Calgary is characterized by many small businesses, which employ a small number of people; take an average of 50 per business. However they provide employment to a large population. Businesses come with risks; managers and owners alike, seek to minimize as much risk as possible. Small business insurance is one way to mitigate the risks.
Why the small businesses in Calgary need insurance?
- The need to be protected against legal claims, which may be filed by employees, consumers or the general public. The claims, may in worse case scenarios, result in bankruptcy of a company leading to its collapse and subsequent closure.
- To shift the liability to the insurance company. Businesses will be held liable in many occasions, but once it’s covered by the insurance, the burden weighs less on the company.
- To enjoy benefits that come with insuring. On occurrence of disaster, an insured company recovers much faster than the uninsured company. Take cover and be prepared incase this happens. For some policies, you define the items to be covered.
- To protect the employees working in the various businesses; a situation that affects the business, likewise affects the employees as well.
- Premiums are much affordable for the small businesses.
Insurance cover that small businesses should consider
- General liability insurance; the policy protects against claims made by third parties (consumers and the public) against the company, for injury suffered in the premises or harm caused by using the business’ products. It covers the claims and any expenses incurred by the business in the course of the legal suit, further, in case of out of court settlement, the insurance covers this.
- Workers compensation; this covers employees who may be injured in the course of business, it offers mainly: medical benefits and wage replacement, enjoying the cover; the employees will not sue the business owners.
- Professional liability; defense the business operation against any professional omission committed or wrongful use of professional services .it is essential for professional businesses; the general liability doesn’t cover the liability.
- Business owner policy; this encompasses different covers a business owner would like. It’s more of a direct contract between the business owner and the insurance company. Items that could be included; business interruption insurance, vehicle insurance, crime insurance among others the owner may deem necessary.
- Commercial auto insurance; this covers all business vehicles, whether they carry employees, products or equipment. They are all covered irrespective of the model.
How to get covered
As many insurance companies as there are small businesses in British Columbia. Although they may be much fewer than other businesses, they are a proportionate representation. Contact the nearest insurance company and view their policies then consider whether to get covered. Alternatively visit the different websites for the companies and choose one that you will take cover.…