Business Insurance Checklist for 2026: Are You Properly Covered?
In 2026, risk planning will become as important as financial planning for businesses due to rising legal costs, cyber threats, operational disruptions and evolving legislation. Outdated business insurance coverage in Edmonton leaves you exposed at the time they need protection most. A policy does not guarantee protection of business continuity, income or future growth; the right type and limit of coverage is the only way to protect these three very important components of a successful business.
This guide is designed to assist business owners as they evaluate their insurance needs and identify gaps.
1. Liability Coverage Should Match Current Risks
Most businesses have not updated their liability coverage since its inception. However, with increasing legal settlements and claims cost, older limits may no longer be sufficient. It is very important to revisit your commercial general liability policy and review it in light of your current operations, revenue, client exposure and contractual obligations. Even one claim can have a significant impact on a business’s cash flow and reputation, if the limits on that claim do not adequately cover the amount of the claim.
2. Business Interruption Coverage Should Be In Place
When a business shuts down unexpectedly, its expenses continue without interruption. While a business may be shut down temporarily due to a power outage, equipment breakdown, supply chain interruptions or an insurance-covered loss, business interruption insurance assists businesses in making up their lost income due to down time, and will therefore be critical to the future success of a business in 2026.
3. Cyber Insurance
A growing concern for most companies is that digital risks are becoming part of everyday business. Do you have processes or procedures in place that allow you to respond to a cyber event? For example, if your business relies on email, accepts payments online, processes customer information, or operates in the cloud, now is a good time to add or review cyber insurance. Cyber insurance in Alberta covers expenses associated with recovery, legal liability, and business interruption caused by a cyber incident.
4. Current Value of Property and Equipment
Due to increased construction, repair, replacement cost for property and equipment, many businesses now find themselves underinsured without even realizing it. Review the property limit on your insurance policies (including equipment), the value of your equipment, and the amount of inventory you have on hand, and make sure the limits reflect the current market value for those assets. If your property, equipment, and inventory are not insured at their actual value, you may find that what you receive from your insurer in the event of a loss will be insufficient to restore your business.
6. Review Your Commercial Auto and Fleet Insurance
In the case of businesses that operate vehicles or fleets of vehicles, the commercial auto coverage offered to protect the vehicles should provide adequate protection based on how the vehicles are currently being used, the drivers who operate them, and the routes being driven. If you have expanded your operations, acquired additional vehicles, or are utilizing new drivers, you should review your current auto insurance coverage. If you own or operate a fleet of vehicles, make sure your policy covers all vehicles that are owned or leased and also provides income continuity during times of vehicle outage.
6. Understanding Policy Exclusions and Endorsements
One of the most common reasons for coverage gaps is found within the fine print of the insurance policy. It is critical to understand what your insurance policy in Alberta does not cover (exclusions), the deductibles you will have to pay on a claim, and the endorsement that may or may not apply to your specific circumstances, in order to avoid an unwanted surprise during the claims process.
Why This Checklist Matters for 2026
The following checklist is relevant for 2026, as having your business insured and having enough insurance can be quite different. Having more complex risks and increasing constraints on claims make it more advantageous for businesses that proactively review their insurance, to continue to recover from the challenges that arise and remain functional with their businesses.
Next Steps: Obtain a Review Prior to Claim
Reviewing your company’s insurance before you file a claim is the best way to go forward. A-kan Insurance assists businesses in determining what they need and where there are deficiencies within their current coverage, and to get the business aligned back to the realities of the current market conditions. If you’ve changed since last year and plan to continue changing throughout the upcoming year, it’s definitely advisable to conduct a review.
