Small businesses are facing greater uncertainty in these increasingly unstable economic times so the right type of business insurance can provide peace of mind in both your personal and business life.
At Thomson Schindle Green (TSG) Insurance Company, we’re a full-service, independently-operated insurance brokerage and we understand that your business has many assets: vehicles, office space and equipment, inventory, an indispensable employee or partner, and most importantly yourself. To protect your business assets from potential risks, your business needs insurance.
Risk is a big part of business regardless of your size or industry type, but taking too many risks or failing to protect yourself simply does not make good business sense. Business insurance then is an essential part of managing such risks. Small business owners who are not insured from unexpected events such as theft, fire, equipment breakdown, accidental damage, third party cover, or property damage at the time of the incident can face tremendous cost and lawsuits that can often lead to the closure of their business.
Most small business owners, sole proprietors, tradespeople, hospitality operators, professionals, and contractors need some type of business insurance to be legal and protected. If you are a small business owner, having commercial insurance can help you minimize any number of risks and allow you to focus on running a successful business. To help you make the right choice for your small or family run business, here are some of the business insurance options that you should include in your budget.
First is insurance for owners, partners, and key employees whose loss could devastate your business, your livelihood, and your family at risks – especially if you are a sole proprietorship, because the owner is personally liable for all the debts of the business. Disability, life, critical illness, key person, and partnership or buy-sell insurance are also part of this category.
Next, your business property and earnings need to be protected in the event that a disaster or emergency destroys part or all of your business premises and assets. It can include: property insurance in the event of fire and other perils; contents insurance to cover assets that you store at your business premises; business interruption insurance; and insure any vehicles that your business owns. Accounts receivable insurance protect you when a client goes bankrupt or refuses to pay.
Liability insurance protects your business from being sued:
- General liability covers injuries to clients or employees on your premises;
- Product liability protects your business in the event that your products are defective or cause serious harm to those using them; and
- Professional liability insurance protects you if you are sued by a client for errors, omissions or negligence, when performing professional services.
Business Insurance in Alberta
Mistakes happen so having the right insurance can provide peace of mind in knowing that when it does, you and your business are protected. To discuss these or other insurance options for your small business, contact Thomson Schindle Green Insurance Company at 1.888.224.5677 or visit one of our locations in Bassano, Brooks, Calgary, Edmonton, and Medicine Hat today.