Calgary Small Business Insurance
As a small business owner in Calgary, you have enough to worry about. A good insurance broker can take a load off of your shoulders by ensuring you have the right coverage for your business. Small business insurance helps Calgary business owners deal with unexpected events and can offer some peace of mind during stressful situations. At A-WIN Insurance, our small business insurance brokers have the expertise and experience to find the right coverage for your business at the best price. Get a quote today or read on to learn more.
How to Insure a Small Business in Calgary
We recommend all Calgary small businesses work with one of our experienced insurance brokers. Why? We have the expertise to make sure you have the right coverage and we take care of price shopping to get you the best possible rates. This means you can have the peace of mind that your business is protected at a good price.
You can contact us by requesting a quote online, emailing us, or giving us a call.
Available Insurance Coverage for Small Businesses in Calgary
There are many types of insurance available for small businesses in Calgary. Here are some of the most common coverages:
Commercial General Liability
Recommended for all businesses, this helps cover expenses related to a third party getting injured or having their property damaged due to a negligent act by you or an employee of your business. For example, someone slipping and falling on your premises.
Professional Liability
If you provide a professional service or advice, this coverage is essential. It helps cover expenses related to a third party accusing you of causing financial loss due to your professional advice or service. For example, if you are managing a project that goes very over budget.
Product Liability
If you manufacture products, this coverage can help cover expenses relating to a product that accidentally causes injury or property damage. This can include defence costs, medical expenses, judgement awards and settlements.
Cyber Liability
Helps cover expenses related to a cyberattack or data breach. This coverage varies by provider so it’s important to understand what coverage is offered.
Commercial Property
Protects your company’s owned property including buildings, furniture, inventory, equipment, tools, and more.
Equipment Breakdown
Helps cover repairs or replacement of equipment that suffers a mechanical or electrical breakdown.
Commercial Vehicle
If you have company-owned vehicles, you’ll require this type of coverage. It’s auto insurance for commercial vehicles. Your coverage can include third party liability, accident benefits, direct compensation for property damage, collision, comprehensive, and more.
Crime Coverage
Helps cover costs associated with money and forgery crimes not normally covered by standard insurance policies.
Business Interruption
If your business is forced to shut down due to a covered claim, this coverage can help cover expenses while repairs take place. Some policies also provide for temporary relocation so you can get your business going sooner.
The coverage your small business needs will depend on your industry, business operations, number of employees, and other factors. Many insurance companies have also developed specific packages for small businesses or industries. We work with you to determine the right protection for your business.
How much does insurance cost for a small business in Calgary?
The cost to insure a small business in Calgary starts at $500 each year. Your rates will depend on:
- Your business operations
- Your industry
- The likelihood of a lawsuit
- Your annual revenue
- Where you are located (the claim rate of that area)
- Where you operate (I.e. just in Alberta or across Canada)
- The number of employees
- Your insurance options such as coverages, deductible, and limits
Generally, the more likely it is for your business to have a claim, the more expensive your small business insurance rates in Calgary. You will also see rates increase if you have multiple claims or do not pay your insurance in a timely manner.
Calgary Small Business Insurance FAQs
Have questions about small business insurance in Calgary? Here are the answers to the most frequently asked questions:
What is covered by your small business insurance in Calgary will depend on which coverages you choose when you buy a policy. You policy documents will outline exactly what is and isn’t covered. You can always talk to your broker if you have any questions. Remember – every policy is different!
Your policy documents will specifically state what is not covered in sections called ‘exclusions.’ Your broker will also discuss certain exclusions with you.
Sometimes, when one type of coverage doesn’t protect you from something, another type of insurance will. A common example is found with commercial property, which does not cover mechanical or electrical breakdown of equipment – but equipment breakdown coverage does!
You may be required to have insurance for your small business in Calgary by contract or by law. For example, many landlords require you to carry commercial general liability coverage. If you own company vehicles, you’ll also be required to carry third party liability insurance on a commercial vehicle policy.
Other than contract and legal requirements, insurance is designed to help your small business survive unexpected events. It helps reduce the financial burden of a disaster. If you can’t cover costs of a lawsuit or replacing inventory, you should have insurance to help.
Work with A-WIN Insurance for your small business insurance in Calgary to get:
- Attention to detail
- Prompt and reliable
- Professionalism
- Competitive rates
- Great coverage
All in all, we’re known for our exceptional customer service. We can help your small business get the right protection for the best possible price.