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Business Insurance Tips Posts

Are you an entrepreneur? Are you looking to join the ranks of Canadian small business owners? The MCT business insurance blog was written just for you. Our experts debunk the biggest business insurance myths out there so you don’t have to. Want to learn how to make your business safer with the right insurance coverage? Or how to save yourself money in the long run? We discuss everything from the different types of coverage available for businesses to making sure your private contractors are properly insured to figuring out how to bounce back from a loss. Start protecting your employees and your organization starting today with smart business insurance practices. Let MCT be your partners in insurance.

Do you need a computer for your business? Why cyber insurance is important.

A cyberattack is a deliberate attempt to breach or damage a computer system or network. According the Canadian federal government, a single cyberattack can cost a business an average of $15,000.

Four business insurance myths debunked

According to Statistics Canada, in 2015 there were 1.17 million small businesses in Canada which accounted for 97.9 per cent of employer businesses in the country. Small business wear many hats, such as marketer and  and accountant. MCT commercial insurance experts can take the “driver’s seat” in finding the right insurance, which includes demystifying insurance misinformation. Take a look at four business insurance myths we debunked.

Planning an event? Make insurance part of the details

Get the right event insurance for your festival.

Whether it’s a summer festival, church fundraiser or a company party, event hosts are responsible for the safety of their guests. Event insurance can help hosts handle the result of unexpected surprises, such as a guest suing for damages if they were injured.

Insurance and craft show vendors

In order to protect business owners who produce crafts or gift ware, the right insurance is important. Insurance can protect business owners from financial losses which could result from unexpected events, such as a lawsuit or damaged product. While dependent on the needs of the business, here are some insurance coverage options business owners involved in craft shows can consider.

Insurance coverage to consider

Commercial general liability insurance

Commercial general liability insurance can help business owners handle financial losses which could occur from bodily injury or property damage. For example, if a customer had an allergic reaction from a necklace purchased at a craft show, the business owner could be sued for damages.

Commercial auto insurance

Commercial auto insurance may be needed if a business owner uses a vehicle to transport their creations. If the vehicle is damaged while being used for business purposes, regular vehicle insurance may not provide coverage. A MCT commercial insurance broker can help business owners determine what coverage will work best for their business operation.

Comprehensive dishonesty, disappearance and destruction of money and securities

This type of coverage can help business owners handle losses which could occur from employee theft, or a loss of product on business premises. For business owners who operate at craft shows, they may have a large amount of cash on hand. If the cash is stolen, this coverage could help cover the loss.

Get the creative juices flowing: insurance pre-planning tips

Before becoming a craft show vendor, here are some tips which can prepare business owners for a conversation with an insurance broker:

Get proof of insurance and the appropriate level of coverage: craft show vendors are often expected to have a specific level of business insurance coverage and provide proof of this insurance to the event host/company. Receiving this information ahead of time will help the business owner know the amount of coverage they need to get, or, confirm existing coverage with their broker. Proof of insurance can be obtained by contacting a broker.

Know how long the craft show(s) will last: craft shows can often extend for a longer time period, such as the holiday season. This information will help a broker or an insurance company know how long the coverage is needed.

Determine if product will be sold at other locations: business owners often sell their product in more than one location. A broker will often ask if the business owner is selling at additional locations to determine if more insurance coverage is needed.

Keep the creativity going: contact a broker

Prior to selling at a craft show or hosting a craft event, contact a MCT Insurance broker. Our commercial insurance broker will assess the level of coverage a business owner needs and coverages which fit their operations.

Making farm insurance work for farmers: MCT’s Farm Advantage program

MCT's Farm Advantage

Atlantic Canada has a rich agriculture history and Nova Scotia is no exception. That is why MCT Insurance is working with Nova Scotia Federation of Agriculture (NSFA) to provide the right insurance coverage farmers need. The NSFA, established in 1845, encompasses 90 per cent of the farming operations in Nova Scotia. The NSFA is a natural partner for MCT to provide our farm coverage. Our Farm Advantage program offers the enhanced coverage, discounts and the personal service that farmers deserve.