Insurance coverage is one of those things that business owners least like to talk about, but just happens to top the list of must-haves. When starting out, it’s easy to fall into the trap of over- or under-insuring your business, says Lindsay Olson, vice-president, British Columbia, Saskatchewan and Manitoba for the Insurance Bureau of Canada in Vancouver.
“There are a lot of things that you can forget when planning your insurance needs,” she says. ”At the same time, you don’t need to get every type of coverage out there. What you choose is very dependant on the kind of business you have.”
A common mistake for startups working from home is assuming a home insurance policy will cover your business as well, she says. “It’s really important to ensure you’re not doing anything that might negatively impact your home insurance, and that you are getting adequate coverage. Depending on the circumstances, you may be able to add coverage to your home policy, or you may need to take out a business policy.”
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