Whether we want it or not accidents happen from time to time. When something hazardous occurs we will, of course, instinctively first protect ourselves and those around us from harm and should not pay attention to whether any goods or property is damaged. The aftermath of this is rather obvious – assets get damaged. Now, stuff gets damaged due to wear and tear also and that is inevitable. Even the most protected objects degrade in time but that is well predictable and we mostly know the expiration date of everything man-made. This is where “thinking ahead” comes along. Getting insurance for valuable objects or property is a very straightforward way of securing at least their value in the worst-case scenario if we’re not able to save the assets themselves. In the following text, we will go over some of the more important possessions that should be insured at least on a basic level.
Home Sweet Home
For most Canadians a house, if they have one, is the most valuable and expensive asset they have. This comes as no surprise, knowing the rising cost of real estate in urban areas as well as the costs of building and maintaining a house – it all adds up to hundreds of thousands of dollars for an average property. This should be reason enough to consider getting the immovables insured, if not for all the factors. Ending up in a situation that you lost home is not only a financial problem but an emotional and psychological one as well. Make sure that at least all possible expenses of managing, while searching for or building a new one, are covered. You can click here to find out what some of the commercial options are, insurance-wise. Apart from knowing you will be financially covered in a worst-case scenario, the insurance companies will also try to mitigate that risk by giving useful advice and going over the security of the house themselves periodically.
Cars and Vehicles
The next in line of importance is cars. The average Canadian household has over 1.5 cars and that number is only increasing. As cars are generally very valuable assets that also have a huge practical value, they should be kept safe in every possible way. Unfortunately, not everyone can have a garage at their home or secluded parking space while downtown, and that is already an increased risk of damage to the vehicle. Car insurance is one of the most common forms of insurance people get and is even obligatory in certain countries. It usually covers several factors such as expenses if you were liable for an accident, if uninsured vehicles damage yours, if you were hurt in a car crash that wasn’t your fault, etc. Usually, you can pay to get extra coverage for things such as fires or thefts done to your car, which can be a very good option if you are living in a dangerous area for this reason or that.
Running a business in a free market economy is a risky endeavor. We see even the big players sometimes struggling and falling from time to time, let alone the majority of small businesses. Business insurance comes in several different forms, all depending on what the job descriptions are and how big the company is. First off, the company’s real estate should be insured as it is probably the most valuable asset it possesses, and losing it even temporarily can bring huge losses to the budget. Connected to that is insurance in case of work interruption, which is covering expenses if the business is not able to work for a short period (say a month or two) but the monthly expenses need to be paid either way. This type of insurance usually also covers losses due to theft but offers car insurance to company vehicles as well.
While on the topic of businesses – the very core of most of them, the idea, or in legal terms – the intellectual property, needs to be adequately protected too. The most common form of IP protection is a patent, but it can also be an industrial design, copyright ownership, etc. If you have made something original and plan to make money off of it the best option would be to contact the Canadian Office of Intellectual Property and see, for starters, if it really is original and if so what form of protection should it get.
Sure, you may have the luck of never getting into a car accident, your business never failing and your home never being damaged by extreme weather. But just looking at the statistics and asking yourself the question – is it worth it not being covered whatsoever? You may just figure it out yourself and get at least the basics insured.