Commercial Lines Insurance

Finding the Right Business Insurance in Alberta

Your business may not be an international corporation worth millions of dollars. However, you still have many of the same insurance needs as the big companies. In fact, many medium and small sized businesses do not have enough insurance coverage to protect all their risk factors. This could create a serious problem that can result in financial ruin from one large settlement or lawsuit. Here is an example. To often businesses set up insurance policies for there corporations when the business is small and then forget about them for years.

Many years later after having accumulated thousands of dollars of tools and equipment including buildings upon review we find businesses that are under valued in our current market place The buildings are insured for $400,000 when they should be insured to $600,000 or even $800,000. Their Gross receipts are based on $200,000 but in reality it is actually over $1,000,000 annual. Too many times we find business with no business interruption coverage and so on. Do these business do this on purpose? no they are just very busy doing what they do best and these things are not considered a huge priority and are then forgotten about. Until there is a loss.

Defining Business Insurance

Insurance for businesses is all about protecting your legal interests and your business assets. Every day you operate a business, you face a great deal of potential risks and without insurance coverage you are vulnerable to all kinds of problems.

Do I Need to Insure My Business?

If you run a very small business from your home with no employees, you may not need a separate insurance policy as you can add this to your home insurance. However please make sure your broker is aware that you are operating a business from your home.

Most businesses in the Calgary region will need to consider the protection that insurance can offer.

For example, these businesses need insurance:

  • Contractors
  • Tradesman
  • Retail shops
  • Welders
  • Carpenters
  • Plumbers
  • Electrician
  • Roofing companies
  • Manufacturing businesses
  • Delivery services
  • Transportation services
  • Warehousing
  • Landscapers
  • Painters
  • Concrete finishers
  • parking lot maintenance
  • snow removal companies
  • Brick layers
  • stucco and siding companies
  • auto dealers
  • trailer manufacturers
  • auto service shops
  • auto body shops
  • stores and restaurants
  • building owners
  • hotels and bars
  • Condo corporations
  • wood working shops

Standard Commercial Insurance

Running a business puts you at risk for many things. If you own or rent commercial property for your business, someone could sue you if they are injured on your premises. Liability coverage pays for settlements and legal costs.

Liability is only part of your basic property insurance needs. It must be protected from a number of hazards, especially those related to weather events. In addition, you’ll want to consider Fire, theft and vandalism coverage also. This is part of your commercial property insurance also.

Options for Insurance Coverage

Your policy may include many different choices, depending on the nature of your business. Here are some of the options you may want to consider:

  • Commercial vehicle insurance – your company vehicles must have mandatory liability coverage and you’ll want to protect them with comprehensive and collision insurance also. This includes delivery vehicles.
  • Loss of income insurance – what will you do if your business cannot operate for days, weeks, or months, following a catastrophe? Income replacement insurance is there to help you through these difficult times.
  • Equipment breakdown coverage – many businesses depend on their equipment and when it breaks down, they cannot function.
  • Errors and omission insurance – this protects you from mistakes that you or your people make.
  • Cyber liability – protects you if someone steals data resulting in damages.
  • Directors and officers – this insurance is for companies with officers and
    directors. It covers activities that company officials engage in, which result in lawsuits.
  • Cargo insurance – this is often called inland marine insurance. Any time you haul things, they are not covered by standard commercial auto insurance, while on the road.
  • Environment impact insurance – suppose a landscape company digs and breaks a sewer pipe and causes contamination to run into a local body of water. This could result in expensive clean up and environmental impact coverage protects many types of construction businesses.
  • Product liability – important for manufacturing business. It can cover issues like unsafe products or food items that make people ill.
  • Flood insurance
  • Sewer backup coverage

Before You Buy Business Insurance in Alberta

When it’s time to insure your business, talk to experienced insurance professionals with your best interests at heart. A M Luken Insurance & Financial Services is a family owned business offering personal services that are extremely hard to find in the insurance world today. Because we are a brokerage, we have access to a number of top insurance companies and we can get you an affordable insurance policy with all the right coverage options.

Why Use an Insurance Broker?

You receive several important advantages when you do business with an insurance broker.

One of the most important reasons to chose an independent insurance Broker is that in the event of a claim your broker will be there to help mediate with the insurance company on your behalf. In many cases calling senior claims managers to help move the claim along etc. Brokers will also contact and communicate with Underwriters to try to get you the best rates and the best coverage for a reasonable premium.

For example:

  • Your broker is an independent broker and is affiliated with many different insurance companies.
  • You will not have to spend hours on the Internet or make phone call after phone call to research insurance options and prices. Your broker does all this for you.
  • You can save a great deal of money on insurance premiums. In fact, the savings can be significant.
  • You will have the right insurance coverage in place for your Business, so you won’t have to be concerned with future problems when they arise.

A M Luken Insurance & Financial Services can get you several types of insurance discounts for your business. Plus, we understand that many Calgary business people are very busy and we can visit your place of business to help you choose the best insurance. Call us at 403-225-5996 for more information.