If you’re a Calgary-based business owner, you know the importance of protecting your business. After all, small businesses are responsible for 95% of the local economy, and protecting them is essential to maintaining business operations. Fortunately, there are several types of insurance policies to suit your business’s needs. Here are a few examples:
Business property insurance
Business property insurance in Calgary protects the physical assets of your company, including your building, contents, inventory, and equipment. This type of insurance can cover many different causes of damage, including weather, fire, and flood. Some policies also include special extensions of coverage, such as liability. Liability insurance is an essential part of any business policy.
In addition to property insurance, small business owners also need liability insurance to protect themselves from claims. Liability insurance is necessary for businesses providing professional services. This type of insurance pays for any financial losses a client may incur because of the company’s services. Additionally, it covers legal expenses up to the policy’s limits, including your deductible.
There are a number of local insurance brokers in Calgary that offer business insurance. Westland Insurance, for example, provides customised insurance services to over 130 locations throughout Calgary. It offers insurance for all types of businesses and is known for its professional brokers and prompt service. In addition, Lakeview Insurance Brokers has been providing customized services for businesses and individuals since 1979. Their prices are competitive and they offer reliable insurance services.
Business interruption insurance
If you own a business in Calgary, you should consider purchasing business interruption insurance. This type of policy will cover the costs associated with replacing equipment and paying the bills during a business interruption. Unlike home insurance, this kind of insurance is specific to the needs of a business and requires a special endorsement.
BI coverage is important to protect your business against unexpected downtime, and can also help you avoid losing valuable staff members. It can also help you make payroll and cover loan payments. For example, suppose your company suffered a major fire and had to close down operations for 20 days. Without BI, you would have to pay for that amount plus any payments made to your staff.
It would be difficult for your business to continue without interruption, but there are many ways to protect your business from disasters. For instance, your insurance company can pay for a lawsuit that you file if your business closes due to an interruption. You can also buy business interruption insurance in Calgary to cover the loss of your business.
Cyber liability insurance
A cyber liability insurance policy can protect your business from the risk of cybercrime. This type of coverage combines insurance with technology to help you assess digital risks and respond to them. If you’re in Calgary and have a small business, it’s important to consider this coverage if your data is stored online.
Cyber attacks are on the rise, and the costs of a breach can be staggering. The average cost of a cyber breach is over $4 million, and this amount doesn’t include the costs of lost productivity, damaged reputation, or regulatory fines. Cyber insurance also helps cover the costs associated with restoring electronic data.
Cyber liability insurance is important for businesses of all sizes, from small businesses to large corporations. It covers first and third-party liability for breaches of information assets, such as social media posts, online banking transactions, or other Internet communication. Even if you have the best anti-spam software in the world, a breach of security or privacy could put your company at risk. If your company is hacked, the personal information of thousands of customers may be compromised. Similarly, an ill-advised post on a social media website could reach hundreds of people within minutes. This is why cyber liability insurance is just as essential for businesses as traditional commercial liability policies.