Small Business Week 2014 - IBC Top 10: Insurance tips for small businesses

TORONTO, Oct. 23,2014 /CNW/ - It is Small Business Week and Insurance Bureau of Canada (IBC) is offering its top 10 insurance tips for small businesses in Ontario and across the country. According to the Government of Canada, there are over 1 million small and medium-sized businesses in Canada, making up 99.8% of all companies in the country.  

"IBC wants to make sure that small businesses – the economic drivers of our country – have information to help them find insurance coverage that meets their unique needs," said Ralph Palumbo, Vice-President, Ontario, IBC. 

IBC's top 10 insurance tips for small businesses are as follows:

1. Speak to an insurance professional about the specific insurance needs of your business.
2. Shop around to find the right policy to fit your unique needs.
3. Review your policy at least once a year.
4. Understand your policy.
   • Know what your policy covers and your policy's limits and deductibles.
   • If you have questions, contact your insurance representative.
5. Make sure your policy's limits are appropriate.
   • Check to see if you have the right amount of coverage for what you own and operate.
6. Look into purchasing liability insurance.
   • If someone were to slip and fall on your premises, you'd want to be sure you had adequate liability coverage.
7. Ensure that you have appropriate auto insurance coverage.
   • A personal auto insurance policy will not cover commercial use of a vehicle.
8. Look for ways to lower your premiums.
   • Some insurers offer discounts if you take actions to reduce risk. Ask your insurance representative about what you can do to lower your premiums.
9. Consider errors and omissions coverage.
   • If you are offering advice to clients, you will want to make sure you are covered if your advice goes awry.
10. Contact IBC if you have further questions.
    • Consumers can contact IBC's Ontario Consumer Information Centre at 1-800-387-2880.

For more information about insurance for businesses, click here or visit ibc.ca.

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is pleased to celebrate 50 years as a valuable resource for insurance information. Since 1964, IBC has been working with governments across Canada to make our communities safer, championing issues that directly affect Canadians and the property and casualty (P&C) insurance industry. IBC is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the P&C insurance market in Canada. The P&C insurance industry employs over 118,600 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $48 billion.

To view media releases and other information, visit the media section of IBC's website at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_Ontario or like us on Facebook.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE: Insurance Bureau of Canada

To schedule an interview, please contact: Celyeste Power, Manager, Media Relations, Insurance Bureau of Canada, 416-362-2031 ext. 4312 (daytime), 647-384-9872 (after hours), [email protected]