Protect your Red Deer business from risk with the right commercial coverage
Choosing the right insurance for your Red Deer business can be challenging, but not if you have the professionals at BrokerLink to guide you. One of our insurance experts can provide an outline of all the coverages available to you, before explaining how each protects your business. We will begin by breaking down the various types of business liabilities before diving into some of the most common and useful types of commercial insurance coverage in Red Deer, including those listed below:
Commercial general liability insurance
Commercial general liability coverage is the go-to form of liability coverage for businesses. You will see it featured in even the most basic of Red Deer commercial insurance plans. This type of coverage specifically protects policyholders in the event that someone brings a third party claim against their business. This claim could be alleging bodily injury, property damage, slander, etc. If this situation occurs, the commercial general liability portion of your Red Deer business insurance plan would help cover related costs, which may include legal fees, medical expenses, and repair bills.
Product liability insurance
If customers buy products from your Red Deer business, no matter what kind of products they are, you need product liability insurance. This type of liability insurance is often part of commercial general liability policies. It protects you against the circumstance of a customer filing a claim against your company if a product you sell them results in property damage or bodily harm, whether you are the manufacturer or not. Please note that product liability insurance is strongly recommended, whether your business sells products in person or online. For more information on insurance for online businesses, contact BrokerLink.
Cyber liability insurance
Cyber liability insurance is intended for any and all Red Deer businesses with online operations. If you have a website, an e-commerce store, or simply store customer information in a database online, you could likely benefit from cyber liability insurance. With this type of protection by your side, you can be compensated if your business suffers a cyber incident, like a breach, hack, or cyberattack. In this scenario, sensitive information may be stolen, and getting it back, notifying customers, or fighting a potential lawsuit that someone files against you can all be expensive. Luckily, with this type of insurance added to your Red Deer business policy, you will be covered.
Commercial property insurance
Commercial property insurance is centered around protection against property damage. In essence, if your place of business, whether it be an office, retail store, warehouse, etc., is damaged due to a peril that is named in your policy, your insurer will cover the cost of repairing it. The same goes for business-related contents inside of your place of business, like electronics or even stock and inventory. Examples of perils that commercial property insurance can safeguard your Red Deer business against include fire, vandalism, theft, windstorms, and water damage.
Business interruption insurance
Business interruption insurance protects business owners from the worst-case scenario: having to temporarily cease operations. If your business shuts down due to damage by an insured peril, like fire or theft, business interruption coverage will help you pay the costs that you are still required to pay during this time. For example, even if your business is closed for four weeks, you may still owe your landlord rent or your employees their wages. Business interruption coverage can compensate you so that you don’t have to pay these fees out of pocket. In essence, this type of commercial coverage can help keep your business afloat during hard times. Note that if you choose to add business interruption insurance to your Red Deer commercial insurance policy, it will likely be added within the commercial property insurance portion.
Crime insurance is specially designed to protect Red Deer businesses against a variety of customers or employee crimes that may occur, ranging from theft, to fraud to types of credit card or cheque forgery.
Commercial auto insurance
Commercial auto insurance is a combination of car insurance and business insurance. It is required for any Red Deer company that uses a vehicle or multiple vehicles for business use. Examples of business use include transporting or delivering materials, visiting customers’ or clients’ homes, delivering products to customers, and more. Generally speaking, if you use your car for business reasons other than commuting, a commercial auto insurance policy is likely necessary. This is especially true when you consider that car insurance is a legal requirement throughout Alberta. While commercial auto insurance policies vary, at a minimum, yours will need to include basic coverage which means third-party liability insurance, uninsured automobile coverage, accident benefits coverage, and direct compensation - property damage coverage. Please note that if you have a single business car, the name of the insurance you will require is commercial auto insurance, but if you have multiple business cars to insure, it becomes known as fleet insurance. Find out more about protecting your commercial fleet by getting in touch with BrokerLink.
Business insurance for all Red Deer businesses
Given how many types of businesses exist in Red Deer, it makes sense that there are a wide range of commercial coverages available. BrokerLink can help you build a tailor-made commercial insurance policy for your Red Deer business that goes beyond basic coverage. While commercial property and commercial general liability insurance are both important, along with the other coverages mentioned above, your business may require more specific coverage, like professional services insurance or directors and officers liability insurance. For an exhaustive list of the types of commercial coverage that a BrokerLink insurance advisor can help you find, keep reading:
- Employer liability insurance
- Employment practices liability insurance
- Employee benefits liability insurance
- Directors and officers liability insurance
- 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
If you need help understanding how the coverages above work or want help finding a different type of commercial coverage altogether, get in touch with BrokerLink today.
Factors that impact your Red Deer business insurance rates
Knowing what factors influence commercial insurance rates in Red Deer can make a big difference, especially if you want a better idea of how much your policy will cost you. While each insurance company has its own criteria to evaluate risk, you can expect your insurance provider to consider the details listed below. From there, they will calculate your risk level and base your business insurance premium on that:
- Your years of experience in the industry
- The size and location of your Red Deer business
- The annual and projected gross revenue of your Red Deer business
- The number of employees at your Red Deer business
- Your personal insurance claims history
- The products or services offered by your Red Deer business
- The coverages, limits, and deductibles you select for your Red Deer business insurance policy
- Whether your Red Deer business operates online, in-store, or both
Request your free Red Deer business insurance quote now
Business insurance costs vary drastically in Red Deer, which is why the only way to get a realistic picture of how much commercial coverage will cost you is to request a free quote. Thankfully, BrokerLink offers free quotes to all Red Deer businesses, and they can be obtained in as little as five minutes. If you contact us by phone or in person, you can request your free quote directly from a licensed insurance professional. Alternatively, you can easily and quickly request a free quote online using our online quote tool. Before requesting your free business insurance quote, read up on the requirements for a business insurance quote. This way, you will have a better idea of the information you will be expected to provide so that your quote is as accurate as possible. For example, you should be prepared to answer questions relating to any past commercial insurance policies, your business’s revenue, the assets you would like to insure, your personal claims history, and more.
Tips to help you save money on Red Deer business insurance
Everyone loves to save money, whether you’re buying a new car, laptop, or even an insurance policy. Here at BrokerLink, we understand that, which is why we take it upon ourselves to make insurance coverage as affordable as possible for each and every one of our Red Deer customers. No matter your budget, we will work hard to find a policy that's within it. How can we do this? You may wonder, by shopping around and comparing rates, as well as by providing you with top-notch money-saving tips, like those below:
Don’t settle for the first business insurance policy you find
These days, many people’s insurance shopping experience begins with a quick search online. While the internet holds tons of valuable information on business insurance in Red Deer, it would be a mistake to visit the first website you find and purchase a policy from them without exploring your options. While this might be an easier or more convenient route, it is unlikely to get you the most competitive rate for your insurance coverage. So if saving money on Red Deer business insurance is truly a priority, take the time to shop around, research your options, and compare policies. An insurance broker at BrokerLink can also do this for you if you don’t have the time or energy to take this on yourself.
Avoid adding unnecessary coverage to your policy
Adding more coverage than you need to your business insurance policy is a common mistake, and it can cost you. Keep in mind that the more coverage you add to your policy, the higher your premium is likely to be. Therefore, it’s important to carefully consider whether each type of coverage is worthwhile for your company. Given that there are so many types of commercial coverage available to Red Deer businesses, it’s unlikely that every single one will suit your business, so you must be discerning. For help deciding which coverages make sense for your Red Deer business, contact BrokerLink. A BrokerLink commercial insurance expert will take the time to learn more about your business before offering a professional opinion on the best types of coverage for you.
Seek help from an insurance professional at BrokerLink
Insurance brokers exist to help customers just like you find quality insurance. So why not take advantage of them? Whether you have questions about the different types of coverage available to you or want to learn more strategies for saving money on insurance, you can always count on one of BrokerLink’s licenced insurance brokers. Discover even more benefits of an insurance broker by reaching out to BrokerLink now.
Pick high policy deductibles for your Red Deer business insurance policy
Did you know that the deductibles you choose have a significant impact on how much your insurance policy ends up costing? This is the case for nearly every type of insurance, including Red Deer business insurance. Thus, you must make this decision wisely. While it can be tempting to choose lower deductibles, doing so will almost always result in a higher premium. So if keeping insurance costs down is a priority, we recommend picking the highest deductibles that are feasible for your business.
Consider insurance bundling
Bundling can help you save big on all kinds of insurance in Red Deer, including business insurance. When you reach out to BrokerLink, ask about which insurance companies offer bundles and what conditions need to be satisfied in order to be eligible. Typically, bundles work like this: When you purchase more than one insurance product from an insurance company, they will bundle them together and offer you a discount on each policy. In many cases, you can buy two different policies as well. Though not every insurance product is eligible for bundling, such as pet insurance, many are, like car insurance, home insurance, recreational vehicle insurance, and commercial insurance.
Reduce risk at your workplace through risk management
For your business to operate as efficiently as possible, risk management is key. The importance of risk management is now being understood by more and more business owners, which is leading many to implement risk management strategies in the workplace. Such strategies emphasize workplace safety and operational protection, with business insurance being a core element of risk management. Ultimately, when your Red Deer business has a risk management strategy in place, the risk of an unforeseen incident goes down considerably, and if one does occur, the outcome may not be nearly as bad. In turn, this can lead to fewer insurance claims or at the very least smaller insurance claims, which can help lower your Red Deer business insurance premium.
We’re in your community
BrokerLink is an active member of the Red Deer community. Beyond helping Red Deer drivers, homeowners, tenants, and business owners find quality insurance coverage, we also aim to give back to the local community through all kinds of initiatives. Find out more about our community efforts by contacting BrokerLink today.
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If you’re a member of a group or association, you may be eligible for more discounts.
At Red Deer BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, special events, travel plans, or pets, let us help you find the best coverage possible. We also make understanding complicated industry jargon easy. Get in touch and we can explain loss payee vs additional insured, deductibles, and more.
You can reach us by phone, email, or in person at any one of our Alberta locations. 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.
Red Deer commercial insurance FAQs
What is home business insurance and how does it work in Red Deer?
Home business insurance is commercial insurance made for business owners who work out of their homes. It is also well suited to employees who work from home regularly. In essence, home-based business properly insures businesses in ways that home insurance does not. Home insurance only covers personal use of the home, which means this coverage won’t be enough if you work out of your home.
You need a separate commercial insurance policy, or at a minimum, a home business insurance add-on to your property insurance plan. This is the only way to be protected against unforeseen incidents relating to your home business. Otherwise, if business-related damage occurred in your home, your property insurance provider would likely deny your claim, leaving you to pay for the cost of the damage on your own. But with home-based business insurance coverage, your insurer can help pay for a range of incidents, including theft, property damage, and lawsuits.
What kinds of business insurance coverage can I find in Red Deer?
As a Red Deer business owner, you have a wide range of coverage options available to you. These may include but are not limited to commercial general liability insurance, business interruption insurance, product liability insurance, cyber liability insurance, commercial property insurance, crime insurance, commercial auto insurance, directors and officers liability insurance, umbrella liability insurance, sewer backup insurance, overland water insurance, builders risk insurance, employment liability insurance, equipment breakdown insurance, and more.
Is business insurance mandatory in Red Deer, Alberta?
Not in the way that car insurance is mandatory, no. In other words, business insurance is not government mandated. However, you may still be required to purchase it, depending on the industry your business operates in or the clients you work with. Even if you are under no obligation to buy commercial coverage, there are still many advantages to doing so, like protection against property damage, legal issues, theft, customer and employee crimes, and much more.
If you have any questions, contact one of our local branches.
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