If you operate a small business, you are definitely very busy, you often have the impression that there is not enough hours in a day to do it all. However, it is important to take the time it takes to discuss of your insurance needs with your broker and to ensure, with his help, to adequately protect your business of possible claims.
There’s a list of common questions your broker may ask you. In knowing the answers will save you time and help your broker develop the solution insurance that will meet the specific needs of your business.
- What type of business do you operate?
Are you a landscaping entrepreneur or, rather, a real estate agent? Know your type
and the industries in which it operates will help your broker understand the risks
individuals to whom it is exposed. A welding shop will not have the same insurance needs as a cafe,
- Where is your business located?
The answer to this question will identify not only the geographic area in which you are doing your
business, but also under what structure. Operate your business from your home office, a
warehouse or storefront store? Are you located in an area with a high crime rate
or in an area at risk of flooding?
- What was your annual turnover last year?
Income earned in previous years gives your broker the basics from which to determine
the extent of coverage you need. Also give him all the relevant information about
factors that could affect your business, such as the growth of certain customers, the supply of
new products, discontinued products, etc.
- Besides its main activities, does your company do business in other sectors business?
If your company manages other affairs in addition to its main activities, it is imperative that your broker be
informed, because these other activities must also be provided.
- Have you ever submitted claims?
Your insurance history (also called loss history) is an important factor in
submitting a quote for your small business, as well as your credit history which can
affect the guarantees to which your business is eligible and the cost of its insurance.
- How long have you been doing business?
Your broker will want to know not only how many years you have been operating your business, but also the level of professional experience you have of the type of activities that it carries out. Your level of experience could, in fact, play a role in setting the premium for your insurance policy.
- With which companies has your company been insured before?
This information, which establishes that your business has been eligible for insurance in the past, will be helpful to your broker, as are credit histories.
Pros and cons of small and big business
It doesn’t really matter if your business small, medium or big, there are always pros and cons that must be considered. Do you store goods, inventory or equipment in your business premises?
The facts is that the nature and quantity of the goods you store, as well as their cost in general, are determining factors in assessing the risks to your small or big business and choosing the right combination of guarantees and amounts of insurance to protect it. Your broker will also want to know what type of equipment you use and if you need to transport it to different locations.
Having the answers to all of these questions will save you time and help your broker develop the solution. insurance that will meet your specific business needs. For more information, contact your broker. Yes you don’t have an insurance broker yet, use our Find a Broker tool to find one in your area from today!
To benefit from the investment bonus, small and big companies must be located in development. The only exception: large companies that request premium for environmental and renewable energy investments. Attention, the legal person under public law and the non-profit association are excluded from the benefit of incentives.
To calculate the above headcount and financial amounts, the type of relations that the company concerned maintains with other companies in terms of participation capital and voting rights (the higher of these two rates being taken into account). Thus, there are three types of relationships:
1. The applicant company is autonomous, if it:
– does not have a 25% or more stake in another company;
– is not directly held at 25% or more by a company or a public body, or jointly by several related companies or public bodies, unless the latter are part of the investors “to neutralize” and their participation is less than 50%.
2. The applicant company is a partner of another company, if:
– it has a stake of between 25% and less than 50% in this other company;
– this other company has a participation of between 25% and less than 50% in the applicant company;
– it does not draw up consolidated accounts taking over this other company and is not included by consolidation in the accounts of this company or of a company linked to the latter.
3. The applicant enterprise is linked to another enterprise if:
– it has a participation of at least 50% in this other company;
– this other company has a participation of at least 50% in the applicant company;
– it is part of a group;
– it is required to draw up consolidated accounts or is taken over by consolidation in another company.