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Insurance Options for Business Owners

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Insurance Options for Business Owners

If you own a business and employ people, you know just how much you have to do on the administrative side of things. From staffing, and training, to payroll and daily business operations, there’s a lot that needs managing. One key area that’s critical for the long-term success of a business is that of having the right insurance coverage in place. Let’s have a look at the various types of health, personal and business-related insurance you should consider to best protect yourself, your business, your assets, your loved ones and your staff:

Insurance to protect yourself, the business owner

If you suddenly fell ill or suffered a serious injury, how would your financial needs be met? This is where personal insurance plans come in. They help you maintain your current standard of living if an unfortunate event were to happen that prevented you from working. These are the most popular personal insurance options to consider including in your long-term plan:

  • Life insurance: Your loved ones would receive a tax-free lump sum payment upon your passing
  • Critical illness insurance: If you are diagnosed with a serious medical condition, this insurance pays a tax-free lump sum to you to help with the many costs associated with that illness that you can use at your discretion to help you and your family get through that difficult time. You may also use this payout to cover operational costs of your business in your absence.
  • Long term care insurance: Whether you want to stay in your home or if you need to go to a care facility, this plan will help cover some or all of the costs associated with those expenses.
  • Disability insurance: If your illness or injury prevents you from working, this ‘income replacement’ insurance can allow you to maintain your present standard of living.
  • Health insurance: Dental, vision care, physiotherapy and prescription medications are just some of the health expenses not typically covered under OHIP for most adults under the age of 65. Having health insurance for you and your family can help keep you healthy while saving you money long-term.

Health benefits for your staff

If you own a business and employ staff, one of the best things you can offer them on top of competitive pay is group health benefits. Not only does it give your company a ‘leg up’ to attract and retain top talent, it shows your staff that you’re invested in their health and well-being in addition to fewer health related days off which improves the corporate bottom line. Healthy staff are happier staff, especially when they feel the financial and personal relief knowing that many costly heath care expenses are covered for themselves and their family if and when they need it.

Additional business-related insurance

Beyond health and personal insurance options, these are a few other business/industry insurance options you will want to think about:

  1. Workplace Safety and Insurance Board (WSIB)
  2. Property and commercial auto insurance
  3. Professional liability insurance
  4. Product liability insurance
  5. Cyber Liability & Technology
  6. Business interruption insurance
  7. Liability insurance
  8. Professional liability insurance
  9. Errors and Omissions insurance

While we can’t eliminate all risk we can offset the financial damage it can have and being prepared for the unexpected is a savvy business move, regardless of what industry you’re in. Having the right insurance can mean that you don’t suffer unnecessary financial and personal hardships, and it also helps protect your business’s future success. Synergy Life Financial offers a variety of personal, health and group benefits packages to suit the needs of yourself, your business and your valued staff. Additionally, we can help connect you to reputable insurance brokers for options we don’t offer and will gladly review the policies you currently have in place to look for savings throughout your overall financial plan. Not sure where to get started?

Related: Making a Retirement Plan You Can Stick To

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