SAVINGS
Protections
Insurance for SMEs in Quebec
A company needs adequate business insurance to protect its assets, whether it is its premises, stocks, equipment, employees, among others, against the various risks that may arise at any time. Thanks to commercial insurance, the company can deal with any emergency situation without jeopardizing its cash flow. Whether it’s a retail business or renting a shared office in coworking, it is essential to have business insurance adapted to your activities.
The different types of SME guarantees
Different types of guarantees and insurance are offered to companies that adapt to their needs, sizes and activities. Some insurance policies cover people, such as life insurance, disability protection, partners’ insurance, also known as partners’ share buy-back agreements, health insurance and employee insurance. While others protect more of the company’s property and property.
- General Liability Insurance : Protects against damage to third parties.
- Commercial Property Insurance : Covers premises, equipment, and inventory in the event of a loss.
- Professional Liability Insurance (E&O): Covers professional errors and omissions.
- Business interruption insurance : Compensates for the loss of income in the event of business interruption.
- Cyber Risk Insurance : Protects against cyberattacks and data theft.
- Directors and Officers (D&O) Insurance : Protects officers from lawsuits.
Protection of income and commercial properties
It is in the company’s interest to protect its acquisitions, its assets and all of its assets that make up its patrimony. Several protection formulas are offered by company insurers, starting with property insurance, which covers the premises and property of the SME in the event of a disaster such as fire, for example.
Movable property is also subject to guarantees to cover it in the event of damage or damage. Movable property insurance therefore covers materials, equipment or any other property stored on the company’s premises. There is also business interruption insurance, which is activated when the entrepreneur is obliged to interrupt his activity following a claim. This protection therefore allows him to cover his loss of income until the normal resumption of his business.
For SME companies that have commercial vehicles used in their professional activity, whether for personnel transport or for commercial purposes, they can take out commercial vehicle insurance , which is necessary in the event of an accident, collision, theft or vandalism.
Liability insurance
Within a company, professional errors or accidents can occur at any time, which engage the company itself, its management or its staff. And in order to protect yourself against legal proceedings, it is possible to take out a civil liability insurance policy. Insurers offer companies general liability coverage for injuries caused to others on the company’s premises. Whereas product liability insurance covers defective products that have been involved in injuries or have caused harm to their users. Finally, there is the guarantee for professional civil liability, which is activated in the event of legal proceedings following an error, omission or professional negligence towards a third party.
Small Business Accounts Receivable Insurance
In the course of carrying out its activity, the company may sometimes find itself faced with doubtful or disputed debts. Indeed, while the company must honor its commitments to its suppliers, employees, the tax authorities among other creditors, it has difficulty recovering its receivables from its customers, especially when the latter are in a situation of cessation of activity or refusal to pay.
This business insurance is becoming more and more necessary in crisis situations and more particularly when it comes to exports. In the latter case, the government proposes export insurance to cover the commercial risks inherent in international exchange operations.
