The experienced brokers at Lane’s Insurance are able to answer every question you may have about properly protecting your business so that you can concentrate on serving your clients and customers. At the very least, every Alberta business must carry at least two types of insurance: liability and worker’s compensation.
- Workers’ compensation: Provided by the Alberta Workers’ Compensation Board, which is funded by employers, workers’ compensation provides wages and medical benefits to employees who have been injured in on the job. Costs vary depending on the number of people on the payroll, the industry, and the industry’s history of injuries.
- Business general liability insurance: Providing coverage for third-party property damage and third-party bodily injury, business general liability insurance makes sure that you are covered for damages resulting from perceived negligence on the part of your business’s operations. Third-party property damage is when your business somehow causes harm to someone else’s property. Business general liability insurance coverage will pay for reparations. Third-party bodily injury compensates for injuries resulting from a situation such as someone being hurt by one of your employees failing to carry out their duties safely, or someone slipping and falling on your property, or one of your products causing an injury. Again, your business general liability insurance will cover costs accrued and wages lost by the injured person.
What Type of Business Insurance Should I Have?
There are several additional types of insurance that can supplement your liability and workers’ compensation policies. These will provide additional peace of mind.
- Commercial Property Insurance
When an unforeseen event like a fire occurs, or a water pipe bursts, commercial property insurance not only protects the value of the building that houses your business from damage or loss, it goes beyond to protect the contents inside. This can include any equipment, machinery, furniture or even inventory that may be in the building when disaster strikes.
- Commercial Auto Insurance
If your business uses a vehicle to transport goods or materials, tools or equipment related to your occupation, you have a commercial vehicle and need commercial auto insurance. Commercial auto insurance with accident benefits coverage and third-party liability coverage are compulsory everywhere in Canada.
In Alberta you also have the option to incorporate telematics technologies, which allows insurers to collect and analyze advanced data regarding vehicle usage from devices placed in the vehicle’s engine. This, in turn, allows insurance companies to offer flexible, money-saving products such as usage-based auto insurance.
- Business Interruption Insurance
Business interruption insurance provides compensation for financial losses resulting from unexpected circumstances that cause temporary or long-term interruptions to your business operations. Examples of circumstances in which your business interruption insurance may be brought into use include equipment failures and loss of intellectual property (such as due to a cyber attack). Cyber insurance is your shield against hackers.
- Surety Bonds
There are many types of surety bonds, with the most common including fiduciary bonds, custom and excise bonds, license and permit bonds, and lost document bonds. They are commercial insurance tools used to ensure the performance of a duty or obligation.
How Do I Avoid A Business Insurance Claim?
Creating a loss prevention plan reduces the chance of accidents and occurrences at work. Your loss prevention plan should match the type of your business, which dictates the specific risks to which you are prone.
Your loss prevention plan should detail how to prevent and mitigate the following circumstances:
- Fire
- Theft
- Employee theft
- Computer breakdown
- Malware attacks
- Injuries on the job
- Emergencies
Try this outline from Brokerlink to get started.
What Are the Benefits Of Umbrella Insurance?
A commercial umbrella policy is a convenient and smart way to ensure all your insurance bases are covered — no matter what happens. Umbrella insurance is “rainy day” protection that covers you when the limits of your regular insurance have been reached. Umbrella insurance can protect you from a variety of high-cost litigation situations, and is supplementary to your business general liability insurance.
What Other Types of Business Insurance Are Available?
Additional types of business insurance include:
- Builder’s risk
- Contractors’ insurance
- Oil and gas insurance
- Farm insurance
- Rental property insurance
Trust Lane’s for All Your Insurance Needs
If you have any questions about business insurance in Alberta, don’t hesitate to turn to us. We are a full-service Alberta-based brokerage, offering a comprehensive selection of insurance products at competitive rates, along with value-added service and claims support. Contact Lane’s Insurance directly if you have a situation you’d like to discuss with an experienced insurance representative.
