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1. Everybody loves coming to work everyday
2. Everybody that works in it is proud to say so
3. Customers are proud to say: “we do business with them” or “we buy there regularly”
4. Suppliers are proud to say: “we supply them”
5. It has solid values and principles
6. It is making a positive difference in the world
7. It is very profitable

This is what I want to build

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1.) When in doubt, disclose – When setting up a business insurance policy you must insure that you disclose all relevant information about your business operations and work related history. Providing inaccurate or incomplete information could result in a claim being denied as a result of misrepresentation. The more information a broker has, the more accurate their assessment of the risk will be. This will ultimately help to insure that coverage will be provided in the event of a claim.

2.) Use your Business plan as a road map – When starting a business from scratch it is helpful to disclose the information in your business plan to your broker. Many of the questions the broker / insurance company will have can be found in a business plan. A strong business plan allows for a detailed understanding of your business and where it is going. It also helps the broker market your business to competing insurance companies and ultimately get you the most competitive rate available.

3.) Remember that your road map can change- When starting a business your direction can often change and/or expand. Adding new products and services to your core business can change how an insurance company views the risk associated with your company. It is important to update your broker of any major changes in your business so they provide accurate coverage. Take a proactive approach and review your policy with your broker on a yearly basis at the very least. This will help ensure that you and your broker are always on the same page.

4.) Count your chips before you go all in- When acquiring an existing business, it is normal for the purchaser(s) to assume they can take over the insurance policies of the seller. Generally speaking, insurance policies are not assignable. This is why it is important to do your home work ahead of time to insure that the purchase is not held up while you are scrambling to find a last minute insurance solution.

5.) Who has interest in my business? – Third parties such as landlords, clients, mortgagee or loss payee will ask for confirmation of insurance in writing. They will often require you carry certain limits of insurance. These requirements should be relayed to your broker to confirm that the appropriate coverage is put in place.

6.) Finding the right recipe- No two businesses are alike and therefore it is up to you and your broker to determine what coverage’s and limits are required to properly insure the risks associate with your company. Not only do you want to purchase insurance on your buildings and business property, but also your business income, liability protection should include protection for your products and completed operations, professional liability, vehicles, employee fidelity and so on.

7.) Finding the Value in insurance- When evaluating your property limits with your broker you must take into consideration what the cost would be to replace your building, stock, equipment, or tools in the event of a loss. It is important to review these limits on an regularl basis to make sure they meet the requirements of the co-insurance clause stated in your insurance policy. It is also important to inform your broker when new buildings, inventory, equipment are purchased so they can provide the appropriate coverage.

8.) Evaluate your options- Review your coverage and limits options available to you including important coverage’s such as business interruption, liability and umbrella options and deductible options. Identifying what types of losses that your company could withstand helps to establish which coverage’s should be purchased. Ideally you want to purchase insurance for situations that can be financially crippling not for small losses that the company can afford to absorb.

9.) Make sure your order is correct- When you receive your insurance policy make sure you take the time to review it in detail to make sure what your purchased was in fact what you ordered. Confirming the insuring agreement, exclusions, limitations and conditions within your policy helps ensure that your company is accurately covered.

10.) Finding the right teammate- It is important to find the right broker for you, one that becomes a part of your professional team. Establishing a comfort level with your broker is important. Feeling comfortable with the broker helps to foster a long term working relationship. It is also important to look at the brokers credentials. Those brokers who hold a CAIB or CIP designation have a higher level of education and expertise and are often more qualified to provide an accurate insurance solution for your business.

Thanks for reading my article. I hope you have learned something about insurance for small business and start ups. For more information about business insurance please feel free to contact me at 905-281-0042 x 153 or via email at marcussargent@argyleinsurance.ca. I look forward to working with you and hope to become a part of your professional team. Together we will find the right insurance solution for your business.

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It’s natural to worry about someone stealing your million-dollar idea for a new small business, innovative service or invention. After all, you don’t want someone else to beat you to that goldmine. Contrary to such popular train of thought, consider these reasons to openly share your idea with everyone you meet:

• People will help you get your business off the ground. You’ve got to believe that people genuinely like to help one another, so the more someone knows about what you’re trying to achieve the easier it is for them to connect you to suppliers, investors, experts or partners.

• Someone will copy your idea eventually. When you launch your new company, product or service, everyone will know what you’re doing. It won’t be a secret anymore, and competition will spring up. Better to surround yourself now with supportive people by sharing your plans with them.

• It’s what you do with your idea that matters. An idea by itself won’t make you rich and successful – it’s all in the execution, such as how you serve customers, where you locate your store or how you position your brand. Share your idea openly with your potential customers to figure out how to attract them to your new business.

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Starting a business with a family member may be a dream come true or become your worst nightmare. Like any business partnership, it’s important to consider all of the issues:

• Dissolving or selling the business. Decide now what will happen if one or both partners want out, then hire a lawyer to draft the agreement.

• Future plans. Work together to create a clear Business Plan to ensure all family partners pursue set goals.

• Chain of command. Someone should ultimately be in charge of certain business decisions, especially if you hire employees. Figure out who’s doing what to avoid confusion.

• Separating family from business. Set some boundaries such as “no shop talk at family functions.” Such rules will help preserve your personal and business relationship.

• Increased financial risk. Whether your team is husband-and-wife, father-and-son or sister-and-brother, you’ll both depend on one business to generate a living. Perhaps one partner should keep outside employment until your new venture can generate two incomes.

• The next generation. Passing the business torch to children can become messy. Hire a Succession Planning Consultant to work out issues such as purchase price, transferring assets and transitioning day-to-day business management.

Whatever your business arrangement, remember that “good paper makes good friends” and write it up in a legal partnership agreement.

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1. Do your research
2. Develop a business plan
3. Get advice from fellow entrepreneurs
4. Attend training programs and seminars for small business
5. Network
6. Find mentors
7. Never give up

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1. Get professional advice from a business advisor, accountant and lawyer.
2. Check that you are paying a fair price. Sellers often over-value a business. If possible, try and get the seller to finance part of the selling price.
3. Find out what lease will be available on the premises.
4. Find out the real reason the owner is selling the business.
5. Check out the financials. If the figures look too good to be true, they probably are.
6. Do proper research on your competitors, location etc.
7. Don’t believe everything the seller or business broker says. Remember, they are in it to make as much money as possible.
8. Run the business with the owner at least one month before you take over to confirm sales, profits etc.
9. Don’t get too emotional about a business. Think with your head not your heart.
10. As yourself the question? Will I still be happy in this business in 5 years.

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A comprehensive, free and authoritative directory of Ontario Government tax incentives, tax credits and support programs for business.

Visit: www.ontario.ca/businessprograms

BENEFITS
• About 60 programs from across government are available in one online location
• Time-saving searches can be done by category, keyword or program name or organization
• Users can subscribe to RSS (Really Simple Syndication) feeds to receive changes instantly
to programs or new listings
• Updates are done regularly

Visit: www.ontario.ca/businessprograms

FEATURES
• At-a-glance, easy-to-use directory
• Memorable web address: www.ontario.ca/businessprograms
• Provides links to other important information to business, such as Service Ontario’s online gateway to business and Canada-Business Ontario
• Programs and services listed under categories, such as:
- Advice and consultation
- Cultural development
- Education and training
- Energy incentives
- Entrepreneurship
- Export
- Financing
- Human resources and training
- Northern Ontario
- Research and development
- Tax credits
- Youth
The Ontario Business Program Guide is an Open for Business initiative. Open for Business is the Ontario government’s initiative to create faster, smarter and streamlined government-to-business services and regulations that make Ontario more attractive for business development, while protecting the public interest.

Visit: www.ontario.ca/businessprograms

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