5 Essential Insurance Policies for Energy Advisors in Alberta

As energy prices fluctuate, more customers want to explore their options regarding energy providers and sources. In this climate, the advice and expertise of a trusted energy advisor are highly sought after, especially for those customers considering solar panels. 

An energy audit conducted by an energy advisor is necessary before calculating the benefits of a solar panel installation. Even without adding solar panels to the equation, enlisting an energy advisor to inspect and provide guidance to optimize energy savings can be incredibly beneficial.

To operate at your full potential as an energy advisor, you must first protect yourself and your business from risks. There are several insurance policies that can be beneficial to energy advisors. In this article, we’ll discuss the top five insurance policies that every energy advisor in Alberta should have.

1. General Liability Insurance

Every business can benefit from liability protection. This insurance policy is designed to protect you and your business from lawsuits resulting from third-party claims of property damage, bodily injury, or advertising injuries such as copyright infringement.

What Does General Liability Insurance Cover?

General liability insurance covers a range of incidents. If you are found legally liable for property damage, bodily injury, personal injury, libel, slander, or copyright infringement, general liability will protect you from legal fines, granting you peace of mind when handling your business’s day-to-day operations.

2. Errors and Omissions (E&O) Insurance

As an energy advisor, you work closely with clients and must uphold your professional reputation. In the case that you do make a professional error, protection from lawsuits is vital to maintaining your credibility.

Errors and omissions insurance, also known as professional liability insurance, is a comprehensive professional liability policy that shields your business from third-party lawsuits due to professional errors.

What Does Errors and Omissions Insurance Cover?

E&O insurance policies will protect you from financial loss resulting from a professional mistake. Failure to meet contractual obligations, errors and oversights, and negligence all fall under this policy.

What’s the Difference Between E&O Insurance and General Liability Insurance?

Errors and omissions insurance and general liability insurance are similar in that they protect you and your business from lawsuits, but they differ in a few crucial ways. While general liability policies act as a groundwork for protecting your business from lawsuits, E&O insurance focuses more specifically on professional mistakes.

Another key difference is that general liability tends to cover physical harm (such as property damage and personal injury), while E&O protects you from the consequences of professional mistakes like negligence and oversights.

We recommend getting both general liability and E&O insurance, especially if you are a small business owner and service provider. These policies will protect you from a variety of potential third-party lawsuits that occur due to accidents or mistakes.

3. Disability Insurance

Being healthy is always a priority, but health issues are unpredictable and can crop up where you least expect them. You never know when you might fall ill or be injured, preventing you from working at your total capacity. With disability insurance, you can be sure that you’ll have financial support if any unexpected health concerns arise. 

What Does Disability Insurance Cover?

There are many scenarios where you could qualify for disability insurance. Injuries from accidents such as car accidents, health conditions such as heart attacks, or unexpected illnesses such as cancer can all qualify under disability insurance.

There are two types of disability insurance: short-term and long-term. Short-term insurance is designed to support you for 3–6 months following an injury that prevents you from working. Long-term insurance can cover you for several years or even decades—however, you’ll receive a lower percentage of your income.

4. Commercial Property Insurance

If you own, rent, or lease a commercial space where you operate your business, commercial property insurance is the ideal way to protect it. It covers your commercial space and the assets within it in case of unexpected incidents like theft.

Even if you work from home, a commercial property insurance policy may be beneficial. If you’re unsure whether commercial property insurance is necessary, be sure to contact an experienced insurance broker and discuss it with them.

What Does Commercial Property Insurance Cover?

Commercial property insurance protects against several events which could cause damage to or the loss of the commercial space, including the items within it. This typically includes incidents like fire, theft, flooding, and vandalism. Precise coverage will depend on the location, construction, and occupancy of the space.

5. Commercial Auto Insurance

As an energy advisor, travelling is a central part of your career. Energy consultants are constantly driving to and from clients’ homes to analyze them for energy efficiency. Going from home to home means that you’ll need a good company vehicle—and if you have a good company vehicle, you need reliable commercial auto insurance.

In Alberta, all vehicles used for business purposes are legally required to have commercial auto insurance. This policy protects your business, employees, and the vehicle itself, so it is critical for any business owner.

What Does Commercial Car Insurance Cover?

Commercial auto insurance protects both your commercial vehicle and its occupants. Mandatory coverages include: third-party liability, which protects your business if you’re at fault in an accident and accident benefits, which helps cover medical costs for anyone injured in an accident.

You can also add additional coverage to your policy. A comprehensive policy adds coverage for theft, fire, vandalism, and animal collisions. When you’re at fault for a collision, your policy will then cover damage to your vehicle from the incident. 

Energy Advisor Insurance in Alberta

Energy advisors provide an invaluable service to all of their clients. Between travelling to clients’ homes, inspecting the energy usage of the home, and providing advice to the client, unforeseen events or mistakes are a possibility you need to watch out for.

If you’re looking for business insurance for energy consultants, Cornerstone Insurance is here to help. Our team of experienced insurance brokers can make your insurance journey as smooth as possible. Request your commercial insurance quote today to get started.

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