The need to be prepared in cases of an unprecedented scenario is what every business needs.
While risks make a business grow, preparing for an unforeseen event, helps a business sustain itself.
Here are a few things that business owners should know before they go for business insurance in Alberta.
Things To Know Before Getting a Business Insurance in Alberta
Before opting for business insurance in Alberta, a business should know about these things. Here are some of the important things to know and understand about business insurance in Alberta
Type of Business Insurance
Business insurance in Alberta isn’t supposed to be done on a ‘one size fits all’ concept.
Finding the right business insurance depends on a lot of factors. These include the industry the business operates in, the products or services it provides, risks faced by the business, business assets owned by the company, and more.
Some of the most common types of business insurance in Canada are general liability insurance, commercial property insurance, professional liability insurance, cyber liability insurance, commercial auto insurance, and workers’ compensation insurance among others.
Every business should first identify the right and required business insurance, before going for one.
Legal Requirements for Insurance
Canadian laws don’t have a provision that makes it mandatory for businesses to have an insurance. However, the only exception is a vehicle that is used for business, which shall be insured.
But, some provinces, associations, industries, or professions in Canada are expected to have insurance legally, considering the industry it is in.
For instance, doctors in Canada might require Medical Liability Insurance, which is covered by the Canadian Medical Protective Association. Similarly, the Chartered Professional Accountants of Ontario requires its member chartered accountants to carry a $1 million professional liability insurance coverage.
Before going for insurance, the business shall research whether there’s a legal obligation to be insured.
Focusing on coverage
Insurance is the last thing a business should be thinking about cutting corners on. Insurance with the lowest price is usually favored by business professionals.
However, that shouldn’t be the scenario. Instead, the business insurance that provides the maximum amount of coverage on the basis of the requirements of the business, is the perfect insurance to go for.
Deciding on deductibles
Many business insurance plans have a deductible component in them, which refers to the amount of money that is to be paid after filing a claim before the insurers cover it.
The amount of deductible is usually inversely proportional to the monthly premium. This is one of the things that business owners need to ponder upon before finalizing the insurance.
Role of an insurance broker
It is always good to keep the options open and analyze various business insurances before finalizing on any one. Having a trusted and verified insurance broker all along the way can be quite helpful for any business.
Experienced insurance brokers like Beneficial Insurance, have been in this industry for quite some time now, and offer the best advice to their clients.
They aren’t affiliated with any specific insurance provider, so they are a more reliable source to go through a number of options before choosing one.
Conclusion: Finding The Right Insurance For a Business
Finding the right business insurance becomes easier with the right consultation.
There are a large number of insurance providers that might be offering a similar, somewhat different, or even an entirely different product. However, with an experienced professional, it becomes easier to assess the right insurance for a business.
Get the right business insurance in Alberta with advice from the professionals at Beneficial Insurance, who have got years of experience, with a large facet of clients from various industries.
Get in touch today.