If you are a business owner, then it is likely that you may have already come across a variety of business insurance plans in Calgary. However, it can be a task to figure out which plan or cover would suit you the most.
This is understandable since getting business insurance can be a strenuous task indeed. But we are here to help you out and list some of the most common business insurance plans in Calgary, among which you may end up finding your perfect fit.
1) Commercial Property Insurance:
This type of business insurance safeguards your physical assets such as owned buildings, equipment, and inventory. It offers coverage for repairs or replacements of these structures and items in case of damage caused by fire, theft, weather, and other perils.
Moreover, specific coverage extensions, like flood protection, can be added to suit your industry needs for comprehensive protection.
2) Business Interruption Insurance:
Business interruption insurance is essential for Calgary businesses facing temporary closures due to mandatory evacuations or covered claims, providing financial assistance for bills and payroll during shutdown periods.
3) Equipment Failure Insurance:
This type of business insurance covers equipment repair or replacement costs in case of breakdown, with some level of business interruption included. For businesses reliant on specific equipment, this coverage is essential.
4) General Business Liability Insurance:
Commercial general liability insurance (CGL) is a fundamental type of Calgary business insurance, providing protection in case of injury or property damage claims against your business. It is typically combined with commercial property insurance to form a basic business insurance package.
5) Professional Liability Insurance:
Professional liability insurance is crucial for Calgary businesses that provide professional advice or services. It protects against client claims of financial loss due to the service or advice provided, covering legal expenses up to the policy limit (minus the deductible).
6) Business Out of Home Insurance:
To insure your business property and liability in Calgary, you may require either a special endorsement on your home insurance policy or a separate commercial insurance policy. Do note that this is only for those business owners who operate out of their homes.
7) Product Liability Insurance:
Product liability insurance is crucial for Calgary businesses involved in manufacturing or selling products. It protects against claims of malfunction, inadequate performance, or injury/property damage caused by the product. This insurance covers legal expenses incurred due to such claims.
8) Cyber Liability Insurance:
Cyber liability insurance can be a lifesaver for Calgary businesses that suffer cyberattacks or data breaches. It covers the expenses related to recovery and any resulting lawsuits caused due to the aforementioned attack and can be a highly beneficial option for companies that deal with computers on a daily basis.
9) Commercial Vehicle Insurance:
Calgary businesses that use their vehicles for work purposes, other than commuting, or have them registered with the company may require commercial vehicle insurance.
10) Group Benefits:
Group insurance is a type of plan that covers a group of individuals under a single contract. This coverage offers uniform insurance protection to all members of the group, regardless of their age, gender, occupation, or socio-economic status.
Now that you have an idea of what type of insurance you may come across along with their details, make sure to choose the right fit for you, and protect your business from any unexpected accidents starting today!
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