There are a number of options for business insurance in Alberta that can be tailored to meet the needs of companies big and small. If you are just starting out, Lane’s Insurance Calgary’s insurance brokers are trained to ask the right questions about what you do and who you are so that you can begin your entrepreneurial journey knowing you are completely covered. For those who have been in business for a long time, let us make sure that what you have worked so hard to attain is properly protected. We are available to answer your questions at any time.
Business insurance is a big topic, but some types of coverages are more common than others. Whether your business is old or new, check to see what types of coverage would be beneficial in helping you to maintain your livelihood should the unexpected happen.
Commercial Property Insurance
If you are a property owner, commercial property insurance will cover damages incurred from the following events:
- Fire
- Burst water pipes
- Natural disasters
Commercial property insurance not only protects the value of the building that houses your business from damage or loss, it goes beyond that to also protect the contents inside. This can include any equipment, machinery, furniture, or inventory that may be in the building. Commercial property insurance may also cover you for loss of income or an increase in expenses due to property damage because of incidences beyond your control.
Rental Property and Renters Insurance
If you lease or rent your property, make sure to go over the details of your lease or rental agreement to see what you and your landlord are each responsible for covering. Does the building provide a security system? What happens if there is damage to your storefront by vandals or the weather? What is a window is broken? Who takes care of the carpet or flooring? What if you need repairs to your lighting and electrical system?
For everything not covered by your landlord’s insurance policy, there is renters insurance to bridge the gap. Also known as tenant insurance, renters insurance provides essential protections, covering:
- Items of value you keep at your business
- Accidental damage to the property
- Supplemental living expenses if the need for emergency repairs to the property force your business’s temporary closure or relocation
- Liability for accidents and injuries suffered by clients and customers visiting your business
Conversely, if your business is owning rental properties, rental property insurance is an absolute must. Types of coverage include:
- Coverage A, which covers a single building dwelling that you own and rent to others.
- Coverage B includes sheds or detached garages.
- Coverage C covers your personal property inside a seasonal rental dwelling.
- Coverage D is for those who rely on the rent obtained from their building and covers the loss of income related to an insured peril.
Additional Business Insurance Types
Commercial Auto Insurance ― All vehicles used for commercial purposes in Calgary and Alberta must be covered with specialized insurance. Known as commercial auto insurance, this type of coverage can also cover valuables, such as tools and equipment, that are stored in commercial vehicles.
Commercial Surety Bonds ― In the business world, handshakes aren’t enough, and sometimes contracts aren’t either. The various types of commercial surety bonds insure you against financial losses resulting from a party failing to complete contractual obligations and disrupt your business. The main types include fiduciary bonds, customs and excise bonds, license and permit bonds and lost document bonds.
Contract Surety Bonds ― Contract surety bonds are agreements where the contractor, or sub-contractor, guarantees fulfillment of an obligation to a purchaser. If the obligation is not met, the purchaser can make a claim against the contractor and refund all, or a portion, of their losses. Types of contract surety bonds include bid bonds, performance bonds, and labour and materials bonds.
Contractor Insurance ― Contractors insurance also prevents unqualified individuals from undercutting properly trained and licensed professionals; it ensures the performance of your stated obligations, and provides clients with recourse in the event of an unforeseen disruption.
Fidelity Coverage ― Unfortunately, a large percentage of workplace thefts and property crimes are committed by employees. Fidelity coverage covers cash, valuables, equipment, securities and other negotiables that might be stolen or misappropriated by unscrupulous employees.
Oil and Gas Insurance ― Businesses working in Alberta’s oil and gas industry have a lot of assets to protect, and oil and gas insurance products are available to ensure your interests are looked after.
Business Insurance in Calgary: Contact Lane’s for Trustworthy Advice and Competitive Rates
Lane’s Insurance is a leading Calgary-based insurance brokerage serving Alberta. We offer a complete set of commercial products for business owners and managers. Whether you’re self-employed, running a small business or a decision-maker at a large enterprise, we can match you with the insurance products you need to ensure you’re fully protected, no matter what type of work you do.
Check out our extensive library of online resources, and contact a Lane’s Insurance representative to learn more.
