Generally, you do need commercial insurance in Burnaby to make sure that you are protected. However, you also need to see what it covers because commercial insurance in Burnaby can have various coverage depending on what you get.
What Coverage/Liability Insurance Do You Need?
Liability insurance is your protection in case your small hand-made business makes a mistake. If this mistake causes damage to property or causes harm to your clients, you can use this type of insurance to protect your business.
Your commercial insurance in Burnaby should come with general liability. This includes protection for injuries or damage to property done to a third party as a result of your business’ activities. For instance, if your product causes damage to property or someone visits your home and gets injured there, your commercial insurance in Burnaby with general liability can offer some protection.
If you are in the business of manufacturing products for the personal use of individuals, you can also get product liability. And if you are rendering your professional services, you can also get a professional liability that will protect your business from human errors or negligence.
What If You Join Events and Markets?
Many small hand-made business owners join craft shows and markets to showcase their products or services. It’s normal for small business owners to assume that the venue will include the businesses in their coverage but it usually doesn’t.
Make sure you check the terms and conditions of the venue and the event. Most of them will specify if they are liable for any loss or damage. Even if they do have insurance, you should ask about its coverage. It might only have limited coverage, which will render your business vulnerable.
What If I Don’t Often Go to Shows?
Some small hand-made business owners might think their products are low-risk and that they don’t often go to shows, which is why commercial insurance might not be needed. If this is the case, you can try looking for short-term insurance policies.
It’s a good idea to have commercial insurance in Burnaby no matter the scale of your business. You can get the help of AMC Insurance to find an insurance policy that fits your needs and will work for the type of business you have.