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If you operate a business from your home, you should purchase insurance to protect your assets in the event of a loss. While you may believe that a regular home insurance policy is enough, this is not necessarily true. Home insurance is intended for non-commercial use, to protect your residential building, personal contents and personal liability. It is not intended to protect your business equipment, inventory or business liability. Every business owner needs additional protection from a potential business loss, especially if you are a sole proprietor or in a partnership where you have unlimited personal liability.

Common home insurance claims are often for accidents involving property damage (broken windows or the sink or floor gets damaged from a fallen item), damages caused by a storm (such as a tree falls on your house), water damage, or intentional damage such as vandalism or theft. If a guest hurts themselves while on your property, your home liability insurance will protect you. If the person injured though is a client, co-worker, or a supplier, your home insurance liability will not protect you unless you have a “business extension” on your policy. It is important to note that just because your business is located in your home it does not mean that you are protected under your home insurance policy in Edmonton.

Adding Your Business as an Extension to Your Home Insurance Coverage

Home-based business coverage can often be added as an extension to your existing home insurance policy. Depending on your business, coverage can be added for business property, loss of income and liability. This protects your business property such as business computers and software, printers, file cabinets, equipment, supplies and finished inventory ready for sale. If your business property is valuable to your business, then obtaining insurance is crucial.

Adding Professional Liability Insurance

If you are professional in the Edmonton area (e.g., a medical professional providing health or personal-care services), it is important to protect yourself against liability claims related to the delivery of professional services. “Liability is the greatest risk for home-based businesses,” according to the Insurance Bureau Canada.

Errors and omissions (E&O) insurance is a specific type of professional liability insurance. It protects you from damages and legal defence costs if you advise clients wrongly or fail to provide expected advice and your client or his or her business suffers as a result.

Adding General Liability Insurance

If there is a risk of third party liability claims for property damage or bodily injury (e.g., you have clients visiting your home or wish to operate a home daycare), then you will want to purchase General Liability insurance.

Insurance Related to Your Occupation or Industry

Your occupation and industry will dictate if you need other specific insurance. For example, you may require malpractice insurance if you are a massage therapist or chiropodist providing services from your home. For more information about these types of coverage you may need, speak to an insurance broker at MBS Insurance today.

Additional Coverages You May Need

When you run a home-based business, you may need additional protections, such as commercial vehicle insurance if you travel to meet potential or existing clients, suppliers, or pick up supplies or deliver home-made goods. Additional coverages may be available depending on the scope of your business. By meeting with an insurance broker who specializes in home and business insurance, you can purchase the protection that fits your needs at a competitive rate.

Obtaining a Business Insurance Policy in Edmonton

If your home-based business involves more than just you or your spouse, brings people into your home or takes you out of the home, then you may need comprehensive business insurance in Edmonton. Under commercial property insurance, you will have protection for your physical assets, property in transit and business interruption insurance. A Commercial General Liability policy will also protect you against third party claims.

Contact MBS for Your Home-Based Business Insurance Needs

At MBS Insurance, we can help you to understand what insurance is necessary for your business based on your unique situation, which can widely vary from one business to the next. We can help you find insurance for your home-based business at a reasonable cost and help you determine at what point you need a separate commercial insurance policy.

Contact your MBS independent Insurance Broker for business insurance in Edmonton today, or call us at 780-436-7880.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.


1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.


2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.


4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.


6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.


7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.