We’ll be showcasing specific situations where you would need commercial coverage, and more importantly, why you want it.
If you are self-employed, you need the right amount of insurance, and also the right type of insurance to ensure you’re properly covered for your unique needs.
Carly is a 42-year old Baker. She’s been whipping up all kinds of treats & desserts from home, and now that her kids are grown, she's decided to move her small business into a brick and mortar shop.
While working one early morning, a kitchen fire unexpectedly starts. Carly does everything she can to put out the fire, trying to save her building and her business. In the process, she inhales a large amount of smoke which then requires hospitalization.
Carly is now looking at costs to rebuild the structure and replace all of her food stock & baking supplies. She will also lose income while her bakery is closed for repairs and construction. Two years later, the doctors discover lung cancer and because she has always been a non-smoker, they determine it was caused by the earlier smoke inhalation
Luckily, Carly had both Business and Critical Illness insurance policies.
Her Business coverage will cover all of the costs for rebuilding her shop, restocking her inventory, and her loss of income during repairs.
Her Critical Illness coverage will provide the funds she needs to seek excellent treatment. Karly won’t have to worry about how she will pay the bills when she needs to travel for doctor appointments or treatments, or to seek expert help from an out-of-country specialist. She can now leave the shop in the trustworthy hands of her employees without adding financial stress to herself.
Carly could have lost her shop, as well as her business after the fire. She would not have been able to afford to rebuild by herself, nor replace all of the baking tools and special cooking equipment.
She may have also lost her business again once she received her cancer diagnosis, or had to ask friends & family for financial assistance to take the time off, as well as pay for travel arrangements, for doctor appointments.