July 27, 2017 by Canadian Underwriter
Seasonal businesses need the same risk coverage as year-round operations and busy small business owners should ensure they are appropriately protected as the summer season kicks into high gear, advises TruShield Insurance.
Pointing out that small business owners are starved for time, “insurance is certainly not top of mind as they ramp up to take advantage of the summer rush,” Ilda Dinis, head of customer innovation and experience at TruShield Insurance, says in a statement.
However, that does not mean seasonal businesses require any less risk coverage than those operating year-round, Dinis emphasizes.
This summer’s entrepreneurs need to consider seasonal risks and get the right insurance to protect their business, notes a statement from TruShield Insurance, a Canadian direct-to-consumer small business insurance provider that is wholly owned by Fairfax Financial Holdings Limited.
TruShield Insurance reported this week that one out of three surveyed Canadian entrepreneurs is heading into the busy summer season without insurance coverage.
Many entrepreneurs feel their operation is not big enough to require insurance coverage, the company notes, while others believe they are sufficiently protected by their personal insurance.
However, “long days and hot nights often make for riskier summer business,” Dinis cautions. “Whether it’s a slip and fall on the patio or a power outage that spoils thousands of dollars worth of inventory, just one incident can lead to liability issues or significant financial loss,” she advises.
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A few examples of common risks that summer industries could witness and that demand protection be in place include the following:
“We want to make sure this summer’s entrepreneurs consider the risks involved in running a small business, and that they have insurance to protect them when they need it most,” says Dinis.