(NC)—If a disaster struck your business tomorrow, would your commercial property insurance be enough to keep your doors open? A recent survey of Canadian business owners by RBC Insurance and Ipsos Reid suggests many business owners might not be too sure. In fact, the survey reveals that almost 30 per cent of Canadian business owners admit to having a poor understanding of the risks that affect their business and how insurance could help minimize these risks.
Commercial property insurance covers or replaces a loss of or damage to property in the event a business was to suffer a disaster such as a fire or flood. But even with commercial property insurance in place, the owner may face other issues, including an extended interruption in business.
When a business closes its doors for an extended period of time to repair or relocate its premises, it is likely to experience a dramatic drop in earnings. These losses could prove devastating, leaving the business without customers or staff when it re-opens. Such a situation could even force a business to permanently close its doors.
Business interruption insurance can provide protection by replacing lost earnings, should a business close for an extended period of time. Depending on the type of protection, the policy could also cover payroll expenses, helping the business continue to pay its key workers while closed.
For more information on business insurance, visit your local RBC Insurance branch, call 1-877-91-ROYAL (1-877-917-6925) or visit www.rbcinsurance.com/business.
Source: www.newscanada.com
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