Business insurance is an essential aspect in today’s date. Getting the right business insurance broker in Calgary should be your first step once you set up your business. You have to opt for one because not a lot of owners are acquainted with the right coverage for themselves and their business. In the following article, let’s cover the top six myths about business insurance and the truth of it:
Myth 1: A basic policy will suffice for you
While for certain small business ventures, you need to analyze which one is the best fit for you. Every business runs differently, and it is unique. Some may require extensively valuable inventory, or some may even have great equipment, while certain business ventures may have to evaluate all your risks. If you are an independent contractor in an industry that carries high risk, you would need special coverage. A business insurance broker in Calgary will analyze your business and help you figure out what kind of insurance you need for the industry you are in. Make sure you know the difference between a basic singular insurance policy and what comprehensive business insurance offers before choosing.
Myth 2: You can skip on the business insurance in case you don’t have employees
This is one of the biggest myths ever when it comes to buying business insurance. Irrespective of you managing a staff of 2 or 25 or handling the business alone; you need to have business insurance for everything. Many risks that come with this kind of entrepreneurship are just not covered by a standard insurance policy. If you are an independent contractor in an industry with high risk, you would need a really specialized coverage to protect your clients and yourself.
Myth 3: You don’t need a business insurance broker
Not consulting a business insurance broker in Calgary can be a silly mistake. While a business insurance policy can come with high premiums, the consequences can cost you a lot more if you don’t make a suitable investment. In Calgary alone, there are many different types of business. While one company can risk being unsafe with the data, the other can take high risks with loss of manufacturing equipment. Irrespective of your business function, a business insurance broker is the perfect option for the right consultation. They would be able to advise you right with what kind of insurance policy you must buy. This can really help you save up a lot of money and save you from any financial consequences.
Myth 4: Business Insurance will cost you a lot and is extremely expensive
While this is a business investment that you need, many business owners skimp on it simply because it costs them a lot. In fact, business insurance can be affordable and is quite a small price to pay off while protecting one’s livelihood. Infact, a business is an investment that requires a business owner to put their soul and heart into its foundation and growth. A well-rounded insurance policy or comprehensive coverage would require proper research on your end. Ensure that you make the right choice as an affordable cost by itself will help you cover the cost of consequences. So, you can pick an insurance policy with competitive quotes and compare the risks of paying a low premium to the cost of coverage.
Myth 5: A sole proprietor does not need a worker’s compensation insurance
While some states have the facility of you filing for an exemption so that you do not have to pay off a worker’s compensation, it does not mean it is a good idea. So, even though you are a sole proprietor, it is more or less necessary for you to get business insurance because what if a contractor or a vendor gets injured on your site. So, business insurance can cover the costs of these consequences.
Myth 6: You do not need any auto insurance policy if you or your employees use their vehicles basically
Whether you have even one of many different business vehicles or not, getting an auto insurance policy is necessary. It is even more essential when you have employees who are driving to carry out business functions. Your regular auto insurance policy really will not cover injuries or accidents which occur while conducting the course of the business. Do not ignore this essential coverage if it applies to the functions you carry out.
Key takeaways
Our business insurance brokers in Calgary will gauge your needs and provide you with insurance matching to the exact policy requirement. You can contact us to get the best quote for your company and ensure that no unexpected issue hurts your issue and takes your mind off your business goals.