Insurance for Small Business Owners

Are You Covered?

Dave Kahlon

The dream of owning a small business is one that offers many benefits, such as independence and the ability to leave a legacy. While many challenges are faced when owning a small business, being prepared can provide the opportunity to succeed. The landscape of running a successful business has been altered over the last two years due to the impact of the COVID-19 pandemic. The common challenges small business owners face now are recruitment, retention of employees, labour quality, and succession planning. It’s very critical for business owners to reinvent themselves and their businesses to keep up with technological and social changes that are constantly occurring.

In this ever-changing world, one of the challenges for business owners is maximizing the resources available to them. A business can have lots of different types of insurance coverage, including general liability, commercial property, commercial auto, and group insurance, in addition to tax efficiency strategies. These different insurance coverages are complex and unique to every business and should be taken quite seriously due to the complicated claims payout structure. After all, the purpose of insurance is to cover a loss in the event of a claim which is covered under the policy. To find suitable coverage that meets each businesses unique need, the business needs to align with an insurance professional who can explain and guide them through the process. A successful working relationship requires open communication, transparency, trust, commitment, and compatibility from both parties. Though there are many ways to find an insurance professional nowadays, it is recommended a referral from a trusted source may still be the best option. As this feedback is based on their direct interaction with an insurance professional and can comment on their skills and expertise. It is recommended prior to entering a working relationship with an insurance professional, the interested party looking for professional advice interview two to three professionals before making their decision.

Furthermore, it is important for the insurance professional to have all the relevant information regarding your situation and goals, as this will pave the path for the desired outcome. While providing information to the insurance professional is important, asking them questions is also important. Make inquiries about their claims handling experience and how they can benefit your business. A knowledgeable insurance professional will guide and support you through the claim process, which can be stressful and complex. An experienced insurance professional will have the ability to negotiate rates and compare coverages while remaining transparent throughout the process with the business owner. While continuously putting the interests of all stakeholders first and operating with a higher standard of ethics to support clients. This relationship should be able to help the business owner navigate the complicated and confusing world of insurance.

Insurance is a very efficient tool that can be used for a wide range of purposes, such as attracting new employees and retraining key employees who are crucial to an organization’s growth. Business owners must work with an insurance professional to take advantage of all the resources available in the insurance industry.


The views and opinions expressed in this article are those of the author and do not necessarily reflect the views or opinions of Olympia Trust Company, Olympia Financial Group Inc., or any of its affiliates. The author’s views and opinions are based upon information they consider reliable, but neither Olympia Trust Company, Olympia Financial Group Inc. nor any of its affiliates, warrant its completeness or accuracy, and it should not be relied upon as such.

Dave Kahlon
Financial Advisor, Sun Life Financial

Dave Kahlon is a financial advisor with Sun Life Financial. Dave has been in the insurance industry since 2005, working as an underwriter, insurance broker, and financial advisor. Dave has experienced firsthand the process of selling policies and providing support with claims. Feel free to reach Dave by phone at (403) 614-1409 or by email at