Insuring a commercial property is one of the best ways for business owners to ensure that they are protected when it matters most. Whether you’re a veteran to the commercial industry or are a new business owner looking to start off on the best foot, finding the right policy can grant you peace of mind that allows you to focus on daily operations. If you’re shopping for a new commercial policy in Alberta, below are a few points and tips that will help you make sure you properly covered!
Who Qualifies for Commercial Insurance?
Commercial Insurance is vital for anyone operating a business, whether you work from home, rent, lease, or own a commercial space. This includes:
Retail businesses and restaurants
Professional service providers such as lawyers, financial advisors, web design firms, etc.
Medical and Dental service providers
Contractors and Skilled Tradespeople such as mechanics, welders, carpenters, plumbers, home builders, etc.
Why Do I Need Commercial Insurance?
Regardless of whether you are a small home-operated business, operate out of a small location with a handful of employees, or are a national enterprise with several different offices, commercial insurance is designed to help you protect your bottom line. In the event of a loss or other disruption to your operations, business insurance will help you get back to work as quickly as possible. Benefits of a commercial policy can include:
Help with the cost of repair or replacement to your property
In the event of a fire, act of vandalism, or other types of damage, your policy will step in to help with the cost of repair and replacement from the claim.
Business Interruption Assistance
When you suffer a covered loss, it may take some time to get back to your normal daily operation. Business interruption coverage means you’ll be protected against the stress of paying bills and payroll with limited external cashflow. Typically a questionnaire is required to be completed and is not on all policies.
Peace of Mind
Knowing that someone has your back in times of need is an invaluable asset that helps you focus on what matters most: running your business.
What’s Covered?
While every commercial policy will vary in specifics depending on the client’s need, industry, and other related details, core elements typically include:
Liability
Commercial general liability is designed to cover you and your business in the event that you are found legally liable for bodily injury or property damage to a third party.
Property
Whether you own or are a tenant in your building, commercial insurance will help protect your space against damage, both externally and internally.
Contents
Every business will have materials, tools, and items integral to your daily operations. Your insurance can help make sure that you’re able to keep running smoothly in the event of a claim.
Industry Specific Endorsements
As we mentioned above, commercial insurance can vary greatly depending on your industry and the respective requirements. Our team will make sure your needs are covered with the right endorsements for the job!
Extra Protection
The business world is always evolving; that means the needs of business owners change over time. Your commercial policy can often be extended to include areas like:
Commercial Auto Insurance
If you or your employees use vehicles for business purposes, commercial insurance is required to provide the appropriate coverage. If you own a fleet of vehicles (vans, trucks, etc.) we can help you make sure they are covered as well!
Cybersecurity
Cyber risk and data breach coverage are a newer area of increased importance for many business owners. If your business relies on technology to protect assets, sensitive client information, and other key information, insuring against cyber-attacks can be an invaluable asset.
Equipment Breakdown Insurance
While your equipment will be covered under your general property insurance in the event of a fire, flood, or other weather-related event, mechanical or electrical failures are not covered by default. Adding this additional level of insurance will help you avoid unnecessary delays should your equipment suffer an unexpected breakdown.
Ravenhill is your first choice for commercial insurance in Alberta. Our team treats our clients likely family, and takes pride in providing the best solutions for each customer, offering discounts for those who bundle policies, meet certain age requirements, have a long history of previously being insured, and more! Request a quote or learn more by contacting us today!
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