Any damage to company assets can prove to be devastating for a business. So, one of your first major business purchases should always be a business insurance policy. But since finding an affordable policy and reliable provider online can be challenging, here is the quickest way to get business insurance quotes in Alberta no matter where you are.
Types of business insurance online
The type of insurance you buy should be determined by the nature of your company, the amount of money you have to invest into your business, and the resources you use to run your operations smoothly. Here are some common ones you need to consider.
General liability insurance
General liability insurance is an umbrella policy that protects a business from unexpected events, such as personal or property damage and bodily injury. For instance, if a customer gets injured in your store, they can sue you for negligence. General liability insurance will cover your legal fees and any medical damages.
Workers’ compensation insurance
Workers’ compensation insurance is a type of employer liability coverage required by state law in Canada that covers medical expenses and lost wages for employees who are injured in the workplace. It works exactly like general liability insurance but exclusively for employees.
Commercial auto insurance
Commercial auto insurance covers and protects all those automobiles that you use as part of your business operations, such as transportation of goods or employees. So, if one of your drivers gets involved in an accident while delivering supplies, they will be covered by your insurance provider.
Commercial property insurance
When it comes to risk management, commercial property insurance must be on your radar. Let’s say a fire breaks into one of your buildings and damages everything in it. Commercial property insurance can help you to protect your company’s most valuable assets by paying for the loss and helping you bounce back.
Product liability insurance
Product liability insurance is a coverage that merchants need when they create, design and sell a product. They cover claims about defective, dangerous, and faulty products. So, you must have this indispensable tool when you produce and sell your own products. But a product liability insurance policy is also important for small businesses that work with external contractors because they are part of the supply chain.
Cyber insurance
Cyber insurance protects the cyber assets of organizations and companies. Digital information such as financial data, sales data, employee details, business policies etc., are prone to security and privacy breaches. So, it is a smart choice for any organization that handles private data or has an IT infrastructure as it can provide coverage for financial losses due to a cyber-attack or online extortion.
How much does business insurance cost?
The cost of business insurance varies widely based on your industry, risk factors and coverage limits. A thorough risk assessment helps an insurer determine a company’s insurance needs and appropriate insurance premium rates.
Typically, if your business has lower risks, you will enjoy higher coverage and more discounted premiums. That being said, an average business insurance policy can cost you anywhere between $300 to $1,000 per year.
Get free instant business insurance quotes in Alberta
Unlike before, you don’t have to contact every provider in the market to get quotes. Getting business insurance quotes in Alberta quickly and easily isn’t a problem now that we have web aggregators that have automated checking insurance coverage and premium options online. All you have to do is fill out a simple form with your requirements and the AI will show you the best options available for your business. At no cost!
