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Small business owners often try to make do with minimal fuss. With the explosion of the internet, many small business owners are able to work out of their own homes to save on lease and rent expenses, hire freelancers to save on taxes and employee benefit expenses, and take classes to learn how to handle their own accounting, web design and other sophisticated needs.

Attempting to save money as a small business owner is smart and effective, but for each measure you attempt to save money with, you need to look beyond the “now” and try to determine whether or not this approach will actually cost you more in the future.

As an example, let’s talk about accounting. The small business owner who attempts to do his or her own accounting could be opening themselves up to future expenses in the form of additional taxes, fines and corrections if they are not dedicated to taking the time to learn how to do these things correctly.

This leads us right to the topic of insurance. Small business owners—especially those who work out of their home—routinely skip out on getting appropriate coverage for their business. Often, these individuals feel that the cost of the insurance premiums outweighs their risk exposure. Unfortunately this leaves them exposed to numerous liabilities and losses that could easily result in the closure of their business and the depletion of their personal assets as they attempt to make themselves or their clients whole.

One of the most important forms of insurance for small businesses is professional liability insurance. This protects you, as an acknowledged professional in your field, from the liabilities associated with errors, omissions, and malpractice.

Another important insurance for a small business to consider is commercial property coverage. Whether you are working out of your home or renting space to conduct your business, the insurance covering your location does not extend to your business property. You could lose all of your electronic equipment, machinery, supplies and stock without any recompense after the incident.

Finally, commercial auto insurance is a policy that many small business owners should consider. Personal auto insurance coverage will not cover insurance claims related to the business use of your automobile—even if that use is something as simple as picking up supplies at your local office supply store.

Insurance is a valuable asset to our personal lives as well as our business lives. Without it, we leave ourselves exposed to losses that we may not be able to recover from.

Make sure your Regina Business Insurance covers everything you need with Heritage Insurance!
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