Business Insurance in Medicine Hat
Do you want a business insurance broker in Medicine Hat that has experience in many different commercial industries, that will call you back the same day, support you through a claim, and review your rates regularly? If so, you’ve come to the right place. At A-WIN, we specialize in Medicine Hat business insurance. We understand the challenges of running a business and can help you manage your risks and protect your company. Get a Medicine Hat business insurance quote today or read on to learn more about this coverage.
What is business insurance?
In Medicine Hat, business insurance helps reduce the financial impact of an unexpected disaster. There are many different types of business insurance. Our brokers work with Medicine Hat businesses to design a protection program that works for your company’s needs and budget.
Do I need business insurance in Medicine Hat?
Could you afford to replace your inventory, tools, and/or equipment out of pocket if there’s an unexpected disaster? What about rebuild your premises, if you own it? Could you cover the expenses of a lawsuit? If the answer is no, business insurance would likely help your company.
Common Types of Business Insurance in Medicine Hat
Here are the most common types of business insurance in Medicine Hat:
- Commercial Property – Helps cover repairing or rebuilding your premises (if you own it) and replacing damaged property after a covered peril occurs, such as a fire or tornado.
- Commercial General Liability – Helps cover legal expenses if a third party sues after being injured or having their property damaged due to negligent acts by yourself or an employee. A common example is someone slipping and falling on your sidewalk during winter.
- Professional Liability (Errors and Omissions) – Helps cover legal expenses if you’re sued for causing financial loss due to your professional service or advice or failure to provide it. For example, if you are a consultant, a client could claim your work caused them to lose money on a project and sue you.
- Commercial Vehicle – Protect your company’s vehicles with commercial vehicle insurance. There are different forms of protection including third party liability (required in Alberta), collision coverage, comprehensive coverage and more.
- Cyber Liability – Helps cover expenses relating to a cyberattack or data breach.
- Product Liability – Helps cover expenses if someone is hurt or has their property damaged by a product you manufacture.
- Equipment Breakdown – Helps cover repair or replacement for equipment that suffers a mechanical or electrical breakdown, a peril not normally covered under regular commercial property insurance.
- Business Interruption – If you have a covered claim or are under a mandatory evacuation order, this coverage can help cover expenses while your business cannot operate or help pay for temporary relocation.
- Bonds & Surety – If you require bonds or surety to bid on or accept a project.
Remember, this is only an abbreviated list with a simple explanation. Actual coverage varies by industry, insurance company, and policy. Your Medicine Hat business insurance broker will work with you to develop an insurance package that works for your company’s needs and budget.
Business Liability Insurance in Medicine Hat
Lawsuits can be financially devastating to businesses in Medicine Hat. Luckily, there are different types of liability insurance designed to help reduce the financial impact of a lawsuit to your company. We recommend all businesses to carry commercial general liability coverage – this covers you if someone is hurt or has their property damaged due to negligent acts.
If you provide a professional service or advice, we also advise you to carry professional liability coverage, often known as errors and omissions. This covers you if someone sues you for financial loss due to your service or advice or failure to provide it.
There are other types of business liability insurance available in Medicine Hat, such as:
- Cyber Liability
- Director and Officer Liability
- Product Liability
Business liability insurance covers Medicine Hat companies if they’re sued for a particular reason. It covers expenses such as legal defense, judgement awards and settlements. Your broker can advise which liability coverages your business should have.
Small Business Insurance in Medicine Hat
Small businesses have unique circumstances and needs. Many commercial insurance companies in Medicine Hat offer specialized products for small businesses and home-based businesses. Liability is one of the biggest risks for small businesses but we can work with you to minimize your risks and find the right insurance program.
What is covered by business insurance in Medicine Hat?
What’s covered by business insurance in Medicine Hat will depend on what coverage you’ve chosen as well as the individual policy and insurance company. It’s important to read your policy documents and discuss your protection with your broker so you understand what’s covered.
What isn’t covered by business insurance in Medicine Hat?
Exclusions to business insurance in Medicine Hat will be explicitly stated in your policy documents. Common exclusions include wear and dear, rust and corrosion, rot, war, and nuclear incidents.
Some coverage exclusions are covered by other insurance products. For example, sewer backup and overland water (flooding) are not always covered by commercial property insurance. You can generally purchase an add-on (known as endorsement) to protect your business from this risk.
Another example is mechanical or electrical breakdown of equipment. This is not usually covered under commercial property coverage but is covered under equipment breakdown insurance.
How much does business insurance cost in Medicine Hat?
Basic Medicine Hat business insurance costs starts at $500 per year, going up based on how risky you are to insure.
We work with many different Medicine Hat business insurance companies to get you competitive quotes and ensure you have the best price for your protection. We also review your rates yearly to check you are still getting a good deal.
What affects Medicine Hat business insurance rates?
There are many factors that affect business insurance rates in Medicine Hat, including:
- Industry
- Annual Revenue
- Business operations
- Number of employees
- Location of your business
- Where your business operates
- Proximity to a fire hydrant and fire station
- Claim rate of the area
- Crime rate of the area
- Proximity to risks such as rivers
- Mitigation devices
- Insurance history
- Insurance coverage options
If you own property such as a building or warehouse, these factors will also affect your rates:
- Age, construction material and type of building
- Age and type of roofing
- Age and type of heating, plumbing and electrical systems
If you have company vehicles, these factors will affect your rates:
- Number of vehicles
- Year, make and model of each vehicle
- MRSP of each vehicle
- Current market value of each vehicle
- Kilometres driven each year
- Special equipment installed on the vehicle
- Driving record
How to Get Lower Business Insurance Rates in Medicine Hat
Here are some tips to get lower business insurance rates in Medicine Hat:
- When buying insurance, get quotes from multiple commercial insurance companies in Medicine Hat. (We can help with that!)
- Invest in mitigation devices such as alarms, security features, sump pumps and more.
- Consider bundling your insurance in Medicine Hat, especially if you’re a small business.
- Raise your deductible.
- Work with our Medicine Hat business insurance brokers to review your coverage annually.