In Calgary, small business owners are required to remain on top of their insurance coverage. This is because we live in a very litigious world in which the threat of being sued exists around almost every corner. But if you are a small business owner, trying to make sense of the many different policies available to you might sound easier said than done. To help you along the way, we have compiled a short list of things that you need to know. Please remember that this list is not all-inclusive.
- There exist several types of commercial policies. Generally speaking, we recommend that small business owners in Calgary arm themselves with a general liability insurance policy as well as a commercial property insurance policy. Respectively, these policies cover claims stemming from third party property damage and/or bodily injuries, and financial loss associated with a company's damaged and/or vandalized business premises.
- You are not obligated to cover your business. But just because you don't have to doesn't mean that you shouldn't. Lawsuits can be both emotionally and financially draining, especially for a small business owner.
- Never underestimate your customers or clients. Likewise, take good care of your employees and always be mindful of what you say. Lawsuits happen quickly, and they often happen to people who never saw them coming. Be aware of common lawsuit scenarios such as a customer slipping and injuring themselves on your premises, but also be mindful of the least common ones.
- Don't be afraid of asking questions. We know how complicated insurance coverage can be. This is why we encourage you to actively ask questions regarding commercial policies to your company. The more you know, the better!