costs for business property affected by vandalism or theft.
  • Business Interruption Coverage: Offers replacement costs for lost profit during a period of forced closure due to an insured peril.
  • Liability Coverage: Covers legal expenses if your business is found liable for bodily injury or failing to provide services.

For more details on what our coverage options are, contact one of Megson FitzPatrick’s business insurance brokers today! Our specialists are always ready to help answer your questions.

Why would I need business insurance?
In 2017, B.C. had roughly 500,000 businesses, of which some 490,000 were small businesses that had less than 50 employees. No matter how large or how small, all businesses face risks. It is critical that we safeguard our businesses to ensure their future. Business owners need to ask themselves, can their business survive a costly lawsuit? Would there be enough finances to rebuild their place of work if a fire demolished everything? Luckily, business insurance is there to help. You won’t need to worry about having to deplete your business’ finances in order to come back from a loss.

Can business insurance prevent lawsuits?
Unfortunately, nothing can really prevent a business from being sued if a customer, third-party, other organization or even employee decides to take legal action. Your best bet for reducing your business’ risk of a lawsuit is by upholding good business standards and continuing to provide efficient and quality service to clients. However, lawsuits can arise from anything whether claims are justified or not. Luckily, business insurance can help offset the legal costs used to pay for defence allegations and actions that are taken against your business.

How does business insurance protect me from natural disasters?
If your business suffers a natural disaster – say, a fire, a storm, or any other insured peril – property business insurance has got your back. Of course, property business insurance will only cover you for the costs of repairs and rebuilding your place of work. During this period, in which your business is unable to function, business interruption coverage will help provide replacement costs for lost income.

Does my home insurance cover my home business?
If you run a business in your own home and make a profit, your home insurance will likely not be enough to cover loss or damage of business property – and this won’t include any losses away from your home, either. Moreover, liability coverage will not be included for any business-related incidents. In order to be covered, you will need a special home-business endorsement or separate business insurance to cover your business assets, property, and protect you from liability risks.

How much does business insurance cost?
This can vary depending on the business that you run. Additionally, the size of a business is also taken into account. Small, home-based businesses can be insured for only a fraction of a cost per year compared to how much money it takes to cover larger companies. However, by practicing effective risk management procedures, business insurance costs can be reduced. A business insurance broker will be able to help you out with this.

What type of business insurance do I need?
It depends on your business. Some businesses, depending on their nature, are legally obligated to carry certain types of insurance, whereas others are unnecessary. Ask a business insurance broker for help if you aren’t sure what you are legally required or what coverage you might need for your organization. Here are a few types of business insurance that are essential for many industries:

  • General liability insurance – This is the most basic form of general liability insurance, and will cover you for lawsuits that arise from accidents, injuries, or claims of negligence.
  • Professional liability insurance – If your business offers a professional service or professional advice, it will need professional liability insurance. This protects professionals from lawsuit expenses resulting from claims of malpractice, negligence, or error.
  • Business property insurance – This covers businesses for damages done to their commercial property as a result of an insured peril.
  • Business interruption insurance – For if your business is no longer able to operate as a result of an insured peril for a period of time, this coverage will offer replacement costs for lost profits.
  • Home-based business insurance – This coverage is intended for business owners who run a business from home. It will cover home-based businesses for general liability, equipment breakdown and cyber liability.

Does business insurance cover damage from flooding?
Generally, a standard business insurance policy will not cover damage from flooding. But it depends on the policy. More comprehensive policies will include the overland water and sewer backup as part of the package. Others you will need to purchase separately. If your policy doesn’t cover flooding, you will need to carry an overland water endorsement. Typically, a business property insurance policy will cover organizations from certain water damage situations where the water was coming from within the building (i.e: the pipes) – but not flooding. It depends on the policy. In order to know what exactly you are covered for, be sure to contact a business insurance broker. They will be able to provide you with the help you need and answer all of your questions.

Insurance Basics: Business Insurance Terms

Insurance has its own vocabulary, which at times can be frustrating if you don’t know much about the industry. The best way to make the most of your insurance is by understanding it – and by understanding your own policy. Megson FitzPatrick has many brokers who are well versed in business insurance and are willing to help you out with the ins and outs of your coverage. For your benefit, here are some insurance terminologies that will help you understand business insurance a little better:

Actual Cash Value (ACV)
When your business insurance kicks in after a claim, actual cash value is what you will be paid for the replacements: the purchase value minus depreciation.

Business Insurance Endorsement
A business insurance endorsement is an add-on coverage or an amendment to your regular insurance policy and can alter coverage depending on the language it uses.

Business Interruption Insurance
For companies who suffer a loss of profit as a result of their business being inoperable after an insured loss or due to a mandatory evacuation, this business insurance coverage will cover business expenses and even lost revenue.

Deductible
A deductible is the amount of money that the insured is accountable for paying in the event of a loss. The higher the deductible, the more the policyholder pays, and the less the insurance company does.

Errors & Omissions Insurance
This is a type of policy purchased by businesses offering professional services to protect them from claims of wrongdoing. It is also referred to as “professional liability insurance.”

Named Peril
A named peril is a specific cause of damage that is named in your business insurance policy. This is usually covered.

Premium
The money that a business must pay towards their insurance company in order to remain insured against potential losses.

Property Insurance
A form of business insurance that covers losses or damages to commercial buildings and their contents, inventory, or equipment.

Umbrella Insurance
An umbrella policy is additional liability insurance.

Purchasing business insurance shouldn’t be a difficult or complicated task. By being informed about what risks your business faces and what coverage it needs, talk to one of our knowledgeable business insurance brokers! A good business insurance policy can make a world of difference for your organization and provide you with peace of mind in knowing you’re protected.

Areas We Provide Business Insurance

  • Langford
  • Aldergrove
  • Osoyoos
  • Redbrick
  • Tsawwassen
  • Fernie
  • Vernon
  • Vancouver
  • Squamish
  • Burnaby
  • Duncan
  • Surrey
  • Uptown
  • View Royal
  • Kamloops
  • Fort St. John
  • Esquimalt
  • Peachland
  • Prince George
  • Prince Rupert
  • McKenzie
  • Courtenay
  • Burnaby
  • Cranbrook
  • Penticton
  • Dawson Creek
  • Powell River
  • Whistler
  • Port Alberni
  • Nanaimo
  • Kelowna
  • Mission
  • Coquitlam
  • Colwood
  • Salmon Arm
  • Parksville
  • Abbotsford
  • Victoria
  • Terrace
  • Oak Bay
  • Trail-Fruitvale
  • White Rock
  • Ladner
  • Chilliwack
  • Quesnel
  • Sooke
  • Sidney
  • Shelbourne
  • Saanich
  • Campbell River
  • Wilson
  • Cordova Bay
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