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The 6 Biggest Threats to Small Businesses in Toronto

If you run a small business in Toronto, you know it’s a lot of work – and you probably feel like you’re working incredibly hard just to keep on top of things.

Amongst the main things that a small business owner has to worry about are things that can be a threat to your business! We’ll cover some of the biggest threats to your company and how small business insurance can help keep you protected.

Some of the biggest threats to small businesses are:

  • Cyberattacks
  • Supply chain disruption
  • No continuation plan in place
  • Issues with regulations
  • Liability risks
  • Property risks

The good news is that small business insurance in Toronto can help protect you against many threats, including the following:

1. Cyberattacks

You may think that your business is too small to be a target of cyberattacks. Unfortunately, any business that keeps information on a computer or online at all can be the target of a cyberattack.

It’s therefore essential to have a plan in place to prevent being the victim of a cyberattack. You also need a plan on how to recover quickly if you’re the victim of a cyberattack.

If your business is the victim of a cyberattack, the fallout can be pretty significant. Your reputation can take a hit, and you may lose customers and sales. Toronto-based small business insurance can help provide you with a financial cushion if you are the victim of a cyberattack.

2. Supply chain disruption

Unless you have a unique small business where you can easily have all the supplies you need at hand quickly, then you could fall victim to supply chain disruption. Anything from a strike to a natural disaster can cause supply chain disruption.

One advantage to the world’s borders opening up is that small businesses can order goods and supplies from around the globe, often at lower prices than if they sourced them locally. However, the drawback to this is that if there is a supply chain disruption, you may not be able to keep up with customer demand, and you will have unhappy customers who may take their business elsewhere.

3. No continuation plan in place

You may be so busy with your Toronto-based small business that you barely have time to think about next week, let alone what you want to happen to your company in the future. Do you want to sell your business when you’re ready to leave it, or do you want to try to optimize how much you can make and sell it when the market is hot? Or, do you want to keep it in the family? And if you do, do any family members want to take it over from you? What happens if you die unexpectedly?

With Toronto-based small business insurance from Marathon Insurance, we can help you plan for the future of your business to ensure a smooth transition.

4. Issues with regulations

The original idea behind regulations was to ensure that buildings were properly built and businesses were run correctly and not cheating their customers. Unfortunately, regulations often become cumbersome and end up causing a lot of obstacles for small business owners in Toronto. Sometimes, it can feel like keeping on top of business regulations is a job all by itself!

Suppose you’ve run afoul of any regulations and are the subject of a lawsuit. In that case, small business insurance in Toronto can help cover the cost of claims, including any legal fees and settlements you have to pay.

5. Liability risks

One of the most critical kinds of small business insurance in Toronto that you need is liability insurance. Liability insurance can provide you with financial protection in the case of:

  • An injury to an employee or a customer.
  • Property damage.
  • Your small business is failing to meet its contractual obligations.

6. Property risks

Another reason it’s essential to get small business insurance in Toronto is that it can include commercial property insurance. With commercial property insurance, you have protection if your office, storefront, or even your home (if you run a home-based business) is damaged. It can be costly to replace items such as inventory and equipment, and small business insurance can help cover the cost of all of this.

How can Marathon Insurance Group help me with small business insurance?

If you’re a Toronto-based small business looking for insurance, then we’re here to help you at Marathon Insurance Group. Small businesses are the lifeblood of any community, from hair salons to restaurants and bakeries!

Small business insurance is so important because you’re taking on all the risks that come with owning a business yourself. An employee of a large company doesn’t have to worry if the company is hit with a lawsuit, but as a small business owner, it’s a whole different situation.

With our small business insurance, you have peace of mind that your company is protected from various risks. We can put together a customized Toronto-based small business insurance package explicitly designed to suit you, so you get the coverage you need, and you don’t break the bank!

We can offer you the following kinds of small business insurance:

  • Liability insurance covers the costs of lawsuits, including legal fees and settlements. You can also purchase specialized coverage, such as cyber liabilities insurance.
  • Commercial property insurance protects your place of work, equipment, and furniture.
  • Business continuity insurance provides you with the resources to smoothly transition your business in the future.
  • Key employee insurance provides a financial cushion if a key employee dies or is suddenly unable to work.

We Can Help You With Small Business Insurance

Now you know some of the biggest threats to a small business, including liability issues and regulation and property risks. The good news is that small business insurance in Toronto can provide you with the protection you need from them!

To learn more about how we can help you with small business insurance, give us a call at 905-707-0084 or contact us online.

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