5 Insurance Coverages That Protect Small Businesses

commercial insurance

Every business, no matter its size, is exposed to certain risks. And just one lawsuit can prove crippling to an enterprise that lacks the proper insurance coverage. Here are five types of insurance that are designed to protect small businesses.






  1. . General liability insurance

This type of insurance is essential for every brick-and-mortar operation. It protects you in the event that someone is injured on your premises, for exampl, if a customer or client slips and falls on an icy sidewalk or wet floor. It also covers any damage you cause to another person’s property, like if you have a repair shop and damage a customer’s camera, phone or other item.


  1. Property insurance

Another staple coverage for every brick-and-mortar business is property insurance. It covers you for material losses resulting from fire, theft, vandalism and other damages. It applies not only to the building itself but also to everything inside such as equipment, merchandise and furniture as well as outdoor items like signage, fencing, trees and shrubs.

Note that commercial property insurance doesn’t typically cover flood damage. If you want to protect your business against this risk, you’ll need more extensive coverage.


  1. Product liability insurance

This type of insurance is designed for businesses that sell a product. It covers you for any lawsuits resulting from a defect. This includes claims involving injury, illness, property damage or profit loss caused by a faulty product.


  1. Professional liability insurance

If, rather than selling a product (or in addition to this), you provide a service, you may need professional liability insurance, also known as errors and omissions insurance. This covers you in the event that a client suffers a financial loss due to mistakes or oversights your business makes when rendering a service.


  1. Business interruption insurance

This type of insurance protects you if your business operations are brought to a halt after a disaster, covering any loss of income caused. This type of coverage is an especially important safeguard for Alberta businesses due to the risk of flooding and wildfires they face.

 Other coverages designed to protect businesses include equipment breakdown insurance, commercial auto insurance, directors and officers insurance and cyber risk coverage. Consult with a knowledgeable insurance broker to find out which forms of coverages are right for your small business.


Business insurance in Alberta

At TSG Insurance, we help build you a policy that meets your business’ coverage needs at the best rates. For a free quote for business insurance in Edmonton, Calgary or Southern Alberta, contact us today