Alberta is among the top provinces in Canada with the most number of small businesses today. In fact, it stands at number four, with a total of 160,264 companies having less than 100 employees in 2017.
And for small businesses with significantly less workforce and resources, owners need to have considerable protection against untoward incidents that can threaten their investment and assets.
Without the proper commercial insurance plan in Alberta, you might find yourself losing everything in the face of a lawsuit.
So, what kind of insurance policy does your small business need?
9 Types of Insurance for Small Businesses
The types of commercial insurance policies for small businesses differ based on the risks involved in business operations and the kind of coverage provided by the insurance plan.
So, no single insurance is best for a specific business. But, of course, you can get only one plan or choose to get one on top of another. And it will all boil down to your preference and the degree of coverage required by your business.
And if you’re wondering what policy will fit your small company, here are some that you might find helpful.
1. General Liability Insurance. This insurance policy covers property damage and bodily injury to other people in the vicinity of your business. It can also include product liability insurance, which protects you and your business from damages caused by your products.
2. Professional Liability Insurance. As the name suggests, this insurance plan protects professionals from mistakes concerning their services, including malpractice and negligence.
3. Business Income Coverage. It is also called business interruption insurance and protects businesses from loss of income due to property damage from disasters, such as fire, earthquakes, storms, and theft.
4. Commercial Property Insurance. It covers the replacement costs of equipment or rented property in the event of theft or damage.
5. Worker’s Compensation Insurance. Business owners also need to protect employees. And the worker’s compensation insurance covers the cost of employees’ medical expenses when they suffer injuries or illnesses related to the job.
6. Commercial Auto Insurance. If you have a business vehicle, getting commercial auto insurance is one way to protect it from accidents and other damages.
7. Data Breach Insurance. In case of a breach of intellectual property, data breach insurance will cover the costs of informing affected clients, running a campaign to help the company’s reputation, and offering other compensations.
8. Commercial Umbrella Insurance. This insurance plan extends the coverage of your insurance policy and provides protection more than the existing limits. In case the costs of a lawsuit are more than the coverage provided by your insurance policy, umbrella insurance will cover the exceeding costs.
9. Business Owner’s Policy. The BOP is a combination of general liability insurance, commercial property insurance, and business income insurance.
The various business insurance plans available for small business owners make choosing a confusing task. Hence, having a reliable insurance agent is vital to make the task less stressful.
With the right professional to guide you in getting the right commercial insurance plan in Alberta, you will surely keep your business safe and secure and never worry about the risks your business might face.
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