As per statistics, Alberta has the fourth-largest small business population in Canada. One of the most common challenges that small-sized business ventures face is liability claims and property damage. Business insurance gives protection to owners against losses caused during daily functioning.As per statistics, Alberta has the fourth-largest small business population in Canada. One of the most common challenges that small-sized business ventures face is liability claims and property damage. Business insurance gives protection to owners against losses caused during daily functioning.
A business owner is responsible not only for liabilities caused to his business but also to his employees in case of any mishap. Various insurance policies protect a small business categorized as per the revenue, industry, and size. Read on to know the different aspects you need to know about small business insurance in Alberta:
Insurance costs in AlbertaWhen it comes to small business insurance in Alberta, you can estimate spending about $650 annually to get a policy with a $2M limit. Your costs will depend on the various factors:
● Risk estimation of your business. High-risk business insurance will cost more
● History of insurance claims
● The total value of the property
● Kind of goods and services you sell
● Estimate of income in the coming year
● Revenue earned in the previous financial year
● Experience in running operations in your industry
● The number of employees in the company
Contact an expert business insurance provider who can help you get competitive quotes and get you the deal your business needs.
– The right type of small businesses for insurance Some of the categories for small business insurance in Alberta include cyber liability insurance, retail business, commercial property, commercial auto, etc. If you are in the construction business, trades and construction insurance is the perfect option for you. If your company works on contracts, then business interruption insurance is an ideal option for you.
There is a particular type available for ventures that have started in the oil and gas industry. You can pick the insurance with the right coverage depending on your business.
– Coverage under small business insurance in Alberta While your coverage will be dependant on the industry-specific need, the most common types for small business insurance in Alberta would typically include the following:
● Commercial general liability insurance covers bodily injury, tenant’s legal liability, advertising liability, personal damage, or product liability.
● Professional liability insurance, also known as errors and omission, will cover professional mistakes.
● Commercial property insurance covers costs for any damage caused to the property.
● Directors’ and officers’ insurance covers different aspects, such as allegations for misrepresentation or acts of negligence.
● Product liability insurance covers costs related to the damage to the products you sell.
● Cyber liability insurance covers the costs of liability incurred due to data breach or any issue with a company’s online functioning.
– Best cities for small businesses in Alberta Some of the best cities for small businesses in Alberta include Calgary, Red Deer, Spruce Grove, Grande Prairie, Fort Saskatchewan, Chestermere, and Edmonton. All of these cities have large populations running small businesses.
If you are running a business anywhere, then we advise you to get the right quote for small business insurance in Alberta.
Choose the perfect small business insurance in Alberta Ensure you make the right pick for small business insurance in Alberta. You need a company that comes with expertise in consulting and chooses the right quote for you. Go for a trusted business insurance provider that helps you get all the coverage you require based on your business needs.
