With over 49,000 small businesses and over 2,600 medium and large businesses, Calgary is Alberta’s financial and economic capital. But with this lofty title comes a very real exposure to risks. As a business owner in Calgary, it’s essential to protect yourself from lawsuits and claims alleging wrongdoings. Fortunately, our expert team at LiabilityCover can connect you with the country’s leading insurers.
In the subsequent sections, we’ll explore the various types of business insurance Calgary has to offer.
Commercial Insurance for Businesses of All Shapes and Sizes in Calgary
Commercial insurance, or business liability insurance, protects business owners in Calgary from financial losses due to unexpected incidents that may happen during day-to-day operations.
It can be tricky to know where to start with so many cover types to choose from. This is why our dedicated team at LiabilityCover is here to help. We’ll analyze your insurance requirements and connect you with one of the best licensed brokers and agents in the country with industry-specific experience. We do all the hard parts for you.
What Does Business Liability Insurance in Calgary Cover?
Business liability insurance is a universal term used to describe the many kinds of coverage available to Calgary business owners.
Some of the insurance policies you may benefit from include the following:
- Commercial general liability insurance coverage — No matter your size or type of business, you need a CGL policy. It financially covers you against claims alleging third-party property damage or bodily injury caused by your company. Typically, it’ll pay for compensatory damages, legal defence, and medical bills associated with a lawsuit. We suggest this policy if:
- Your clients visit your office or home.
- You visit your clients’ offices or homes.
- Your employees conduct business off-site.
- Professional liability insurance coverage — Sometimes known as errors and omissions insurance, professional liability insurance protects you from third-party claims alleging financial loss resulting from a service you provided. It includes misconduct, failure to deliver services as advertised, and negligence too. We recommend this policy if:
- You offer advice or services for a fee.
- You develop products or devices.
- Cyber liability insurance coverage — It covers the costs associated with system and customer data cybercrime. Events such as holding data hostage, stealing sensitive information, taking over your website, or infiltrating your company’s computer network can have costly consequences. Thus, this policy negates worrying about these problems. We suggest cyber liability insurance if:
- You store your customers’ data digitally.
- You use point-of-sale systems.
- You provide hardware or software services.
- You use computer or cloud systems to store data.
- Product liability insurance coverage — It protects you against claims alleging third-party bodily injury or property damage caused by a product you manufacture, distribute, or sell. You need the policy if you supply products to customers, including food and beverages.
- Directors and officers insurance coverage — D;O coverage provides financial protection against losses or legal defence against somebody who serves on your board of directors. Your executive-level members can be held liable for allegations like negligence in their duties, breach of common law duties, violation of provincial laws, and more. Whether for-profit or not, any company with a board of directors needs a D;O policy.
- Commercial property insurance coverage — It covers the cost of damage or physical loss of your property and its contents due to an unforeseen incident like theft, fire, or vandalism. We recommend this policy if:
- You have a commercial or office space.
- You lease or own a commercial structure, inventory, or equipment.
- Your employees conduct off-site business.
- You use machinery, computers, or hardware for work.
- You use portable devices like mobile phones, tablets, and laptops for business reasons.
- Commercial auto insurance coverage — It provides coverage for vehicles used for work purposes. Any automobile used to transport packaged goods, people, tools, equipment, or materials should be covered by a commercial auto insurance policy.
- Legal expense insurance coverage — Retaining a lawyer can be expensive. Therefore, this policy gives you access to free legal advice on a range of common business topics.
Who Needs Business Liability Insurance Coverage in Calgary?
Whether you’re a non-profit, for-profit, large, or small business, owning insurance is critical to ensure longevity. Covering yourself from the expenses related to unforeseen events like damage to third-party property and accusations of defective products helps your business stand the gruelling test of time.
How Much Does Business Liability Insurance in Calgary Cost?
For most small businesses in Calgary, a basic commercial general liability insurance policy with a $2 million limit costs approximately $650 per year. However, your specific quote depends on a number of factors, including:
- Your industry
- Your years of experience
- Your company’s revenue
- Your claims history
- Your business location
- Your business size
If your business operates in the following Calgary neighbourhoods, you may experience higher insurance prices on account of their higher-than-average crime rate:
- Red Carpet Trailer Park
- Forest Lawn
- West Dover
- Chateau Estates Trailer Park
- Country Hills Village
- Penbrooke Meadows
Why Choose LiabilityCover?
At LiabilityCover, we specialize in pairing Calgary professionals like you with the top licensed insurers or agents in the country.
We’ve worked hard to ensure a reliable seamless process that lets you acquire the insurance you need as quickly as possible. We know the world of commercial insurance can be daunting, so we aim to decrease the worry by doing all the hard work for you.
Frequently Asked Questions
Where Do Small Businesses Thrive in Calgary?
You can make a small business work almost anywhere with the right mindset. However, some of the best neighbourhoods for small businesses in Calgary include:
- Signal Hill
- Downtown Commercial Core
- Huntington Hills
- Arbour Lake
- Lake Bonavista
- Crescent Heights
- Scenic Acres