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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.

Business Interruption

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.

Contact us today for a free quote regarding your company’s commercial insurance needs. Call us in Edmonton 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.