Are you an entrepreneur and running your own business in Calgary, Alberta? Then below are 8 different Small Business Insurances that you must have to protect your business:
Commercial general liability
Commercial general liability coverage is most suited for small business owners as it provides them protection against common liability claims arising as a result of bodily injury and property damage. It’s biggest advantage is that it has universal applicability and applies to all types of entrepreneurs whether they be a professional services provider, a creative services specialist, a retail shop owner, a contractor or a skilled tradesperson.
Business interruption insurance
This coverage is important for small business owners as it enables them to keep running their business after they have suffered a major loss and enables them to pay their bills, payroll and other ongoing expenses
Product liability insurance
Product liability insurance will provide you protection in those cases where an issue is found with a product and can be traced back to your business that sold the product. Such issues may include one or more of the following:
– Faulty products
– Products that caused bodily injury to a user
– Products that caused damage to property
– Products such as foods or beverages that caused an illness
If indeed your business is found responsible for such costs, product liability insurance will cover you for legal and medical expenses.
Professional liability insurance
If your business provides a service, then you should take Professional Liability Insurance</a>. Also known as errors and omissions insurance, or malpractice insurance, this insurance will provide you protection in case your clients file a claim saying that they have suffered a financial loss due to an error or omission in the service provided by your business. Here, you can get relief on costs associated with the lawsuit.
These professionals include designers, copywriters, consultants, IT professionals, photographers, accountants, brokers, and financial advisors.
Cyber risk coverage
Cyber risk coverage is particularly advisable for small and mid-sized businesses that are particularly vulnerable to malicious attacks from the internet. That is because these businesses are not so well-protected in terms of cyber-security measures and are therefore vulnerable to attacks. An attack might disable systems, take away confidential customer data and put you at a financial risk. Cyber risk coverage protects you with the costs associated with a data/cyber breach to your computer, network and other electronic systems.
Equipment breakdown insurance
This insurance brings you relief in the form of repair or replacement costs in case your equipment breaks down without any warning. This small business insurance is available to all businesses – whether you are a professional services provider, owner of a retail shop, a contractor or a trader.
Commercial property insurance
Commercial property insurance is one of the most important small business insurance Canada. It provides you protection in the form of repair or replacement costs in case you have suffered a loss. The coverage extends to equipment, inventory, furniture, computers and other electronics inside the building as well as signs, fencing, trees and shrubs outside the building.
Commercial auto insurance
This is vital small business insurance Canada as it protects small business owners in case their vehicle is involved in an accident while transporting equipment or goods. There are some key must have’s though:
a) Vehicle should be registered in the name of the business
b) The vehicle must be used to make deliveries, or for travel between jobsites, or any other business use.
c) If your vehicle is used for ride-sharing, then your policy must allow for such explicit coverage.
Consult an insurance broker
Always consult an experienced and professional insurance broker like Beneficial Insurance Solutions in case you are planning to buy insurance.