Affordable Small Business Insurance in Alberta
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Every business in Alberta is different. From family-owned businesses that support local communities to entrepreneurs who are vying for start-up funds, there are countless examples showing it is possible to successfully open a business in Alberta.
At EasyCover, we specialize in professional liability insurance, but we also provide several other types of business insurance to help support small businesses in Alberta. In fact, we are one of the few brokerages in Canada that has a digital portal where you can buy insurance without needing to speak with a broker.
Insuring your small business in Alberta starts here, with ease. Get a free quote today.
Why You Need Small Business Insurance in Alberta
Small business insurance in Alberta can protect businesses against financial loss from liability claims that allege errors, property damage, bodily injury claims or a cyber breach. Without adequate insurance, business owners are at risk of losing money and their reputation.
The Canadian Federation of Independent Business (CFIB) Business Barometer report shows that small businesses in Alberta ended 2022 with a mixed outlook; the 12-month index only increasing 0.9% to 50.0 index points, which is quite low and often seen around recession periods. See the full report here. Even with tighter profit margins, having insurance provides increased financial stability in the event of an unexpected claims scenario, which can often make or break a small business.
You may also need business insurance coverage for proof of insurance depending on your industry regulations, contractual obligations, and landlord requirements.
Insurance can greatly increase your business’ odds of success. Our EasyCover experts will help you find the right insurance solutions for your needs – or, if you want to buy insurance right away, you can visit our online portal and get started.
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What Does Small Business Insurance Cover in Alberta?
There are several different types of business insurance options available for a small business. Did you know you can also customize your policy according to your business needs? Below we talk about some of the most common business liability insurance options:
Commercial General Liability Insurance
Commercial general liability insurance (CGL) protects your company’s bottom line from personal injury or property damage claims that arise due to your business activities.
Errors & Omissions Insurance
Errors & omissions insurance, also called professional liability insurance, protects you when clients take legal action when they’re not satisfied with your professional services or advice. Professional liability insurance may cover you for any resulting legal expenses.
Product Liability Insurance
This form of liability insurance can cover the cost of legal representation in court, and damages resulting from product defects. It provides protection against claims made by individuals whose property has been damaged by your product or if your product caused injury or illness.
Commercial Property Insurance
Commercial property insurance is essential for any business with physical assets. Common claims include damage from flood, fire or theft and vandalism. A policy that covers only your building is not adequate and must include your inventory and equipment kept inside the building.
Commercial Auto Insurance
If you transport goods or people for business, your vehicles are essential to your business’s operations. If you own up to five vehicles used for your business, a commercial auto insurance policy is vital.
Cyber Liability Insurance
Cyber liability insurance protects your company against financial losses, disruption, and reputation damage. You are protected in case of system failure or attack on your IT system. There are many potential threats to your business, whether it is a local corporation, regional enterprise, or business. Criminals can hack your network, steal confidential information, or hold your website hostage. Without a cyber liability insurance policy, you will be responsible for the costs of recovery.
Directors and Officers Insurance
Directors and officers insurance is essential for breaches of common law duties, negligence, breaching fiduciary duty, violation of provincial laws, and other actions.
Readmore:
- Professional Liability vs. Commercial General Liability
- The Average Cost of Professional Liability Insurance: All You Need to Know
- Ultimate Guide to Errors and Omissions Insurance
- Commercial General Liability Insurance Alberta
How Much Small Business Insurance Coverage Do You Need?
Consider the following tips for helping you select the right level of business insurance coverage:
- Make a list of possible losses and liabilities for your business. You should include any assets, vehicles, equipment, and supplies that are essential to your business.
- Distinguish between the personal and commercial: This is particularly important for small businesses that use their home or car for business purposes. Commercial activities can cause damage to your personal insurance policy.
- Learn more about premium reduction strategies: Talk to your broker to find out how you can lower your business premium. Ask about discounts on multiple policies purchased from the same provider or consider ways to lower your risk profile.
- Look for a broker that understands your industry. You need a broker that has the experience to select the right insurance policy for your business.
For advice on coverage levels and determining how much coverage you need, contact EasyCover today.
How Much Does Small Business Insurance Cost in Alberta?
While you can spend between $5k to $10k in startup costs for a small business in Canada, you can spend significantly less to start an online business. However, no matter what type of business you have, without a secure business insurance policy, if something goes wrong you will be paying large amounts of money out-of-pocket.
A basic commercial general liability policy for a small business with a $2 million limit will cost you anywhere between $400/year to $1,500/year. But your insurance rate depends on a host of factors, including:
- Type of industry
- Risk Exposure
- The number of years of experience
- Location of your business
- Number of employees
- Revenue
- History of claims
There are many moving pieces to starting a new business. To navigate the insurance side of things, reach out to EasyCover for advice. If you decide to purchase a business insurance policy on the spot, it’s simple with our easy-to-use online tool.
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