Business insurance can be tailored to suit the needs and exposures of your business, though you might want to seek out the expertise of a trusted insurance advisor.
New businesses start every year, and many of them fail within the first five years. While business insurance can’t protect your sales numbers if you’re struggling to create market share, it can protect it from all types of common accidents, losses, and lawsuits that affect businesses everyday.
The world of business insurance can seem intimidating at first, which is why it can be very beneficial to turn to the experts, independent insurance agents. Your agent can talk to you about your business and recommend the proper type of business insurance.
Business insurance, aka commercial insurance, is a multi-layered insurance program that can cover a business for many types of sudden and accidental losses and lawsuits. Business insurance covers an extremely large variety of industries and businesses, and hence is more of an “a la carte” type of insurance, where you can select which types of policies you need.
Business owners policy: Also called a BOP, this type of small business policy functions more like a homeowners policy, where you’ll receive a bunch of coverage types under one policy. It can include liability, property protection, and a host of other coverage options all in one place. A BOP is mainly designed for small businesses in certain industries, but it's normally a comprehensive and competitively priced policy.
Commercial package policy. If your business doesn’t qualify for a BOP, then you’ll need to go the a la carte route. This is where you’ll fit multiple types of insurance policies under one commercial package policy, which is the glue that holds all of your various policies together. Under a CPP, you’ll find various insurance options, such as commercial general liability, commercial property, and commercial auto insurance.
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This change in GST annual return if not checked properly can result in input tax credit mismatch
