As a small business owner in Fort McMurray, it might be hard for you to sift between the insurance policies that you need and the ones that you don't. But here's the thing: Doing so is absolutely imperative if you wish to see your company flourish in the city. You simply cannot have a successful company in Alberta (or anywhere else, really) without insuring it properly.
In the world of insurance coverage, the absolute basics take the form of a general liability insurance policy and of a business property insurance policy. Here's what you need to know about them:
General liability insurance policy: This policy offers you financial protection against claims of bodily injuries and property damage. Generally speaking, you can also expect this policy to cover damage caused by your employees. A common claim involves a customer injuring themselves on your premises and suing you later.
Business property insurance policy: While this policy is usually purchased by company owners who own business property in Fort McMurray, some self-employed people who work from home have also been known to benefit from it. As the name entails, this policy covers damage that has been done to your business premises. Common perils covered under this policy are: Fires, vandalism and thefts.
Commercial auto policy: Unlike "normal" auto coverage, commercial auto policy covers your business vehicles and protects your company from the impact of an accident. Like general liability insurance coverage, commercial auto coverage extends to cover your employees behind the wheel.
Product liability insurance policy: Lastly, if your business sells products, you might want to consider purchasing a product liability insurance policy. This policy, unlike general liability insurance policy, protects you from claims related to the products you sell. A common claim involves a manufacturing defect that ends up causing harm to a person.