All About: Commercial Insurance in Alberta

commerical insuranceIf you’re in business, then you need to consider commercial insurance. According to businessdictionary.com, commercial insurance “is coverage for businesses for protection against potential losses through unforeseen circumstances like theft, liability, property damage, and for coverage in the event of an interruption of business or injured employees.”

As definitions go it’s pretty dry, uninspiring even but if you are in business you are already aware of just how easily “unforeseen circumstances” can make a mess of your day, and your balance sheet.

According to Canadian Business, you should consider getting insurance to protect your assets: vehicles, office space and equipment, inventory, an indispensable employee or partner and, most importantly yourself, from potential risks. While risks are part of business, so is being prepared for them.

If you own property – manufacturers, retailers, service-oriented businesses, and not-for-profit organizations – then commercial property insurance protects that property from such perils as fire, theft, and natural disaster. While offering a host of protections, another benefit is that businesses can deduct the cost of commercial property insurance premiums as an expense against their taxes.

In addition to insuring actual property, there are a variety of different types of insurance products that may apply to your business. To ensuring your business receives the best insurance for its needs, it is best to get advice from an insurance broker or agent who is familiar with your specific type of business. For example, TSG Insurance brokers provide protection from a broad variety of perils and risks with customized policies to meet your business’s exact needs. We understand that your business is not like any other business out there, and that it will need an entirely unique policy to cover it.

Types of insurance available includes insurance for owners, partners, and key employees as the loss of key personnel can devastate your business and your livelihood. Options including: life insurance; disability insurance; critical illness insurance; key person insurance; and partnership insurance or buy-sell insurance.

Assets and earnings coverage protects against a disaster or an emergency destroying part or all of your business including property insurance; contents insurance, business interruption insurance, and vehicle insurance.

Liability insurance covers you, your employees, your equipment or your suppliers – in the event that a mistake causes harm to customers, employees or other people who are involved with your business – from being sued. Consider these types of insurance to limit your liability: general liability, product liability, professional liability insurance, and accounts receivable or credit insurance in case a client goes bankrupt or refuses to pay.

There are other benefits to having the right commercial insurance beyond the peace of mind it brings. Providing a group health plan covering supplemental health and even dental benefits can be a key factor in recruitment and retention of employees. As a business professional, check with your local chamber of commerce, industry association, or other member organization you’re associated with to see if they offer members lower rates on their business insurance.

Commercial Insurance in Alberta

Your business is an important aspect of your life that deserves the right protection against any potential risk that can affect its success. For more information or a quote, contact TSG Insurance at 1-800-830-9423, our brokers in Brooks, Bassano, Calgary, Edmonton, and Medicine Hat are ready to start on your affordable, personalized commercial insurance policy today.

Commercial Insurance in Calgary: 403.723.9416
Commercial Insurance in Medicine Hat: 403.526.3283
Commercial Insurance in Brooks: 403.362.8400
Commercial Insurance in Bassano: 403.641.4988
Commercial Insurance in Edmonton/Sherwood Park: 780.464.0872

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