Business insurance is a broad topic, and Calgary companies need to be aware of each type of coverage available to ensure all their interests are fully protected. Here’s an overview of the main types of business coverage out there.
Commercial Auto Insurance
All vehicles that are 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 Property Insurance
Commercial properties need to be protected differently that properties designed for residential use. Some of the most common components of commercial property insurance include:
- Protection for damages caused by business-related and non-business-related accidents and disasters
- Business interruption/continuity insurance
- General liability insurance for protection from legal action arising from injuries and/or property damage
- Professional liability insurance, which extends to errors and omissions that may be made by people working in regulated professions
Surety Bonds
In the business world, handshakes aren’t enough, and sometimes, contracts aren’t either. The various types of surety bonds insure you against financial losses resulting from a party failing to complete contractual obligations and disrupt your business.
Main types include:
- Fiduciary bonds, usually taken out against the executor or trustee of an estate or bankruptcy proceeding
- Customs and excise bonds, which ensure the smooth and efficient flow of goods across international borders
- License and permit bonds for professionals that require special licenses and permits to perform work
- Lost document bonds that cover the value of financial instruments, securities, intellectual property and other valuable documents
Contractor Insurance
If you’re a contractor, it’s always a good idea to carry extra insurance to give your clients and you added piece of mind. 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.
Components include:
- Errors and omissions coverage
- Equipment coverage
- Liability and property damage coverage
- Protection for employees working on job sites
Elements like worker’s compensation and builder’s risk are also covered by contractor insurance.
Farm Insurance
Farm buildings, machinery, livestock and other assets are regularly exposed to risks that could threaten your livelihood. Carrying farm insurance is a must if you’re a stakeholder in Alberta’s thriving agriculture industry.
Fidelity Coverage
It isn’t something any employer wants to deal with, but the reality is that 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.
The unfortunate reality is that with the economic slowdown that’s recently hit Alberta, crime is on the rise in general. Many workplaces have been affected; don’t risk having yours become the next one.
Rental Property Insurance
Owners of rental property have a lot of things to cover, and rental property insurance for commercial clients is available in four main forms:
- Coverage for a single building that is rented to others
- Coverage for properties that have outbuildings, like sheds and detached garages
- Furnished short-term, seasonal and long-term rentals
- Protection for individuals and businesses that rely on commercial property rentals for income
Oil and Gas Insurance
Alberta’s oil and gas industry has been one of the backbones of the local economy for decades. Businesses working in this field have a lot of assets to protect, and oil and gas insurance products are available to ensure your interests are looked after.
Oil and gas coverage protects businesses from:
- Operational interruptions
- Equipment loss, theft, vandalism and damage
- Property and facilities
- Criminal activity
- General liability
There are also many other options available if you have specific or unique needs. All you need to do is contact your insurance broker to discuss your situation.
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.
