Types of Small Business Insurance in Alberta and What They Cover

By Vanessachar9    14 / Nov / 2017    In Category Finance

Small business insurance in Alberta is one of those things you know you need, but get a bit lost in the details. Below we are going to look at different types of business insurance including specific business insurance, and group benefits.

The cost of small business insurance in Alberta isn`t as high as you might think.  When it comes to insurance, there are two things to consider, and these are your businesses’ immediate and future needs. This is something you can discuss with an Alberta insurance broker.

Small business insurance in Alberta isn`t a one size fits all product.  Some types and amounts of coverage needed vary depending on the type of business.

Small Business Insurance in Alberta:  Insurance for Business Operations

•  Commercial general liability: Coverage protection for liability claims - property damage and bodily injury.

•  Product liability: This small business insurance is for businesses dealing with products not services; and protects against faulty products.

•  Professional liability insurance: Commonly called errors and omissions insurance offers protection for professionals.

•  Equipment breakdown, commercial property, commercial auto insurance: These products are for commercial business.

Small Business Insurance in Alberta: Personnel and Business Partners

•  Key Person: This is a life insurance product to cover the life of a key employee, proprietor or partner on whom continued operation of a small business rests.  The business becomes the beneficiary if they pass away to ensure the business doesn`t go under as a result of the death.

•  Business interruption:  This coverage provides a way for businesses to continue after suffering a major loss such as flood or fire.

•  Buy/Sell: Covers loss or the disability of a partner or business owner. It specifies what will happen to their interests. This often involves buying a disability or life insurance policy on each partner or co-owner, and putting the money back into the business. Another way is to stipulate that the partners or owners use the insurance proceeds to buy the disabled/deceased’s interests rather than using their own money.

Small Business Insurance in Alberta - Group Benefits

Offering group insurance is a way to stay competitive. It attracts better personnel and employees are more likely to stay if benefits are part of their employment package. It`s also a beneficial small business insurance in Alberta product because it helps your staff stay healthy because they`re more likely to receive preventative medical and dental care.

•  Life Insurance:  A benefit is paid to beneficiaries in the event of the employee’s death.

•  Accidental Death and Dismemberment: Pays a benefit if the policyholder dies accidentally, is dismembered or loses their sight. It is bought in addition to life insurance.

•  Dental: Covers expenses for dental procedures and treatments such as restorative care and preventative care.

•  Health: There are a range of products available, from vision care to counselling.

This article isn`t exhaustive of all small business insurance in Alberta products. To find out more you can please visit our website and speak with a broker or get a quote.

 

Reassured For Life is an Alberta life insurance brokerage providing advisor services that fit your needs, budget and lifestyle. To know more, visit www.Reassured.ca/blog.