Whether you are a budding entrepreneur, or a seasoned corporate executive, you do not want to expose your company to liabilities that threaten your brand and viability. As a business in Edmonton, it is important to acquire insurance which is designed to protect your company from these risks.
Defining Small and Large Businesses
There are many different metrics for defining small businesses, such as revenue, profits, assets, etc. One of the most commonly used metrics is the number of employees. Often the cut-off between a small and large business is 50 employees. Large businesses have more than 50 personnel and small businesses have a workforce of less than 50 employees.
General Liability and Property Insurance for all Businesses
While all businesses should be adequately protected, there is no one size fits all solution for commercial insurance in Edmonton. Each company in each industry reflects the people that invest in it, work for it and are served by it. Just as a firm’s employees have unique characteristics, so do the companies and the industries themselves.
There are some types of insurance that are common to both small and large businesses. For example, if you own any business, Commercial General Liability insurance is a key component of your insurance program. Whether you are a contractor, manufacturer, operator of a retail store or own commercial properties, your company and its employees may be held liable for damages arising from the operations of your company. Common examples of General Liability claims include slip and fall accidents on icy sidewalks in front of your business or in your parking lot or employees causing property damage or bodily injury to others. Business liability insurance in Edmonton is necessary to protect your company from this type of liability, regardless of the company size even if your business is home-based.
You also require General Liability coverage if you rent or lease space. This is an insurance requirement contained in your rental or lease agreement. It protects your business in the event you are sued by a third party for injuries they have suffered while attending your premises. General Liability also contains a coverage extension called “Tenants Legal Liability”. This coverage protects your business against damages to your space caused by your negligence.
Property insurance is also a key component of any insurance program. Property insurance protects the assets you own that are damaged by an insured peril such as fire, theft, water damage etc. Common property coverages include building coverage, contents (stock & equipment), transit, builders risk, contractors’ equipment, and miscellaneous tools. This form of insurance coverage will help you replace or repair your damaged business property and contents in the event of a serious loss. An experienced insurance broker in Edmonton can advise you about which type of policy is best suited for your business.
Another type of business insurance that is common for both small & large businesses is Business Interruption insurance. While both small and large businesses should have contingencies in place in the event of an emergency, Business Interruption insurance will provide protection for lost profits and pay for continuing expenses in the event of a serious loss (such as fire), whereby the company cannot operate or operates at a reduced level.
Commercial Vehicle Insurance in Edmonton
Any business in Edmonton that owns or operates an automobile that is used in the business is required to have Commercial Vehicle Insurance. This includes any automobile that is used to carry or transport tools, materials and other products. Commercial vehicle insurance in Edmonton is common in both small and large businesses, such as Contractors, Oil & Gas Service companies, Delivery Services, Manufacturers and Transportation Companies.
Professional Insurance for Small Businesses
Small businesses are often found in the professional service sector. While many people are aware that doctor’s require malpractice insurance, they are not aware that other service providers such as Pet Groomers, Hairstylists, Healthcare Clinics, Assisted Living / Senior Homes, Therapists and other Healthcare Professionals require malpractice insurance as well.
All professional service providers should consider obtaining Errors and Omissions insurance or what is sometimes referred to as Professional Liability. This insurance protects you from claims arising from inaccurate or incomplete professional advice causing your client harm. Types of occupations that often require this form of coverage include Accountants, Architects & Engineers, Bookkeepers, Consultants, IT / Technology Consultants, Environmental and Safety Consultants and Management Consultants.
Contact Us Today for Commercial Insurance
At MBS Insurance Brokers Ltd., we have a long history of helping businesses obtain insurance across Alberta to protect them against unforeseen circumstances and loss. Whether you are just starting your own business or you have been in business for several years, consider speaking to one of our brokers about your insurance options.
As an independent broker, we work on your behalf. We obtain quotes from several of Canada’s largest insurers. We then compare the premium, terms & conditions of each and present the best options to you. This allows you to focus on what you do best, which is managing the day-to-day operations of your business and planning for the future.