Starting a business in Alberta? Insurances You Need
Starting and running a business can be hard. However, Alberta business owners can be confident when venturing into this field because the province provides tremendous support for small businesses.
From start-up assistance and fund grants to tax credits and market expansion, business owners can take advantage of a variety of assistance programs tailored to their specific needs. When combined with passion and determination, this type of support can be your winning formula.
Once you’ve decided to start a business, all that’s left is effective planning and preparation. In order to prepare your business for operations, you must obtain the appropriate business insurance in Alberta to protect you and your company.
So, what kind of commercial insurance do you require? Investigate the various business insurances available in Alberta to determine which is best for your company.
Commercial General Liability Insurance As the name implies, general liability insurance is a comprehensive policy that protects your company against broad claims made against it. This is something that every business requires. These claims may include bodily harm or property damage. When your company is held liable, the insurance will pay for medical expenses and your lawyer's professional fees during the lawsuit. Unfortunately, it does not cover anticipated or intentional business injuries or damages. Professional Liability Insurance Professionals such as accountants, lawyers & doctors require business protection as well. Some clients may file claims against professional services for negligence, malpractice, misrepresentation, and other errors that cause damage or injury. When this occurs, professional liability insurance protects the insured against any losses incurred as a result of lawsuits. This policy does not cover criminal prosecution and is only valid for the duration of the policy. Commercial Auto Insurance As a business owner, you must protect everything your company uses, including vehicles such as delivery trucks and personal vehicles used for business purposes. As a result, you require Commercial Auto Insurance that includes liability and collision coverage. This insurance policy covers medical expenses incurred as a result of car accidents, natural disasters, falling objects, and other specified causes. It may also cover theft-related losses, such as stolen vehicle contents. Cyber Liability Insurance To protect sensitive information on the internet, you will need strong cybersecurity technology. Unfortunately, even the most robust computer security is vulnerable to hackers. As a result, cyber liability insurance will be required to cover losses incurred as a result of a data breach, which can be costly. This insurance protects your company from financial losses caused by cyberattacks and other internet threats.
These are 4 of the most common business insurance policies purchased by various businesses. In Alberta, there are also less common forms available. However, if you are still unsure about which option to select and require additional information, it is best to seek advice from qualified insurance agents.
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