Running a business in a place like Alberta, where everyone is on an equal footing, is difficult enough. You wouldn’t want to be concerned about your business experiencing an unforeseen event and suffering huge damages due to it.

Having a commercial insurance plan in Alberta can bring value to your business beyond just protection. It can support your business from losses or damages brought on by events like natural catastrophes, nasty lawsuits or even theft.

This is why more and more businesses are now investing in quality insurance coverage around the globe. When you are protected against uncertainty, you can lessen some of the concerns and focus on the growth of your business.

What is Commercial Insurance?

Commercial insurance, also known as business insurance protects businesses from the financial losses incurred during the normal course of business.  Simply put, your business insurance pays your firm, either entirely or partially, for the expenditures incurred in cases of loss or damage.

Business insurance can cover several things, depending on the coverage you select and the sort of insurance you require, such as:

  • Lawsuits
  • Theft
  • Damage to property
  • Damage from natural calamities
  • Automobile insurance
  • Liability Insurance
  • Employee injuries
  • Electronic Insurance
  • Workers’ compensation
  • Client Injury

Importance of Commercial Insurance Plans in Alberta

Accidents and consequential losses are bound to happen in a business. Neither can one prevent or foresee them. However, with insurance, you can easily recover from them and control the impact they can have on your business assets and finances.

With the right commercial insurance plan in place, you can operate your business functions without any interruptions from such accidents. You no longer would have to worry about the safety and security of your business and can have peace of mind.

When your business is insured, you also get more credibility with your clients and your employees.

Due to Alberta’s vulnerability to natural disasters, getting a business insurance plan is very essential. Business insurance might also shield you from disasters. Not literally, however, it can compensate you for the damage to a building or its equipment.

What about the losses sustained as a result of the disasters significantly impairing how the business was running? Insurance money can cover that as well.

To run a business in Alberta, you are not required by law to have business insurance. However, it is always advisable for business owners to have an insurance plan- especially small or local business owners.

Without insurance, you are vulnerable to serious risks. Even one lawsuit can cause irreparable damage to your business, or worse can shut it down.

Types of Commercial Insurance

Businesses can choose from several insurances on the market today. The industry you work in and the size of your company will dictate your choice of business insurance. It falls into two kinds generally: package policies and standalone policies.

  • Package Policies: As its name suggests, package policies incorporate a variety of different policy kinds, making them ideal for use in large businesses. They make the insurance application process simpler for you by including all the potential insurance a company would want.
  • Standalone Policies: These insurances offer protection against certain commercial risks. Because you only pay for the risks that you want to insure your business against, these are less expensive than package insurance and are most suitable for small business owners.

The primary types of business insurance are:

1.General Liability Insurance

General liability insurance covers all common business risks, including customer injury, customer property damage, and advertising injury.

In addition to protecting your business from the high costs of lawsuits, it aids in your ability to qualify for leases and contracts.

Simply put, general liability will protect your business from:

  • Damages brought on by customer or third-party injury
  • Damage to property, including your own and properties you do not own
  • Damages brought on by employee accidents sustained while working;
  • Damages that arise from accusations result in litigation.

2.Cyber Insurance

There is hardly any department in a business now that doesn’t operate via computers. Though technology like the internet and automation has made things easier for businesses, it is not without risks.

One cyber attack and all your business’s information- such as contacts, names, addresses, medical records etc. of your client or any other sensitive information could be at grave risk.

The damage caused by digital attacks on your computer systems or data is covered by cyber insurance. These dangers can result in the theft, destruction, or improper use of sensitive data or other important technology, which can cause downtime and recovery expenses that frequently require professional repairs and legal expenditures.

3.Product Liability Insurance

This insurance is for you if your business deals in goods. With this insurance, you would be shielded from any legal responsibility that might result from a third party being harmed by a product you are selling.

To put it simply, people purchase a product that you manufacture and later file a lawsuit against you after becoming injured while using it.

4.Workers Compensation

Workers’ compensation insurance protects employees from financial loss if they get sick or hurt while working for a company.

This insurance will also pay for the employee’s medical costs and funeral costs if he gets sick or gets killed while working for that company.

5. Professional Liability Insurance

Errors and omissions insurance, commonly known as professional liability insurance, protects businesses from the expense of client lawsuits for unsatisfactory work.

Your client might file a lawsuit against you, for instance, if you miss a project deadline, make a mistake in your work, or give bad business advice.

Your professional liability insurance policy will pay for legal defence expenses up to your policy limit if you get service for this kind of litigation.

Get An Insurance Quote Today!

Because each company is different, not every small business needs the same type of commercial insurance. To ensure you purchase the commercial insurance coverage that is ideal for your company, keep the following in mind:

  • Recognize your needs: If you’re a general contractor, you could require additional workman’s compensation coverage as part of your policy, and if you have a construction business, product liability insurance and property insurance would be good choices for you.
  • Know what is covered by your coverage: It’s crucial to study commercial insurance coverage carefully and to ask questions if anything is unclear because it’s not always evident what is covered and what isn’t.
  • Compare policies: It’s important to get about three commercial insurance quotes so that you can compare the monthly prices and what is and is not included.
  • Hire an Insurance Broker: If you aren’t sure about any of the points above. Or if you are feeling lost at any point in the insurance buying process, it is best to hire an insurance broker to do the work for you.

When it comes to commercial insurance, even one exposed area of your company can jeopardize the entire enterprise. At Beneficial Insurance Solutions, we are dedicated to making sure that your company is safeguarded against any potential damages. Our team of licensed brokers can help you tailor custom policies that meet your needs. With personalized service, you can count on our continuing assistance and policy management.

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