With nearly 1.5 million people, the bustling metropolis of Calgary is home to more than 49,000 small businesses. These businesses are the driving force of the city’s business community since they provide jobs for the locals in the area.
If you are one of the thousands of small business owners, and whether you’re operating your small business at home or online, ensuring a small business insurance plan in Calgary is an intelligent way of having protection if anything terrible happens to your business.
Apart from helping you bounce back, insurance plans benefit your business.
Protect and Keep Your Employees
You need your employees to keep your business running, so protecting them should be your priority.
Providing liability insurance will make them feel secure working with you, but it can also protect them from losing their job should a lawsuit come up.
Offering coverage can also attract new employees or keep your teams constantly contributing their best efforts to your business, primarily if you can also provide perks like dental and health insurance.
It Can Be a Requirement
If you are renting a space for your business, you must get a small business insurance plan in Calgary since your landlord’s insurance policy may not provide coverage for you.
Getting a policy of your own can be beneficial if you plan to take out a loan, which most financial agencies’ agreement policies may also require.
Helps You Provide Compensation When an Accident Happens
Accidents in the workplace happen all the time. Without insurance, medical bills and pay benefits can reach tens and thousands of dollars and can be the downfall of your business.
Getting your business insured helps you sleep soundly by taking care of your employees in times of accidents.
Protect You From Natural Disasters, Vandalism, or Theft
Natural disasters happen, which can affect your business physically and or financially. Take the current COVID-19 pandemic, for example. Many companies had to close due to the strict implementation of health protocols.
Luckily, the government of Alberta offers a subsidy to affected businesses. But what if other forces of nature take place and cause massive damage to your property?
Or, if a break-in happens, how will you recover from the losses? Property insurance policies help, so entrepreneurs like you are protected from enormous expenses.
Avoid an Expensive Lawsuit
Did you know that getting liability insurance can protect you if a lawsuit arises? Legal fees are costly and time-consuming. Without insurance, your small business could quickly go into bankruptcy.
What Kind of Insurance Does a Small Business Need?
Many insurance options are available today. Learn about your business well to know which ones are the most beneficial for you. Here are some basic insurance policies that most small businesses need:
● Liability Insurance
● Employers’ Liability Insurance
● Workers’ compensation insurance
● Property insurance
Adding other types of policies is up to you. However, as long as you have the basic insurance that covers most aspects of what may happen, you can rest assured that your business is protected.
Overall, insurance policies are there to help anyone protect their assets. So, before going into business, find out how you can protect yourself from future problems. After all, you get your car insurance, so why not insure your business too?