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Is Your Edmonton Business Underinsured or Not Insured?
Does your Edmonton small business have commercial insurance? Would you say it’s underinsured? Not having any commercial insurance or not having enough commercial insurance can leave your Edmonton business exposed financially should there be a fire, vandalism, or weather event.
Repair and cleanup costs at your Edmonton business would be coming out of your own pocket as the business owner. Is that something you can afford?
Many Canadian small businesses are underinsured or not insured
A recent study by Deloitte found that up to 25% of Canadian small businesses are underinsured or lack commercial insurance coverage completely.
Small business owners are busy and they value insurance products that are easy to understand, convenient and personalized, the Deloitte study says, giving insurance companies an opportunity to get their business.
Western Financial Group is here to help your Edmonton business with insurance. Your Western Financial Group business insurance expert will make insurance easy for you as a business owner. We can customize it to your small business needs at the right value for you.
What your Edmonton business can face without insurance or not enough insurance
- Having to pay medical bills or legal fees should someone get hurt at your Edmonton business
- Paying the cost of repairs out of pocket if your property is vandalized or damaged by a fire
- Paying the costs on your own should someone’s property get damaged at your Edmonton business
- Being refused a bank loan because banks can require businesses to have some type of insurance coverage if they’re taking out a loan
Not having insurance or enough insurance is a risky decision for your Edmonton small business.
Does my home or car insurance cover my business?
The personal insurance coverage you have for your home and car does not cover you for incidents, mishaps, and accidents related to your Edmonton small business.
If you have a home-based business, your residential coverage may not provide enough coverage for any accidents or mishaps.
Am I legally required to get business insurance?
No, insurance is not generally required by law for small businesses in Canada, but there are situations where it is needed and strongly encouraged.
Here when you need insurance for your Edmonton business:
1. When customers ask for proof of insurance
Not being able to provide proof of insurance to clients or customers who ask for it will make them question your reliability and credibility as an Edmonton small business. Requests for proof of insurance can be common when signing contracts with clients or partnering with another business.
2. When you participate in a trade show
Typically, trade show venues ask participating businesses to show proof of insurance. Other events that may require participants to have insurance include farmers markets, fairs, conventions, and speaking engagements.
3. When you sign a commercial lease
A commercial lease usually has a clause requiring you as the tenant to have business insurance before you are able to finalize the lease.
4. When you buy equipment
Commercial property insurance can help protect your Edmonton business from unexpected issues with your equipment. Commercial property insurance protects your Edmonton place of business and its contents from damage or loss related to severe weather, natural disasters, theft, and vandalism.
5. Commercial vehicle insurance is needed: When you or your employees are on the road for work, commercial vehicle insurance may cover your vehicles in the case of an accident. Your personal vehicle insurance will not cover you in the case of an accident if the work is related to your Edmonton small business.
What other kinds of insurance do Edmonton small businesses need?
- Commercial general liability insurance
- Commercial property insurance
- Course of construction insurance
- Business interruption insurance
- Errors and omissions insurance
Business insurance is part of your small business plan
Business insurance planning is to reduce the risk that your Edmonton business can face.
Here’s how to plan for your business insurance needs:
- What insurance do you need for your business? What kinds of insurance coverages are common in your industry?
- Speak to an insurance expert about commercial insurance for your business.
- How much money do you have available per month for insurance?
- Choose the coverage that best suits your business needs.
Here’s an insurance checklist for your Edmonton small business:
- Do you have the best Edmonton business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
What do I do if my Edmonton business has an insurance claim?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get your Edmonton small business the right business insurance package. Our experts are available now to help you navigate the commercial insurance journey to protect your Edmonton small business.
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