What You Should Know About Commercial Insurance Plans in Calgary

Calgary is the oil capital of Canada; the city is home to many oil manufacturing companies. Aside from oil, Calgary is also home to the Rodeo Festival of Canada, making it one of the leading producers of dairy products.

If you own a dairy or oil company, or any small business in general, you might consider getting a commercial insurance plan.

Commercial insurance plan in Calgary is designed to keep businesses safe from risks that might jeopardize their operations.

In addition, a commercial insurance plan can be customized to maintain a company’s well-being, reputation, financial status, and the people that work for it.

Unlike personal insurance, commercial insurance can cover a variety of stakeholders and personnel.

Commercial insurance is further distinguished from personal insurance because it often has significantly greater coverage limits. After all, more properties, plants, and equipment are to be insured.

Furthermore, commercial insurance brokers have received extensive training in the risks, and challenges businesses might face. Commercial insurance plans are designed to fit a company’s industry sector and daily operations.

Commercial insurance does not have universal coverage like personal insurance. Instead, a commercial insurance plan focuses on the specific insurance needs of the business and offers policies that will benefit the operation of this organization.

Common types of commercial insurance plans
You might have been introduced to so many commercial insurance plans and don’t know which one to choose. Here are common types and their descriptions to help you make more sound decision when shopping for insurance.

1. Equipment Breakdown Insurance
Businesses that rely on equipment and cars to conduct everyday business operations may find this commercial insurance plan beneficial.

You can also add property insurance to your equipment breakdown insurance to cover equipment and technology, such as computers, desks, and office buildings.

2. Workers’ Compensation Insurance
This commercial insurance plan is another prominent type of insurance that is sometimes mandated by law, particularly for construction, production, and engineering enterprises.

Workers’ compensation insurance can assist in paying medical costs for an employee injured on the job while also protecting your business from litigation in a work-related injury or accident.

3. Business Owners’ Policy Insurance
BOP Insurance is a popular choice among business owners in Calgary since they can save money by combining many insurance policies.

Property, general liability, criminal, and inland marine are among the coverages you can purchase from your insurance broker in Calgary.

4. Cyber Liability Insurance
Cyber liability insurance is a rapidly expanding type of commercial insurance that protects your business from data breaches and other cyber security concerns.

Many businesses have their own internal company systems, online websites, and other operating systems to store data. Cyber Liability Insurance will protect your company from hackers and financial loss from a data breach.

Commercial Insurance Policies in Calgary
There are many different commercial insurance policies to choose from, but an insurance broker can help you figure out which ones are right for your company.

Premiums are the fees that a company pays to obtain coverage. The type of business, number of workers, salary allocation, operating time, and expected risk might affect the cost of your premium.

On the other hand, deductibles are the amounts that the insured must pay before the insurer pays for a claim. A high-deductible commercial insurance plan means you spend less each month on the policy, but you will pay more in the event of an accident.

Lastly, exclusions determine the items not covered by an insurance policy. Knowing what exclusions your insurance policy contains can help you determine whether or not the coverage is appropriate for your business.

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