According to the Government of Canada, 98% of businesses in Alberta are small businesses (with 99 employees or less).
When you own a small business in Alberta, protecting your finances is always a priority. That can be accomplished a number of ways using professional services. Accountants and lawyers can help you set up your corporation, financial advisors can ensure you make sound investments, and real estate agents can find you the perfect property or shop.
Commercial insurance brokers in Alberta also have an important role to play in protecting small businesses. We’re responsible for ensuring you have comprehensive coverage at reasonable insurance rates. Securing commercial insurance on your own (and directly through insurance companies and their agents) can be tricky if you aren’t familiar with the different types of policies and coverage. Here are a few terms to know before you begin your search for commercial insurance in Edmonton, Calgary, or anywhere else in Alberta.
WHAT DOES SMALL BUSINESS INSURANCE PROTECT ALBERTA BUSINESSES FROM?
Types of Coverages
Most small businesses have more than one type of insurance product bundled into their package. Some businesses require specialty insurance policies, so be sure to ask a local Edmonton insurance broker about what you’ll need before you start shopping to save time upfront.
General Liability Insurance
Commercial general liability is a very common type of coverage for a small business owners in Alberta to have. Liability coverage typically insures against damages to third parties, including other properties, businesses, or customers.
Cyber insurance is optional and covers a large range of issues that could arise from the use of technology in a business. Whether you have an online storefront or you simply use technology to take payments or record data, cyber insurance can protect you from mishaps like data breaches, stolen information, damages to online infrastructures, and much more.
Errors & Omissions
Errors and omissions insurance covers mistakes, negligence, and financial harm caused to other people by a business or its employees. Those who offer professional services (such as doctors, psychologists, accountants, etc.) often benefit the most from E&O policies.
Commercial Property Insurance
If you own a commercial building or space, commercial property insurance offers a variety of protections against events that could damage the space and the products inside. It often protects against incidents such as fire, theft, and vandalism.
WHICH TYPES OF BUSINESSES NEED INSURANCE COVERAGE?
Virtually all small businesses should have some form of commercial insurance to protect the owner, the employees, and the business itself. All businesses face some level of risk, no matter how large or small they are. Commercial insurance brokers go through a full assessment to make sure that your coverage is commensurate with your potential risks. This means you can rest easy knowing you’re covered if something goes wrong, and you’ll be able to pay insurance rates that make sense.
Whether you own a brick and mortar store or restaurant, a service-based business, an online shop, or a construction or trades company, it’s best to find commercial insurance brokers with a wide range of products and insurers to choose from.
MAKE SHOPPING FOR SMALL BUSINESS INSURANCE EASIER
If you’re busy running your business and you don’t have time to shop around for insurance quotes from different insurers, we’d be happy to start your search for you here at Cornerstone. We’ll compare rates from local and national insurance companies and find the policies and coverage you need to fully secure your business’s financial future, no matter what unexpected circumstances arise.