(NC)—Most business owners work diligently to execute their well developed financial business plans. But for many, their plans don't include a strategy to protect their business if an unexpected crisis or setback were to occur. In fact, a recent survey by RBC Insurance and Ipsos Reid 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.
An unexpected crisis can strike any business, whether it's a fire that causes extensive property damage resulting in the business closing for an extended period of time, an employee injured on the job, or unpaid receivables that are unattainable.
Business owners should consider the following factors when developing their business plan:
• Include insurance that is customized to your business needs, when developing your plan. Every business faces its own unique set of risks and there are many different types of business insurance.
• Consider a business owners package, which bundles various types of essential business insurance into a single policy, providing the business with cost-effective coverage in one step, such as packaging commercial property, general liability, business interruption, and crime insurance.
• As a business grows and evolves, its insurance needs will evolve as well, so it's crucial for business owners to regularly review their business insurance needs to ensure its coverage is up to date.
For more information, 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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