Insurance

Small Business Insurance Calgary: Why It’s Important and What You Need to Know

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June 24, 2022

If you’re running your own small business in Calgary, chances are you’ve already thought about what would happen if there was an accident or fire, or perhaps if someone was injured on your property or if someone sued you over something that happened during business operations. If not, it’s time to give some serious thought to ensuring your small business protects it against unforeseen losses and liabilities. Here’s what you need to know about small business insurance Calgary businesses need to protect themselves from.

What is small business insurance Calgary?

Small business insurance in Calgary is a package of protection provided by an insurance carrier that covers all or part of a risk. Not every small business requires small business insurance Calgary, but it can cover potential losses. Small businesses in Canada should have commercial liability insurance and business insurance errors & omissions liability insurance in place, as required by provincial law. Other optional types of coverage include workers' compensation, employers' liability fire & casualty coverage for office contents and equipment. One way to determine if you need any type of additional coverage is to create a list of your inventory, what you own as far as equipment, furniture and fixtures go then review it with your broker; together you can decide if additional protection might be appropriate.

The Importance of Having small business insurance Calgary

Small business insurance in Calgary protects you from losses that may occur during normal business operations such as property damage, errors, or injuries. Protecting your small business from unexpected financial shocks can be quite challenging but it is also very necessary if you want to keep your small business afloat. We have listed down some of the reasons why you should consider getting small business insurance Calgary right away. Small businesses are one of our greatest assets in Canada today. However, they often go through tremendous stress due to unforeseen events that affect their everyday operation. These events can range from small mishaps like minor injuries caused by slips and falls to major disasters like fire or theft. As a small business owner, you must protect yourself against these risks to ensure the smooth operation of your company without any financial setbacks at all times. This is where Small Business Insurance comes into play protecting you against any potential threats so that you can focus on running your business with ease!

How much do small business insurance Calgary costs?

Small business insurance in Calgary prices will depend on your general business operations, annual revenue, and specific needs. Small businesses that carry a high liability risk may end up paying more for coverage than those that take fewer risks. In some cases, though, risks can be transferred from an individual or small business owner to their insurance provider. That makes coverage easier on your wallet but also introduces a new set of responsibilities for you, especially if you are financially liable for damages or injuries. Knowing what kind of small business insurance you need and how much it should cost will ensure that  airbnb home insurance you get a plan that meets both your immediate needs and long term goals. If you don't have adequate small business insurance Calgary in place, your company could suffer significant losses due to unforeseen events. For example, if someone slips and falls at one of your retail locations and sues you for negligence or personal injury, they could win a judgment against you. If they win their case, they'll likely receive compensation that covers medical bills as well as lost wages while recovering from their injuries. The only way to limit these kinds of financial losses is by having small business insurance in place before any issues arise, not after.

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