As a small business owner in Alberta, being aware of what constitutes adequate insurance coverage is a must. While our goal is not to frighten you, the truth is that it is not uncommon to see businesses fail or go bankrupt when these situations could have been avoided with proper coverage planning.
If you own a small business but don't know where to start from, Sharp Insurance has compiled a list of the three most common questions related to business insurance coverage in Alberta. We highly recommend that you read through these questions and their answers before making any kind of concrete plan.
- Do I need commercial insurance coverage? If you own a business in Alberta, then chances are that yes -- you need to be covered under a commercial insurance policy. What we don't know yet is what kind of insurance policy you need to be covered under, which brings us to the next question...
- What kind of insurance policy should I purchase? For most business owners who are just starting out in Alberta, being covered under a general liability insurance policy is often more than enough. As the name entails, this policy covers your business in the event of someone suing you for bodily and/or property damage that they might have incurred on your premises. Of course there exist numerous other types of insurance policies out there such as commercial auto insurance coverage and commercial property insurance coverage as well. It is up to you (and maybe your insurance broker) to sift through the ones that you need and the ones that you don't.
- How expensive is commercial insurance coverage in Alberta? Unfortunately, there is no "one-size-fits-all" answer to this question because it depends on many, many things. What we can tell you, however, is how to make your monthly insurance premiums less expensive than they currently are (or will be). If you are interested to learn more about that, feel free to browse through our blog archive. We have gathered several tips in the past that can help you achieve just that.