As a business owner in Calgary, you have worked hard to set up your own business. With your personal savings and probably also borrowings from friends and family, you have set it up and nurtured it with love and care.
It is now a running enterprise and you are proud of it and basking in the glory of its success.
However, just like any other thing, a business is also influenced by external factors and circumstances that are often beyond our control. It is these factors that expose our business to risks and make it vulnerable.
For instance, who would have thought that the COVID 19 pandemic would be such a big force not only in Calgary, but around the world, so as to bring the operations of manufacturing and service oriented enterprises to a grinding halt.
It is against these unforeseen risks that Business Insurance Calgary provides protection. In case your business is not yet under business insurance Calgary cover, then it is strongly advised that you contact a business insurance broker like Beneficial Insurance Solutions.
By obtaining business insurance Calgary cover, you are able to protect your business from many risks and the seven most notable among them are as follows:
Risk of business interruption
Your business is interrupted if there is any accident in your office that destroys your business premises and your business stock; and as a result you are unable to carry out operations, till your building is fixed and your stock gets replaced.
This is where business interruption cover helps. It replaces lost income in case you are forced to close your business to recover from a loss. Some instances are mentioned below:
- You operate a café and there is a fire in the kitchen. As a result your café has to close down for repairs and restoration. You will be covered for your lost income while your café was closed.
- Your shipment is delayed as a result of an incident of fire at your supplier. This delay negatively impacts your business. You will be covered for the lost income during which your supplier recovers.
- Your office is destroyed by a flash flood and you are forced to rent a temporary office space. You will be covered for the temporary rental costs and utility fees till your office is restored.
Risk to commercial property
Commercial property insurance provides cover in the event of a physical loss, or damage to your property and its physical contents due to external disasters. Typical instances are fire, theft, or vandalism. Examples are as follows:
- A fire in your office building destroys your office furniture and computers. You are covered for the costs incurred to replace the items.
- Your laptops are stolen from the car parked in your client’s office. You are covered for the costs to replace your laptops.
- A flash flood damages your rental property. You are covered for the costs to repair the damage to your property.
The best part is that if you are operating from home, as most people are during COVID 19 and don’t have a dedicated office premises, commercial space or shop to work out from, then you can easily extend your commercial property and contents coverage to your home. For this you will need to notify your business insurance broker.
Eco-friendly enhancements in business
Insurance companies recognize the value of sustainability and use eco-friendly enhancements when they are carrying repairs and restoration work in your business after a loss You are therefore saved from the risk of having conventional materials used as a replacement. Examples are:
- Solar panels
- Hybrid cars
- Any other sustainable material or actions that reduce the carbon footprint
Risk to stock and equipment lying in different locations
Business Insurance Calgary proves useful in many other instances as well and provides you protection when you are most vulnerable. Examples are:
- You are taking your stuff to an expo.
- Your salespeople are taking samples with them on the road.
- You have kept stock at a new, yet-to-open location that you have not yet added to your business insurance Calgary.
Risk to valuable papers and records
Contracts, government documents, receipts, ledgers and other confidential papers are the most valuable documents and records in your business that you need to preserve and protect.
In case they are lost, or damaged, then replacing them can cost you a lot of money besides the trouble of obtaining them again from different sources and restoring them to where they belonged.
That is why it makes sense to obtain business insurance Calgary cover. With such a cover your records are covered, if your files are damaged as a result of an insured loss, such as fire, flood or theft.
You are also covered against money spent by you to reset your fire extinguishing system after it’s set off and also the fees that you pay to the fire departments when they respond to your call.
Risk of seasonal business changes
Another advantage of business insurance Calgary is that the limits to account for any extra stock that you carry in your busy months are automatically adjusted. This reflects the practically reality of your day-to-day business under which you might have to carry low stock in a few months and high stock in some months. An example:
- You run an ice-cream parlor. In winter months you carry low volume of stocks whereas in summer months when your sales are high, you are required to carry larger stocks.
Risks and costs associated with rebuilding
When you have a business insurance Calgary cover, you can rest assured that the the limits on your building automatically increase to account for factors such as inflation and also increase in repair costs as a result of changes in local bylaws.
If your business insurance Calgary policy has expired, or in case modifications are required in it, or in case you a first-generation business entrepreneur and have no insurance cover at all on your business, then it makes sense to contact Beneficial Insurance Solutions.
They are Calgary’s most trusted insurance brokerage and a leader in the provision of specialist insurance solutions. Their insurance brokers are friendly professionals who will answer all your questions and understand your needs fully.
Based on your situation and your budget they will recommend you the most suitable Business Insurance Calgary policy.