Why Canadian Bakers Need Bakers Business Insurance And What Policies They Need
Do you love to bake? Got a special skill for it? Evert time someone at your kid’s school or boy scouts club needs backed goods, do they come running in your direction? Maybe baking is just a hobby that you and your mother used to practice together. Whatever the situation, this is one hobby that you can turn into a successful side business. This is especially true in Canada. Canadians loved their baked goods and are more than willing to pay a fair price for them. Regardless of how much you love the industry or how good you are at it, there are going to be risks related to opening your own shop. Knowing and understanding these risks is just the start of protecting your new business to the fullest.
Why Insurance Is Needed
If you are like most people, you are probably thinking – why does a lowly baker need insurance? As much as baking might seem like a low-risk industry or field, it is one that is filled with immense risks. In fact, there are so many risks associated with the industry that you might be thinking twice about getting into it once you learn them all. Well, that is if you don’t have the right policies in place. With the right food business insurance provider and policies, these are likely risks that you’ll never have to concern yourself with. You’ll just be able to go about running the day-to-day operation of your business, doing what you love.
You are obviously going to be exposed to risks, but your biggest risk without a doubt is a lawsuit. How can a baker get sued? There are numerous ways that a baker can get sued. First, you could provide a customer with a product that kills them. Sounds unlikely, right? Well, it’s possible. What if you unknowingly serve someone with a food allergy something that they are allergic to? What if someone chokes on one of your breakfast rolls? What is an employee slips and falls while on the job? Couldn’t a customer fall outside your store on ice?
These are just a few of the potentials that could lead to lawsuits. As unlikely as these incidents might sounds, you’d be surprised at how often they actually happen. Just look them up and you’ll see that Canadian bakers get sued all the time for similar or related incidents. Even if you are not at fault, just the fact that the case ends up in the courts could cost you thousands. Court fees, deposition costs, fines, attorney fees, more, they are going to cost you. The longer the case lingers, the more the fees will build. They could build to the point where you end up having to shut down. This is unless, of course, you have the right business insurance policies in place. What are the right policies?
A Compilation Of General Liability And Business Owner’s Policy Can Help
When you are out there seeking insurance from providers like ProfessionalsCoverage, you’ll quickly discover that there are a number of policies available to you. Some might seem more basic than others, while some seem more complex. That being said, most insurance providers will start you off with a basic compilation of general liability insurance and business owner’s policy. While these policies might seem basic, they provide protection of epic portions. Given that you’ll be running a bakery, you’ll have customers and servants in and out of your shop at all times.
Every time someone steps foot on your property there is the potential for a slip and fall. Not only this but every time a customer parks his or her vehicle in your lot, there is the potential for damage. What about your businesses’ property? Isn’t it possible that someone could drive a car through the front window of your building? As unlikely as it might seem or sound, it is entirely possible. These are all situations where a compilation of general liability and business owner’s policy can help out.
Not only will they pay for medical-related expenses with slip and fall, but they’ll pay for customer injuries, damaged business property, business interruptions, damaged customer property, and libel or slander lawsuits.
A Workers’ Compensation Policy Will Help
Could you imagine trying to run a bakery without the assistance of some employees? Regardless of the size, it would be nearly impossible. And, while employees are great and can provide the help that you need to expand and grow, they also pose pertinent risks. Not only are you at the risk of injuring customers and their property, but your employees could injure them as well. Couldn’t your employees spill coffee on a customer? Maybe they destroy an expensive piece of clothing or ram a cart into a customer’s car. Luckily, these are situations that general liability and business owner’s policy insurance will cover, but what about the employee?
What if an employee falls on the job or gets burnt with coffee? This is exactly where workers’ comp comes in. This type of insurance will not only cover the medical-related expenses with employees injured on the job, but it’ll cover their lost wages while they are off work. Heck, with policies from providers like ProfiessionalCoverage there are policies that will even pay for rehab expenses to help get your employees back at work. Some of the policies offered by the provider will even cover court-related costs.
Unfortunately, covering your employee’s medical expenses and lost wages sometimes just isn’t enough when these incidents arise. Some employees might try to sue. Once again a lawsuit is a baker’s worst nightmare. Workers’ comp insurance will cover you in these specific situations by paying for all the court-related costs. In some instances, these policies will even go as far as to cover the settlement if you are found liable.
Commercial Auto Insurance Can Help
If you really want to get the most from your business you’ll offer some kind of delivery service. Heck, given that COVID has most people on lockdown, you might not have any choice but to offer delivery services. In fact, this might be the only way that you can generate revenue. Nonetheless, this is a process that will require a company vehicle or vehicles, depending on the size of your operation. Whatever the situation, you’ll need to make sure that these vehicles are covered with commercial auto insurance.
While there are a variety of policies available, some of them are specifically designed to cover property damage, damage to vehicles, medical expenses, lawsuits, and more. Some policies will cover the employees driving your vehicle a well as the opposing drivers. The road is a dangerous place and accidents happen all the time. You’ll need to make sure that your vehicles are covered. While it might be tempting to just go with basic liability auto insurance, you’ll be much safer by going for something more comprehensive. Working with a provider like ProfessionalsCoverage will help you determine the specific risks that you are exposed to, as well as which policies can protect you.
This is why it is always pertinent to wok with an insurance provider that is somewhat familiar with your field of choice. These providers know and understand the specific risks that your business are exposed to on a daily basis. Protecting against these specific risks will not only ensure the successful operation of your business, but it’ll financially safeguard your family. If you are the sole provider imagine what a lawsuit would do to your family financially. This is no doubt something that you’ll want to avoid, and you can do just that by building the right comprehensive insurance package.
Need coverage in effect? Compare the market!
Other Types of Food Business Insurance We Provide:
If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of food related industries.