Types of Business Insurance in Alberta

All kinds of businesses in Alberta, big or small, can be at risk of potential damage to their commercial establishment, equipment, financial losses due to theft or destruction, or unexpected lawsuits. Such incidents can significantly ruin or disrupt business operations.

Therefore, business owners must know about insurance suitable for their business, so they don’t have to worry about their business taking a downfall in case of a major financial setback. At A-Kan Insurance, we provide a plethora of insurance plans and solutions to choose from, applicable to each and every aspect of a business. 

Types of business insurance

• Commercial General Liability Insurance (CGL)

It is not uncommon for businesses to lose clients or harm their interests due to unintended negligence. If the damage is hefty, your client can sue your business or ask for large compensation. This will not just be a question on the credibility and trustworthiness of your business in the future, but can cost you with other active clients and financially. 

CGL is built to protect you and your business from the common risks in day-to-day operations. This includes third-party property damage or bodily injuries that are the result of your negligence.

• Commercial Auto or Fleet Insurance

If your business relies heavily on vehicles, don’t make the mistake of leaving it unprotected. Apart from being mandatory for all businesses using commercial vehicles (delivery vans, trucks, taxis, contractor vehicles), auto/fleet insurance prevents major risks like accidents, theft, destruction, and vandalism.

This insurance is essential to maintain business continuity and keep it running smoothly through unavoidable circumstances. It protects you from inevitable financial losses you would have to incur in the absence of insurance.

• Cyber Liability Insurance

Businesses handle sensitive customer data all the time, and almost every established business owner has faced the threat of data breaches and hacks at some point during their journey. 

Cyber Liability Insurance can assist you at this time. Even small and mid-sized businesses that do not have a methodical system in place, and rely on email, cloud storage, or POS systems will benefit from this insurance.  It covers legal fees, cyber attacks, phishing scams, credit monitoring, and other expenses due to such incidents. 

• Stock Equipment Insurance

Equipment is the backbone of your business. Basic commercial insurance won’t provide coverage for your small tools or larger equipment if they are to leave the ship or be used at more than one location. 

All pieces of company equipment that are not for sale are covered in stock & equipment insurance, including furniture, tools, machinery, fittings, and other appliances. The equipment you have improved on behalf of your tenant’s rented space or in your building is also included. 

Conclusion

We have learned that running a business is a constant risk. Therefore, protecting your business in Alberta should be your foremost priority. A-Kan Insurance understands your business and the unique challenges faced by it, and offers tailored solutions to give you peace of mind. Our team of experienced brokers works closely with you to assess your needs and recommend the right insurance plan. If you’re looking for the best rates that fit your budget, 24/7 support, and customized services, you’re at the right place. Contact us today to get your quote!