When you start a business, you expose yourself to significant risks. A company can be in danger even before the first employee is employed. Therefore, it is critical to have the appropriate insurance in place.
A single lawsuit or catastrophic catastrophe might be enough to destroy your company before it gets off the ground.
Luckily, you can protect your business against these risks by choosing various insurance plans.
Business insurance also protects companies from losses that may arise during the usual course of business. There are many different forms of company insurance, including cover for property damage, legal liability, and employee-related incidents.
Here is some affordable business insurance in Calgary that you should invest in as soon as possible.
1. Property Insurance
Property in Calgary will cost you an average of $1,923 to insure. That equates to $160 each month. This cost is less than the provincial average of $1,837 per year, or $153 per month.
Property insurance is necessary whether a corporation leases or owns its premises. In the case of a fire, storm, or theft, this insurance protects your equipment, signs, inventory, and furnishings.
However, floods and earthquakes are often not covered by ordinary property insurance plans. If your location is prone to these problems, consult with your insurer about the cost of special coverage.
2. Home-Based businesses
Home business insurance typically costs between $750 and $1,500 per year.
Many professionals start their small enterprises from home. But unfortunately, home-based enterprises are not covered by homeowner’s policies in the same way as commercial property insurance.
Home-based business insurance protects owners against third-party liability, property damage, and other claims.
When choosing home office insurance coverage, you must account for the complexities of combining personal assets and business liability. This is why owners of home-based businesses must select insurance suited to the specific mix of home-based risks.
3. Car Insurance
In Calgary, the average premium paid by a business with one car is $1,500 per year, or $125 per month. The Alberta provincial average is $1,316 per year, or $109.67 each month.
If company cars are utilized, they should be completely insured to protect your business from liability in the event of an accident.
If workers use their vehicles for business purposes, car insurance will protect them in case of an accident. It includes when they provide products or services.
4. Worker’s Compensation Insurance.
Workers’ compensation insurance coverage costs $47 per month, or $560 per year.
When the first employee is employed, worker’s compensation insurance should be added to a company’s insurance policy. It will cover medical care, death, and disability, payments if an employee is hurt or dies due to his job for that company.
Slip-and-fall injuries or health concerns such as carpal tunnel syndrome might end in a high claim without insurance even if workers perform low-risk employment.
5. General Liability Insurance
The cost of general liability insurance varies depending on your company’s activities and insurance coverage, among other things. However, the average price of this insurance is $42 per month for small enterprises.
Most small businesses require this insurance, especially if they rent or own office or commercial space. In addition, general liability insurance covers joint liability claims made by third parties.
Commercial general liability insurance will pay your legal defense expenses if someone sues you for physical harm, advertising injury, or property damage. Your CGL coverage might cover the whole thing, from employing a lawyer to court-ordered settlements and judgments.