Business insurance solutions for Calgary businesses
In order to find the right insurance policy for your business, you need to have a firm grasp of the various types of business insurance coverage available to you and how they all work. An insurance broker in Alberta can help you understand every type of business insurance coverage out there and provide a professional opinion on the ones that make sense for your business. To get started, the commercial insurance team at BrokerLink has put together the following introductory list of popular business insurance coverages:
Commercial general liability insurance
Commercial general liability (CGL) insurance, which you might know as slip and fall insurance, is a type of third party liability insurance that can protect business owners against the risk of third party claims alleging property damage, bodily injury, slander, and more. To put it into perspective, this type of coverage would come into play if a customer who visited your restaurant accidentally slipped, fell, and injured themselves on a wet floor and decided to sue you. Under this portion of your Calgary business insurance plan, your insurer would help pay for any associated medical expenses, legal fees, etc.
Product liability insurance
Product liability insurance is a subset of commercial general liability insurance and is a must for any Calgary business that sells products to customers. Please note that if a product you sell a customer causes them bodily harm or results in property damage, you could be held liable, regardless of whether you manufactured the product yourself or not. Thus, if you want to be covered in such an instance, you will need to add product liability coverage to your Calgary commercial insurance plan.
Cyber liability insurance
Cyber liability insurance is also a type of liability insurance. But in this case, it protects against liability issues that may arise from cyber incidents, such as hacks, data breaches, or cyber attacks. Any Calgary business that operates online is vulnerable to cyber attacks, which is what makes cyber liability insurance so important. If your business were to suffer from a hack, your insurance company would help cover the associated costs, which could include legal fees, customer notification, credit monitoring, and more.
Commercial property insurance
Commercial property insurance is important for any Calgary business that has a physical location, such as an office, warehouse, or retail store, or business-related equipment. Commercial property insurance can protect your place of business and inventory from damages caused by insured perils. For example, if a thief broke into your clothing store overnight, breaking a window in the process, it is the commercial property insurance portion of your policy that would help pay to repair the damages. Commercial property coverage can also compensate policyholders for income lost due to property damage from an insured peril.
Business interruption insurance
Business interruption insurance goes hand in hand with commercial property insurance. It takes commercial property insurance a step further by compensating policyholders for lost income if their business is forced to close down temporarily due to damage. Again, the damage needs to have been caused by a named peril, like fire, theft, or vandalism, to be covered. Business interruption insurance may also reimburse policyholders for essential employee wages if you require workers to help restore the business back to the prior state before a loss.
Crime insurance is a worthwhile option for any policyholder who wants to be protected against the possibility of employee and customer crimes. For example, crime insurance can protect you against customer fraud and theft, such as if someone purchased something from your business using a fake credit card.
Commercial auto insurance
Lastly, commercial auto insurance is another popular type of business insurance among Calgary businesses. Unlike some of the others on this list, commercial auto insurance is a legal requirement for any Calgary business that uses a vehicle or multiple vehicles for business use. Please note that a policy which insures one business vehicle is referred to as commercial auto insurance, whereas a policy that insures multiple business vehicles is often referred to as fleet insurance. You can learn more about both commercial auto and fleet insurance requirements by contacting BrokerLink. Commercial auto insurance protects your business cars and your employees who drive them from the risks of the road. The coverage you must include in your policy depends on where you live. In Alberta, commercial auto insurance policies must comply with the province’s minimum coverage requirements, which means third party liability coverage, uninsured automobile coverage, accident benefits coverage, and more. For more information on how to insure business vehicles, get in touch with BrokerLink.
More coverage for your Calgary business
The coverage options for your Calgary business do not stop with the list above. Rather, there are plenty of other coverage types that you can add to your Calgary commercial insurance policy for broader protection. From builder’s risk insurance to employment practices liability insurance, check out a few more types of business insurance that a BrokerLink insurance advisor can help you find below:
- Employer liability insurance
- Employment practices liability insurance
- Employee benefits liability insurance
- Directors and officers/management liability insurance
- Legal expenses liability insurance
- Builders risk insurance
- By-law policy insurance
- Commercial earthquake insurance
- Overland water insurance
- Sewer backup insurance
- Equipment breakdown insurance
- Tool floater insurance
- Umbrella insurance
How commercial insurance benefits Calgary business owners
Calgary business insurance comes with so many benefits, including those listed below:
Calgary commercial insurance helps reduce the impact of financial losses
Any sort of financial loss, whether in the form of a lawsuit, property damage, customer injury, or employee theft, can have serious consequences for your business. Without coverage, you would be left to pay for the cost of the loss out of pocket, which means less money to spend on other things. Depending on how severe the loss was, it could even lead to bankruptcy, forcing you to close your business. But if you purchase Calgary business insurance, your insurance provider will step in to help pay for all kinds of damages. A single claim could offer more coverage than the premiums that you have paid, allowing you to get back to business without going into debt.
Calgary commercial insurance boosts your business’s reputation
Another reason to purchase Calgary commercial insurance is that it boosts the reputation of your business. Commercial insurance only serves to make your business look that much more established and credible. So whether you want to impress customers, clients, or potential partners, having commercial insurance can do just that.
Calgary commercial insurance can save you money
Believe it or not, buying business insurance can save you money in the long run. Given how expensive some losses can be, such as lawsuits, the right coverage could more than pay for itself after only a few claims. Plus, BrokerLink always strives to keep commercial insurance rates low, so if you work with us, we would make sure that you get the coverage you need at a competitive rate.
Calgary commercial insurance can protect your business from unexpected incidents
Finally, one last benefit of Calgary commercial insurance is that it can protect your business from unexpected incidents. There is nothing worse than a major loss that comes out of the blue - if you don’t have insurance, that is. But with commercial coverage, your insurance company can help you pay for the cost of damages associated with the unforeseen event. In addition to helping you pay to repair the damages, commercial coverage can also reimburse policyholders for ongoing bills they are on the hook for paying while their business is closed temporarily. Examples of such bills may include loan payments, property rent, and employee wages.
Factors that impact the cost of business insurance in Calgary
For many business owners, the cost of commercial insurance is a major consideration. We get it. The financial health of your business is a top priority and is crucial if you want your business to survive the long-term. Therefore, we understand that you want to do everything you can to keep insurance costs low. A BrokerLink insurance advisor can provide you with a free Calgary business insurance quote to give you a realistic idea of how much your policy will cost, as well as tips on how you can save money on insurance. Plus, since brokers know the ins and outs of commercial insurance in Calgary, they can also provide insight into the factors that matter most to insurance companies when they are calculating rates. Below is a list of details that an insurance agent will consider when determining the insurance premium for your business’s commercial insurance policy:
- Your years of experience in the industry.
- The size and location of your business.
- The annual and projected gross revenue of your business.
- The number of employees at your business.
- Your insurance claims history.
- The coverages, limits, and deductibles you select for your Calgary business insurance policy.
- Whether your business operates online, in-store, or both.
How to obtain a Calgary business insurance quote
Do you want to obtain a Calgary business insurance quote? Get in touch with BrokerLink now. We offer free quotes to all Calgary businesses. All you have to do is contact us and request one. You can do so using our online quote tool, or by emailing us, phoning us, or visiting your local Calgary BrokerLink branch in person. Upon requesting a free quote, you will be asked a few questions about yourself, your business, your insurance history and your coverage needs. From there, you can expect to receive an accurate and competitive quote in only a few minutes. We wish to emphasize that all BrokerLink business insurance quotes are obligation-free. Thus, there is no downside to requesting a free quote today.
How to find the right commercial coverage for your Calgary business
Finding the right insurance policy for your business is no easy feat. Thankfully, BrokerLink is here to make this task easier. Below is a list of tips to help Calgary business owners find the best possible coverage for their businesses:
Shop around and compare rates from different insurance providers
Anytime you are purchasing a Calgary insurance policy, make sure to do your due diligence. This means shopping around and comparing rates from different business insurance providers to confirm you're getting the best bang for your buck. If you don’t know where to begin or don’t have the time to shop around on your own, contact a BrokerLink insurance advisor who can do it for you.
Ask a Calgary insurance broker for help
There is no better resource at your disposal when shopping for Calgary business insurance than an insurance broker. Brokers are experts in all things insurance. Plus, they have insider knowledge of the local insurance industry. Thus, if you need help purchasing a policy, want expert advice on what coverage is right for you, or simply want someone to explain complicated insurance jargon, enlisting the help of a Calgary insurance broker is a great solution.
Bundle insurance products
Bundling insurance products is a tip for finding great coverage at an affordable price. If you want to spend as little on commercial insurance as possible, consider purchasing a bundle. Insurance bundles are when customers purchase more than one policy from the same provider. This could look like two independent commercial insurance policies, or one commercial insurance policy and one auto insurance policy. It could even be one commercial insurance policy and one home insurance policy. If you are interested in bundling, reach out to a BrokerLink insurance advisor to learn more about how it works, how much you could save, and what conditions you must meet to be eligible.
Review your commercial coverage before it expires each year
Odds are, your Calgary business is going to change over time. Whether you scale things back and it gets smaller in size or you experience major growth, it’s unlikely that your business will remain the same. Thus, your business insurance needs won’t be the same either. To ensure your insurance policy adequately protects your business at all times, take care to review your coverage before your policy renews or expires. Doing so can make you aware of ways that your policy is no longer serving you. If your business has grown, you may want to raise your coverage limits or add extra commercial coverage.
Minimize risk with risk management
Minimize the risks that your business faces through risk management. These types of corporate strategies can reduce the odds of an incident, especially a major one. Part of your risk management strategy could be to ensure employees are trained properly and repeatedly, as well as to maintain your business equipment on a regular basis to avoid malfunctions or accidents. Remember that the more claims you file, the higher your premium may be. Therefore, adopting an effective risk management strategy can actually help you avoid an insurance premium increase
We’re in your community
BrokerLink has been serving the Calgary business community for years. We have helped business owners just like you find quality insurance solutions. In addition, we get involved with and give back to the local community whenever we can because we understand the importance of generosity. Learn more about BrokerLink, our values, and how we serve Calgary business owners by getting in touch today.
Local Alberta insurance links
If you’re a member of a group or association, you may be eligible for more discounts.
At Calgary BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, travel plans, or pets, let us help you find the best coverage possible.
You can reach us by phone, email, or in person at any one of our locations throughout Alberta. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.
FAQs on business insurance in Calgary
Does commercial property insurance cover my business’s stock and inventory?
Yes, commercial property insurance is designed to cover your physical place of business, whether that be an office, retail store, warehouse, etc., as well as any business-related contents. Such contents may include stock, inventory, furniture, electronics, and more. Please note that commercial property insurance will only protect your stock and inventory against damage or losses caused by insured perils, like fire, theft, water damage, and vandalism. For protection against other risks, you may need to purchase additional commercial insurance.
Is theft by an employee covered by crime insurance?
Yes, crime insurance protects customers from the possibility of both employee and customer crimes, and that includes theft by an employee. Examples of employee theft situations that may be covered include if one of your workers stole a product from your store, took cash from the register, or bought something using a fake credit card.
I run a business out of my home. Do I still need to purchase business insurance?
Yes, you will need to purchase home business insurance
or a home-based business coverage add-on for your home insurance policy. Otherwise, you will not be protected should your home be damaged as a result of your home business.
How can I find cheap business insurance in Calgary?
There are many ways that Calgary business owners can find commercial insurance policies that don’t break the bank. For example, choosing a higher deductible for your policy, bundling multiple insurance policies into one, and adopting a risk management
strategy are all effective ways to save.
Can I update my Calgary business insurance policy after buying it?
Yes, if your coverage needs change, as many business’s do, you can update your policy to better reflect your needs. Typically, the best time to update your policy is right before it is up for renewal. However, if you wish to change your policy before the term is up, speak with an insurance agent.
Do all Calgary businesses need commercial insurance?
While not a legal requirement, any and all types of Calgary businesses can likely benefit from business insurance. There are business insurance policies and coverage options to suit companies of all sizes and across all industries. Thus, no matter whether you run a contracting business or a yoga studio in Calgary, business insurance is important.
If you have any questions, contact one of our local branches.
Other Ways to Find Business Insurance with BrokerLink