Getting the Most out of Your Small Business Insurance

small business

Do you need to insure your new small business? Or maybe you’re shopping around for a better deal on the plan you already have? If you’re in the market for affordable coverage, here are some tips for obtaining an insurance plan that yields the most benefit at the best rate.

  1. Customize your coverage

    There’s no use in paying for insurance you don’t need. However, it’s crucial to have the specific coverage that will protect your business against expensive losses. For example, if your business provides advice in exchange for a fee, you’ll want errors and omissions insurance to protect you against potential lawsuits. And if you rely on equipment for your daily operations, you may need equipment breakdown coverage.

    Speak with an experienced insurance broker to determine which types of coverage you require for your specific kind of business.

    Reassess your coverage needs every year

    As businesses grow and evolve, so too do their insurance needs. Be certain to update your coverage on a regular basis to ensure that it reflects the current state of your business. And when important changes occur, it’s important that you review your policy with your insurance broker as soon as you can. Here are some examples of changes that you should notify your insurer or broker about:

    • Hiring new employees
    • Renovating your space
    • Entering into new agreements with a supplier
    • Purchasing new vehicles
    • Upgrading your equipment
    • Launching new products or services


    The bottom line is that you want your insurance to reflect the current value of your business and to effectively protect yourself against risk.

    Reduce the risk of fire, theft and water damage

    Incidents of fire, theft and water damage can hurt a business in a number of ways. And in terms of your insurance, reporting an incident of this nature can raise your premiums. Small business owners should take steps to reduce the chances of such an incident occurring by staying on top of their property’s safety and security measures. For example, get your sprinkler systems, fire alarms and fire extinguishers regularly serviced and tagged, schedule regular plumbing inspections and consider strengthening your security system.

    Small business insurance in Alberta

    At TSG Insurance, we understand that every company has unique insurance needs. We work with trusted insurance agencies to get you a customized policy with the best rates. For more information, or to request a free quote, contact us today. We’re proud to serve small businesses in Calgary, Edmonton, Medicine Hat, Brooks and Bassano.