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So you’re a business owner. Congratulations! You boost our country’s economy. You provide customers with a valuable product or service. And you’re an entrepreneur following your dreams. But. You’ve also got to navigate a tricky world. Loans. Insurance. Especially if you’re new to business ownership, it can feel overwhelming. We’re here to help! Let’s use this blog to look at two critical aspects of business ownership.

Loans Tips for Business Owners

Firstly, you’ve got to determine why you need a loan. Maybe you need to finance a major project. Maybe you need a little help managing expenses. Or maybe you need to purchase assets, like a new computer system or heavy-duty equipment. You should have a clear idea of how much money you need and what you’ll use it for.

Next, talk to a lender. At Maritime, we offer commercial financing to a broad spectrum of business people, from sole traders to limited liability companies. So… you’ve got your thoughts organized. However, a financial advisor may be able to suggest a totally new perspective; you can even fill in your data online and a representative will reach out to you.

Finally, you need to make sure that your documents are in order. There’s a list of basic requirements on our website; you’ll need things like a company profile, favourable credit reports and a business proposal. Once you’ve got everything you need, you can even apply online.


The type of insurance you need depends on the type of business you own. Someone who owns a construction company will obviously have different insurance needs from someone opening a flower shop. No matter the industry though, you’ll want to consider liability insurance. Liability insurance provides your company with protection against claims resulting from injuries and damage to people or property; it provides for Workmen’s Compensation and Public Liability.

Workmen’s Compensation provides coverage for employers in the case of injury, death or occupational disease of employees during employment. Public Liability protects the insured against third party claims for accidental death, bodily injury and/or property damage due to negligence. You may think that insurance like this is best suited to oil and gas or construction companies. However, society is becoming increasingly litigious. Restaurants have been sued for food poisoning. Beauty salons have been sued for burning clients with hot wax. It’s better to protect yourself now.

And of course, you’ll want to protect your business premises and the contents of the premises. Unfortunately, there are lots of ways for your property to be damaged or destroyed: fire, earthquake, your water tank overflowing…even malicious damage. Especially if your business is new or if you’re trying to control costs, it may seem as if insurance is an unnecessary expense. It can be easy to tell yourself that will never happen to me. The truth is, no one expects to be the victim of a natural disaster.

We know that reading this post could have been a bit scary. We don’t want you to panic if it seems like all your insurance needs are not being met. Instead, why not reach out to a professional who can help you on the right path?