Business Insurance
Modern organizations are vulnerable to many risks that can lead to business interruptions or even complete shutdowns. At P.D. Foster Insurance we understand the unique needs of today’s business owners. We live and work in the same communities as our clients, which makes it easier for us to provide advice on the types of Commercial Insurance coverage you need. We are here to help ensure your business remains up and running when the unthinkable happens.
What does Business Insurance include?
Our Business or Commercial Insurance policies include a wide variety of coverage options including:
- Property Insurance: Commercial Property Insurance is a must whether you own your own commercial space, lease, or even operate from home. With the right coverage, your physical assets are covered in the case of fire, theft, or vandalism. Home businesses are not covered by Home Insurance. In fact, if damage occurs to your home as a result of business operations, your Home Insurance claim might be denied
- Liability Insurance: This is perhaps the most important type of Business Insurance as it protects your personal assets should someone decide to sue you for negligence. This can be due to accidents that occur on your property, or as a result of work you are providing. For example, contractors can’t do without this type of insurance as if you damage a home while you are working, this insurance will cover the cost to repair those damages. Lawsuits are also not uncommon in Canada and being protected from possible business-related lawsuits ensures you are not held financially responsible should a settlement be required.
- Commercial Vehicle Insurance: Whether you use your own vehicle for business or have an entire fleet of delivery trucks or service vans, Commercial Vehicle Insurance is required for any vehicle you or your staff drive. As with home businesses, using your own vehicle for business purposes could lead to denied claims. For example, if you are delivering food to someone’s home and get in an accident, this could lead to coverage issues when putting the claim through your personal Auto Insurance policy.
- Business Interruption Insurance: If you are unable to operate due to unforeseen circumstances, business interruption coverage allows you to continue to serve customers following an unexpected event. Whether it is fire, vandalism, weather-related issues, or other perils listed on your policy, you can access the funds required to make repairs, find a temporary facility, or replace lost inventory. Your policy can be designed with limited or extended coverage to help your business maintain its current state of financial health.
We also offer specific types of coverage based on your industry, as well as Cyber Security Insurance to assist with data breaches and cybercrimes.
What are Surety Bonds?
Surety Bonds protect your customers and suppliers to ensure you are able to deliver on your obligations whether it is financial or delivering a product or service. We can assist with any type of business including contract surety.
If you work with various trades, Contract Surety protects you from financial loss in the event trades you hire fail to fulfil their contractual obligations. Subcontracts can also be bonded. The bond also helps your business gain new work as you can show you are bonded during the tendering process.
Our Surety Bonds help ensure you avoid financial losses, or even bankruptcy when the subcontractors you hire are unable to fulfil their obligations. However, if you find you are unable to meet your obligations, surety bonds protect you. Bonds help protect your reputation, yourself and your customers.
Why Choose P.D. Foster Insurance
At P.D. Foster Insurance we have been offering specialized insurance services to our commercial customers since 1949. As a family-owned brokerage, we understand the challenges of running a local business and trying to leave something behind for future generations.
As a result, we focus on superior customer service that offers personalized solutions for the changing needs of our commercial customers. We understand the risks you face and can help you find the proper coverage required in your industry as well as protect your personal assets from liability settlements. We provide coverage that protects you against the risks of owning a business so you and your customers have peace of mind.
For more information about Business Insurance, speak to our team today.
