Since all businesses are different, their insurance coverage should be, too. That’s why we specialize in providing customized business insurance for all of our entrepreneurial clients. As proud members of the Independent Insurance Brokers Association of Alberta, we are able to work with numerous carriers to meet your business insurance needs far better than your average insurance provider.
There’s a reason why brokers are better, and that’s because we have access to far more choice. Regular insurance providers are mandated to sell specific products – products that are not necessarily designed with the customer’s best interests in mind. These providers may also not be upfront about discounts you are entitled to, as well as “small print” options that could be of benefit.
Customized business insurance is possible if you work with a broker. We are able to contrast and compare the policies from several of Alberta’s best providers to ensure all aspects of your business are thoroughly covered. We know the right questions to ask to result in the most complete coverage possible at the best rates available.
What are the Different Types of Business Insurance?
Business insurance is more complicated than personal insurance, and so it should be. Different businesses carry different kinds of risk. A customized business insurance policy put together by professionals with your best interests in mind should be a non-negotiable demand for all companies. Fortunately, there is a lot of choice out there, with policies representing several different types of commercial enterprises that are relatively easily adapted for specific needs.
Basic components of all different types of business insurance include:
- Property coverage for your buildings and equipment
- Protection from theft
- Liability and property damage coverage
- Business interruption coverage
Customized business insurance policies include the above coverages, plus you are able to tack on additional coverages if you like. Here are some suggestions for the following professions:
Contractors or Tradespeople
If you’re good with your hands, your tools and your expertise are your main means of support. Contractors or tradespeople insurance covers those in fields such as carpentry, landscaping, masonry or concrete work, plumbing, electricity, renovators, repairpersons, HVAC professionals, and appliance and equipment repair. Basically, contractors or tradespeople insurance covers all those who work for themselves while working for others. In addition to the basic coverages available, contractors and tradespeople might also want to consider Errors and Omissions coverage, which protects in case it is alleged that you did not provide a service to the standards of your description or contract.
Farmers or Ranchers
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. Protections include coverage for buildings, machinery, livestock, and loss of earnings. Also remember that, in Alberta, farm or ranch owners who have paid employees must provide them coverage under the province’s Workers Compensation Board.
Home Business Owners
Many small business owners work from their homes, which is very convenient but can come with some risks that are often not thought of. Home-based business insurance covers your inventory, office furniture and equipment, damage to your home due to a covered loss, and it also provides liability coverage for employees, delivery people, and your clients and customers. If your business does not include anyone coming to your home, you might be able to add your equipment to your current homeowner’s policy as an endorsement. If you provide professional services under contract, you should also consider errors and omissions insurance. Many contracts actually require it.
Professionals
Professional services are occupations that require specialized training in the arts or
sciences and who provide advice and expertise to their clients such as doctors, lawyers, graphic
designers, architects, accountants, photographers, and veterinarians. This is by far not an exhaustive list, as those providing professional services make up the bulk of small-business owners in Alberta. In addition to the basic coverages available, those in these fields may want to consider a miscellaneous property floater to protect your tools and equipment while in transit as well as increased liability in the case of litigation.
Retail Store Owners
Store owners take pride in having just the right products available for their customers, spending hours and hours cultivating the perfect inventory to please their target shopper. Retail stores include bakeries, convenience, and food stores, so an additional form of insurance for shop owners to consider is Equipment Breakdown Insurance. This will provide for losses incurred from such incidences as a broken fridge or freezer, which can result in thousands of dollars of stock lost.
Restaurant Owners
Restauranteurs are some of the most passionate business owners out there, which is good news for the many Albertans who enjoy dining out at the many great eatery options available. Customized business insurance options for restaurant owners includes Food and Beverage Insurance, which will protect you from liability resulting from food recalls, or food that is spoiled or contaminated.
Trust Lane’s for All of Your Business Insurance Needs
Life is full of surprises, and not all of them are good ones. You’ve worked hard to grow your business through difficult times, and you need to protect that investment with the right customized business insurance policy.
Additional business insurance policies available through Lane’s include:
