Business insuranceis part of running a company and is important to have in order to protect your company when it comes to physical damage or destruction as well as from a liability perspective. Due to the vast differences between industries and individual business needs what you need with regards to business insurance will come down to the details of your specific business . Dealing with aninsurance brokeris the best way to help you choose the right coverage for your company by asking the right questions and finding a policy that works with your needs and budget.
Factors That Affect Business Insurance Cost in Alberta
As mentioned an insurance policy needs to be tailored to your company. A few of the factors that go into determining the overall cost of your Alberta business insurance are as follows:
- Business Type: What do you sell? What sort of services do you provide? For instance a roofing company is going to have different insurance coverage needs and consequent costs than an e-commerce business specializing in t-shirts.
- Size of your Business: The number of employees you have will impact cost. A company with 30+ employees will need different coverage than a company with just two.
- Location: Where you operate is going to be a factor in the type and amount of coverage you have.
- Length of Time in Business: Whether you’re a relative newcomer or have been in business for 20+ years you want to make sure your broker has all of the information regarding your business history. And again this will influence overall insurance costs.
- Claims History: If for instance you’ve had numerous claims in the past then odds are the cost and amount of insurance you need are going to be higher than someone with far fewer claims.
- Structures/Vehicle Owned: The amount of insurance you get will need to correlate with the property owned so your building but also any outbuildings exterior features and other such structures. Additionally if you have company vehicles that will impact the coverage you need and thus your premium.
- Deductible: Whether you opt for a higher deductible or the lowest deductible possible affects the cost of insurance.
- Policy Limits / Coverage Required: This comes down to what you need to be covered and what type of limits you’re looking at. Going through your business needs thoroughlywith your brokerwill ensure you get the proper coverage at the best cost possible.
When it comes to business insurance cost in Alberta the best thing to do is toconsult with a brokerexperienced in this particular insurance niche. Be as forthcoming and as detailed about your company as you possibly can so that they can design the optimal policy for you.