Your Comprehensive Commercial Insurance Guide for the Sustainable Energy Sector

The sustainable energy sector in Alberta is growing and developing, which creates a need for trusted insurance advice. For business owners in the sustainable energy sector, finding the right amount of insurance to protect their business’s necessary aspects can be a challenge. 

Here at Cornerstone Insurance Brokers, we enjoy helping local businesses get the protection they need to operate with peace of mind. We created this commercial insurance guide for the sustainable energy sector to help you assess your risks and identify the coverage you need. 

Protect Your Business with a Custom Insurance Package

With such a wide variety of professionals working in Alberta’s sustainable energy sector, from contractors to consultants to electricians and other trades professionals, commercial insurance needs vary. Each business has different insurance coverage needs. Here are some of our top recommendations for finding your ideal commercial insurance. 

Assess Your Risk and Verify Your Insurance Requirements

At Cornerstone Insurance Brokers Ltd., our insurance professionals work closely with each client to determine their exact needs and vulnerabilities to offer insurance policies that make sense for them. 

We’ll always take the time to walk through a risk assessment to understand your insurance requirements before exploring policy options. With our network of reputed insurance companies in Alberta, we’ll shop for the best rates, so you have excellent options to choose from. You can let our insurance brokers manage the research and comparisons so you can save time and have confidence you’re getting the best rate for the right protection. 

Protect Yourself with General Liability Insurance

Every business can benefit from general liability insurance. This policy helps protect you from financial loss due to third-party claims of bodily injury, equipment damage, or property damage. In the event of an accident or incident on your business property or as a result of business operations, this type of insurance can protect your business from lawsuits and provide support for medical expenses and legal fees. 

General liability insurance offers peace of mind, ensuring that you can focus on growth and operations without the constant worry of potential liabilities.

Consider Critical Illness and Disability Insurance

Health is an incredible asset to have and maintain, but it’s not always within our control to manage. Unpredictable health concerns can happen to anyone. The benefit of having a critical illness and disability insurance policy is knowing that you’ll have financial support for yourself and your family if you fall ill or become injured. 

The amount of coverage you’ll qualify for will depend on several factors:

  • Length of term
  • Amount of Coverage
  • Age
  • Gender
  • Smoking or non-smoking habits
  • Overall health condition

The main value of holding a critical illness and disability insurance policy is to have peace of mind that if you’re unable to work or unable to bring in your usual income, you’ll have financial support to fill in the periods of time where you need to heal. 

Insure Your Commercial Vehicles

As a business, you want to protect your employees wherever the work takes them. That includes on the road. Commercial vehicle insurance covers your car, truck, van, or other vehicle while working or on the road. Not only does it protect the vehicle, it helps safeguard the health and well-being of your employees, drivers, clients, and the public. In the event of an incident, you’ll also have some coverage to protect your company from lawsuits, liability, and interruption to business after the accident. 

Consider Professional Liability Insurance (aka Errors and Omissions Insurance)

When your business relies on your hard work and professional reputation, you really need comprehensive professional liability insurance. Having a professional liability policy helps protect yourself and your business in the event of a lawsuit. Because lawsuits are litigious in nature, they can be financially and physically demanding. The right policy can provide financial support and help protect your credibility.

Professional liability insurance is beneficial for energy consultants, solar panel installers, and anyone in the sustainable energy sector whose business depends on their professional reputation. Our experienced professional liability insurance brokers will help you find a policy that best fits your line of work. After looking at all the variables and potential risks with your work, we’ll help you find the right coverage for Errors and Omission Insurance

Subcontractor Insurance Requirements

Another consideration to make is in regards to subcontractor insurance requirements. It’s crucial to ensure that your subcontractors carry adequate general liability insurance to cover bodily injury, property damage, and personal injury claims. You’ll want to verify subcontractors’ insurance coverage by requesting certificates of insurance and ensuring they name the company as an additional insured. Companies should regularly review subcontractor insurance policies to confirm they comply with legal requirements and industry standards.

Additional Points to Consider

In addition to having the right insurance policies in place, it’s important to make additional considerations to ensure you have the right coverage. 

Review Contracts and Agreements

Carefully reading your contracts and agreements can help you ensure you have the right insurance coverage for the job. 

Document Management

Staying organized makes everything in business easier, especially with documents. When it comes to your insurance, you’ll want to have copies of your insurance certificates readily available for projects. 

Create an Emergency Response Plan

Every job site will be safer when you’ve assessed the risks involved and developed an emergency response plan. Knowing what to do in the event of an accident or incident helps you and your employees take safe action to minimize injury, damage, or impact. 

Regular Insurance Reviews

Scheduling regular reviews of your insurance coverage and premium is a good plan, no matter what your business is. Our insurance brokers are here to help you understand your insurance needs and help you find the best policy for your unique needs. 

Business Insurance for Alberta’s Sustainable Energy Sector

Whether you have an established business in the sustainable energy sector or you’re just getting started, our team of knowledgeable insurance brokers can help you get the coverage you need. Request your quote for commercial insurance in Alberta to get started today.

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