The financial protection provided by business insurance protects your company in the event of unanticipated catastrophes, costly lawsuits, and other setbacks. Specific policies are mandated by provincial and local legislation, or they are required in order to complete specific contract requirements.
The selection of the most appropriate insurance products is only the first step in the process. Furthermore, it is critical to seek insurance coverage from reputable insurance companies.
Maintain in mind when researching commercial insurance policies that the most affordable policies may not be the most appropriate for your company’s needs. Your coverage options may differ from one another in ways other than their cost.
In this section, we’ll look at the various types of coverage that will be available for small business insurance in Calgary in 2022.
General liability insurance
General liability insurance is a type of insurance that protects you from being sued. General liability insurance protects businesses against a wide range of risks, including personal injury, property damage to customers, and injuries sustained while advertising. This is frequently the first insurance coverage obtained by small business owners, regardless of the nature of their operations. In most cases, general liability insurance is required for commercial property leases.
If a customer slips and falls at your place of business, or if a competitor sues you for libel or slander over something you said, remarked on, or expressed, general liability coverage would help you keep your business running by covering your legal fees and liability claims, which would help you keep your profits.
Business owner’s policy
In insurance, a business owner’s policy (also known as a BOP) is a type of policy that combines general liability and commercial property coverage into a single policy. When comparing the cost of these two types of insurance, it is often more cost effective to purchase them together.
Professional liability insurance
Professional liability insurance can help cover the costs of your legal defence if a dissatisfied client sues you because you made a mistake, such as missing a deadline or making an error in the work you did for them. E&O insurance, or errors and omissions insurance, is another term for this type of coverage.
Certain clients will require this coverage before they will do business with you in the future. It is frequently purchased by a variety of professionals, including consultants, accountants, architects, engineers, and real estate brokers.
Insurance against cyber liability
A cyber liability insurance policy pays for the costs associated with data breaches and cyberattacks, such as notifying consumers and restoring data, as well as providing impacted customers with fraud monitoring services, among other things. In addition, cyber liability coverage can assist in covering the costs associated with a lawsuit, such as settlement costs and the hiring of an attorney’s office team.
Insurance for commercial vehicles
If a company-owned vehicle is involved in an accident, commercial auto insurance will cover the costs of legal representation, medical expenses, and property damage. Commercial auto insurance is required in the majority of states for business-owned vehicles. In addition, it provides coverage for theft, vandalism, and certain types of damage.
What is the best way to find the most appropriate commercial insurance?
Given that there are numerous small business insurance companies that provide nationwide coverage, you will have a plethora of options in 2022, as demonstrated above. Of course, when determining the appropriate level of coverage, the cost of the company’s insurance should only be one consideration. Examine the policy’s coverage provisions, as well as its limits, deductibles, and exclusions, to determine if they are appropriate for your needs.
Following an online comparison of business insurance rates, many business owners find it beneficial to speak with insurance specialists who are familiar with the providers’ offerings after conducting an online comparison of those offerings.
A licensed insurance agent can assist you in determining your insurance requirements and selecting the most appropriate business insurance coverage from among the various coverage options available to you. When you begin your quote request with Core Insurance Group, our team will assist you in locating the most highly rated insurance companies in Canada. Get a quote today!