Why Solopreneurs Need Business Insurance in Nova Scotia
According to Statistics Canada, 98% of businesses in the country are small businesses, which doesn’t even include non-employer companies. Recent Government of Canada data puts the number of businesses in Canada at 1.2 million, and almost ¾ of these businesses have 1−9 employees. Among this group, solopreneurs – those who operate their businesses alone – are growing in numbers as our economy continues to adapt and evolve.
Being a solopreneur means juggling multiple roles – from CEO to customer service rep and everything in between. You are the sole driving force behind your business. But don’t let this solo act fool you into thinking you’re immune to the risks that come with entrepreneurship. Let’s take a closer look at why solo entrepreneurs need business insurance in Nova Scotia.
Key Types of Insurance Coverage for Solopreneurs
Professional Liability Insurance
Let’s face it, mistakes happen despite anyone’s good intentions. Whether you’re an engineer, accountant, designer, or any other professional, if that is a big mistake, your business could be at risk. Don’t take any chances; get the necessary professional liability insurance coverage. This type of coverage is also referenced as Errors and Omissions (E&O) Insurance. Think of it as a safety net for your business.
E&O insurance protects you from malpractice and negligence, for example, if a customer feels your product or service didn’t meet their expectations. A typical E&O policy protects you and your business against claims made for things such as intellectual property infringement, reputation, and other forms of intangible property.
General Liability Insurance for Solopreneurs
General liability insurance protects your business if you or your employees are accused of causing property damage, bodily injury, or reputational harm to someone who isn’t affiliated with your business. General Liability insurance can cover legal and settlement costs in cases like:
- A customer trips & falls at your business location and suffers an injury.
- An employee backs into a customer’s car while making a delivery.
- A competing business accuses you of copyright infringement.
Read this short blog to learn more about the difference between general and professional liability insurance.
Commercial Property (and Asset) Insurance
Whether you own equipment, inventory, or tools crucial to your business operations, protecting these assets is vital. Property insurance can provide coverage against theft, fire, or natural disasters, ensuring that your business can recover swiftly from unforeseen setbacks. By safeguarding your physical assets, you can focus on driving your business forward without worrying about potential losses. If you are a trade contractor, it is particularly smart to consider your commercial property insurance options.
Cyber Liability Insurance for Small Businesses
Did you know your business is 9x more likely to be hacked than have a fire? Yet, most business owners don’t have Cyber Liability Insurance coverage. And the financial impact of a cyber attack often costs $15,000+ or even more than $100,000! It is more important than ever to protect your business.
Cyber insurance provides protection from many technology-based risks, including those associated with your IT infrastructure and activities, such as a systems failure event, cyber attack, or data breach.
Cyber insurance also provides coverage for privacy breaches, whether it is through a hack or simply a misplaced laptop, USB stick, or file. It also covers media liability events such as being accused of defamation, infringement, or other wrongful acts concerning your website or social media. Visit our Cyber Insurance for Business webpage to learn more.
Understanding Business (or Commercial) Insurance Coverages
Every business, big and small, is unique in its own regard. We get it, business insurance can seem complicated and confusing. The good news is that our Business Insurance Advisors are here to help and will recommend the right mix of commercial insurance coverage for your business.
Don’t leave the future of your business to chance. Our experienced Business Insurance Advisors are here to provide personalized guidance and tailored insurance solutions that align with your specific requirements. Contact us today to learn more about Business Insurance and how we can help safeguard your entrepreneurial dreams.