Although known for being the largest oil and gas producer in Canada, Calgary has much more to offer. Consumer markets in Calgary have continued to swell, making it a futile ground for new businesses.
The city’s fastest-growing business sectors are transportation, real estate, creative industry, financial services, construction and manufacturing services.
If you are a business owner in Calgary or aspiring to become one, be sure to equip yourself for the job. A significant aspect that affects all businesses globally is legality. One negligent act can potentially put you out of business.
Suppose you cannot afford circumstances like this. In that case, securing business insurance it is best to protect your business from any legal harm or financial losses caused by accidents and unforeseen events.
Why is it Necessary to Insure your Business?
In certain types of business, an insurance policy is required by law, especially for the contraction industry workers.
But for other businesses outside this sector, a good starting point in getting insured is acquiring a business liability insurance plan, also called commercial general liability insurance. This type of insurance covers costs of repairs, medical treatment and legal claims associated with the following:
• Third-party property damage caused by your employees during typical business operations such as delivering goods.
• Damage to your rented property due to fire or explosion.
• Third-party bodily injury due to accidents occurring on your premises, for example, somebody slipping on the floor. This insurance coverage is not limited to your customers but includes vendors, service providers and visitors who may sue you for bodily injury.
• Reputational damage such as libel, slander or privacy violation.
• Advertising harm associated with copyright infringement.
What are the Advantages of getting a Business Liability Insurance Plan?
Many businesses still don’t plan to get business insurances simply because they don’t know how beneficial these are for them. Let’s take a look at a few advantages of this type of insurance.
• It makes your customers feel safe by demonstrating that you prioritise risk management. More cautious clients may even request your insurance policy before transacting with you.
• It provides a feeling of safety knowing that your business property and assets haveprotection from hefty financial damage brought by natural disasters. In addition, most commercial landlords require you to carry a minimum liability insurance coverage for their leased property.
• It adds to your company’s credibility. In general, most, if not all, customers prefer hiring companies who are insured. It can give you an upper hand in attracting more consumers.
How Much do I Need to Pay for a Business Liability Insurance?
One main factor that affects your insurance cost is the type of business you run. The higher the risk involved in your operations, the higher the rate of insurance you can expect. That said, construction firms are some of the highest-paying policyholders. Other factors that dictate the cost of your insurance are:
• Business location
• Type and condition of business property
• Number of employees
• Annual Revenue
• Tax deductibles
• Cost of lawsuits in your industry
• Insurance budget
• Current insurance market
Insurance rates paid by small business owners in Calgary can vary from a few hundred to several thousand ranging from $500 up to $5,000 or more a year. A trusted insurer can provide an accurate quote based on your preferences and present situation.
The bottom line is, getting the right business liability insurance plan will save you a lot of money and time. In addition, it gives you the peace of mind to face the unexpected.