Insurance for decorators | Small business group insurance

Some of you may have only considered getting business insurance to satisfy client demands in the past. But it is more than just a necessary evil. The truth is, most business owners do far too little to protect themselves while failing to grasp the full implications of leaving themselves exposed.

Unfortunately, no matter how effective you believe the preventative strategies you have in place are, there is always a risk associated with doing business. Most often, it is something completely unexpected that you never considered that has the potential to disrupt your business.

So, what does business insurance really mean to you? Here are my top five reasons decorators and designers need business insurance: 

1. Clients can be crazy
More politely put: they're unpredictable. More and more often, we see unsatisfied and demanding clients resort to lawsuits when they don’t get their way. Lawyers simply sue everyone associated with the project and see what sticks.

Once you’ve been named, things get costly—even if you’re not at fault. Filing a simple Statement of Defense for a frivolous lawsuit can amount to $10,000 in legal fees. Business Insurance makes that cost go away.

2. The decorating business is complex
In an industry with so many moving parts, the definition of “wrong” can be broad. An ugly incident with a drill, a disagreement over the placement of knee-wall, or a mishap with a supplier can all spell disaster for your project. And like it or not, you could make a mistake yourself; even if you’re very good at what you do.

Professional Liability and Commercial General Liability Insurance protect you, your staff, and your business from claims made against you.\

3. Incorporating isn't a silver bullet, or silver shield, or silver anything really
Incorporated business owners are “corporate directors”, and can be held responsible for massive expenses. If something goes wrong, you can't just declare bankruptcy, start over, and expect there to be no personal financial repercussions. Professional Liability Insurance enables you to cover the expense, not run from the consequences.

4. Hackers, malware, and ransomware pose a real threat
Electronic losses take time and resources to rebuild. And something as simple as a data loss can eliminate client and contact lists, estimates, past project files—not to mention drawings and resources that have taken days or weeks to prepare. An interruption in your business can have revenue implications and lose you clients who need your services now. Business Interruption Insurance protects you against these losses, helps you get your electronic assets back in order, and your business back online.

5. Sophisticated clients demand protection
Increasingly, clients entering into contractual relationships want their suppliers to have proper business insurance coverage. Many commercial clients may even ask to be added as an additional insured on your policy. Their coverage demands can get quite pricey, but the DDA Business Insurance Program makes it easy and affordable to meet their requirements.

So what can you do as a small business owner?

Your business is everything. It has taken tremendous effort to build. It needs to be protected against misfortunes that could undo everything you’ve accomplished and result in punishing financial losses. DDA's Business Insurance Program is the cornerstone of that protection.

Derrick LeueDerrick Leue

CEO, PROLINK—Canada’s Insurance Connection

Derrick Leue, President of PROLINK Insurance, is a registered insurance broker with an Honors’ Bachelors of Commerce degree from McMaster University.  For over 35 years, PROLINK has been Canada’s insurance connection and a national leader in managing insurance programs for some of the foremost Professional Associations.  Derrick and PROLINK have been focused on providing the design and decorating industry with insurance advice for over 15 years.  

This article originally appeared in the annual DDA IDEAS Newsletter on business. For member access to IDEAS and more click here to find our about our membership benefits.