Group Business Insurance: 6 Reasons Associations Need It

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What Is a Group Business Insurance Program?

A group business insurance program is a plan for an association, cooperative, or trade group that offers multiple independent businesses or professionals who are members of that group to get coverage.

A customized group insurance program for an association may feature reduced annual premiums because the cost of coverage is shared amongst the members through their collective buying power.

Zensurance makes it easier for Canadian associations by offering a wide range of customized liability insurance options designed to suit diverse membership groups. We partner with associations across Canada to design and implement affordable group business insurance programs that address liability risks and deliver real value.

6 Reasons Why Associations Should Offer a Group Business Insurance Program

Here are six reasons why a group business insurance program is beneficial for both associations and their members, and what Zensurance can provide to meet your members’ needs:

1. Membership Value and Retention

A Canadian group commercial insurance program enhances the value of membership, encouraging both new and existing members to renew, as it provides access to affordable liability insurance tailored to address specific risks that members may not be able to find on their own.

It also provides a competitive advantage for associations, helping your association stand out from competitors by offering your membership stronger, practical benefits.

2. Cost Savings on Business Insurance

A group business insurance program can result in cost savings on insurance for association members through the power of collective bargaining to get the comprehensive protection your members need at low annual premiums.

3. Member Loyalty and Engagement

Small business owners and independent professionals who comprise your membership appreciate the financial protection and affordability that a group commercial insurance program provides. It enhances engagement and helps associations develop stronger bonds and loyalty with their members.

4. Affordable Protection for Members’ Businesses

Business insurance protects members from unexpected damages and losses that could devastate their finances and reputations. A customized policy that addresses their potential liability risks instills confidence in their ability to grow and operate confidently.

5. Enhanced Revenue Opportunities for Associations

Before joining a business association, independent professionals and small business owners typically ask, ‘What’s in it for my business?’.

Association members expect more than networking and events. They want to realize tangible value from their memberships. Offering substantial benefits, such as a group business insurance program, demonstrates your association’s commitment to their financial security and long-term success, which in turn drives new paid memberships for your association.

6. Demonstrates Commitment to Members’ Success

Offering a group commercial insurance program to your membership demonstrates your association’s commitment to their continuing success and viability. It shows them your association’s efforts to help them grow go beyond professional development to include promoting their financial health and stability.

What Types of Commercial Insurance for Associations Does Zensurance Offer?

Zensurance offers a comprehensive range of commercial liability insurance in Canada, which can be packaged as group programs with exclusive membership benefits.

Our commercial insurance plans, designed for business association groups, are flexible and tailored to meet the specific needs of your members. We offer various types of liability insurance, including:

• Commercial General Liability Insurance: General liability insurance covers third-party bodily injury and property damage claims your members may incur. For example, if one of your members is working at a customer’s location and accidentally damages their property, general liability insurance may cover the repair or replacement costs.
  
  General liability insurance also typically includes product liability insurance to protect your members from third-party bodily injury and property damage claims arising from any product they manufacture, distribute, or sell (including food).

• Employers’ Liability Insurance: Employers’ liability insurance is a type of general liability insurance designed to protect your members against claims or lawsuits made by employees or their families for an employee’s work-related injury, illness, or death.
  
  This type of coverage complements workers’ compensation insurance, which is government-administered and provided by the Workplace Safety and Insurance Board (WSIB) and regulated in the province or territory where a business owner resides or operates. It covers employee workplace injuries and illnesses by compensating them for their medical and rehabilitation expenses.

• Cyber Liability Insurance: An increasingly critical coverage for any business owner to have, cyber liability insurance helps your members recover from cyber incidents, including data breaches and cyber-attacks, that compromise their computing networks, confidential data, and that could affect their customers.

• Professional Liability Insurance: Also known as errors and omissions (E&O) insurance, professional liability insurance protects your members from allegations and lawsuits alleging professional negligence, substandard work, poor advice, and failing to deliver a service as promised.
  
  It provides funds for your members’ legal expenses and settlements in the event they face a claim or legal action against them. Many professions require professional liability insurance, such as accountants.

• Legal Expense Insurance: Legal expense insurance provides access to legal advice on a set of common business topics with an experienced lawyer and the cost to retain a lawyer to deal with a specific set of common issues.

There may be other types of insurance your association’s membership may require. Get in touch with us to discuss what customized business insurance program your membership needs.

Build a Low-Cost Business Insurance Program For Your Association’s Members

Zensurance is Canada’s leading online business insurance brokerage, helping small business owners, independent professionals, and entrepreneurs get the comprehensive, low-cost business insurance protection they need to thrive.

Let our team work with your association to develop a customized group commercial insurance program for your members. Get in touch with us via email at [email protected].