Out of all businesses in Alberta’s capital, Edmonton, 94.4% are small businesses, which are highly susceptible to third-party liability claims. With that in mind, securing a comprehensive coverage package is essential to your company’s long-term survival. At LiabilityCover, our experienced team provides seamless access to the country’s best insurers without you needing to lift a finger.
Below, we’ll answer your burning questions about business liability insurance in Edmonton to help you understand which policies your company needs.
Commercial Insurance Coverage For Businesses of All Kinds and Sizes in Edmonton
Business liability insurance protects you from losses due to unexpected incidents that could occur, such as errors, property damage, and injuries.
Edmonton is home to a wealth of industries, the most economical of which are energy, agriculture, manufacturing, advanced technology, tourism, and financial services. With so many professions in this Alberta city, finding diverse brokers and agents to satisfy the limitless insurance requirements is vital. Luckily, LiabilityCover can help you do just that!
What Does Business Liability Insurance in Edmonton Cover?
Business liability insurance isn’t a type of insurance. Instead, the term is used to indicate multiple coverages.
Explore some of the specific policies available to businesses in Edmonton below:
- Commercial general liability insurance coverage — Protects against third-party claims of bodily injury or property damage.
- Commercial property insurance coverage — It’s similar to standard home insurance policies but provides protection for business premises. It financially covers the loss or damage of your company’s building and its contents resulting from an external disaster (e.g., fires and thefts).
- Commercial auto insurance coverage — Any vehicle owned or rented by your business should carry commercial auto insurance coverage. Your personal policy will not protect against accidents while driving for work purposes.
- Cyber liability insurance coverage — It covers the notification, response, management, restoration costs associated with digital data breaches and cyber-attacks. You can add cybercrime insurance on top of the policy to protect against phishing and similar crimes.
- Product liability insurance coverage — It financially covers you for claims of third-party bodily injury or property damage due to a product you sell, distribute, or manufacture.
- Directors and officers insurance coverage — It personally protects individuals who serve on your board of directors and their assets if they’re named in a lawsuit.
Who Requires Business Liability Insurance Coverage in Edmonton?
No matter your business type, acquiring insurance is vital to protect the longevity of your company. We’ve helped hundreds of tradespeople and professionals access the comprehensive coverage, some of which you can find below:
How Much Does Edmonton Business Liability Insurance Cost?
You should anticipate spending around $650 per year on a basic commercial general liability insurance policy with a $2 million limit as a small business in Edmonton.
But, there isn’t a one-size-fits-all policy, so your premium changes, depending on the following factors:
- Your industry — Some industries are riskier than others. The more risks with your trade, the higher your insurance premiums become.
- Your business location — Some neighbourhoods in Edmonton are more dangerous than others. If you operate from a place with a high crime rate like those listed below, you’ll likely deal with increased insurance costs:
- Blackmud Creek Ravine
- Yellowhead Corridor – East
- Maple Ridge
- Boyle Street
- Central Mcdougall
- Your years of experience — The longer you’ve worked in your industry, the lower your insurance premiums. Providers believe that experience reduces the likelihood of making mistakes, thus lawsuits.
- Your insurance claims history — You’re more likely to benefit from lower premiums if you have a clean insurance claims history. If you’ve made multiple claims before, insurers assume there’s a higher chance that you’ll claim again.
- Your business size — The number of people working for your business can raise your premium price. As an employer, you could be held liable for your employees’ mistakes. Therefore, your insurance prices increase as your workforce grows.
- Your business revenue — While a high income is great for business, it shows insurers you have more at stake if somebody files a lawsuit against you. Third-party lawyers are bound to request more in damages if they know your large turnover can cover it.
- Your insurer — Of course, every insurer prices their coverage differently. But you don’t need to worry about that with LiabilityCover. We put you in touch with licensed brokers and agents offering the most outstanding value for money.
Why Choose LiabilityCover?
Approaching brokers on your own leaves you with numerous quotes with a variety of limits and prices. But with our experienced team, we consider our network of licensed, top-class brokers and agents before connecting you with your company’s perfect match.
We find you the coverage you require at wonderfully competitive rates.
Frequently Asked Questions
Where Do Small Businesses Thrive in Edmonton?
Some popular areas in Edmonton where small businesses are particularly successful are as follows:
- Downtown Core
- Boyle Street
- Queen Mary Park
- Queen Alexandria
- Terra Losa
How Much Business Insurance Does Your Edmonton-Based Business Need?
The only way to find out exactly how much coverage you require for your Edmonton-based business is to let our team connect you to a licensed broker with industry-specific experience. They consider all aspects of your company and customize the policies to use your unique requirements.
However, you can get a general idea of how much liability insurance you should purchase by asking yourself the following questions:
- Where is your company located? Do you have numerous business locations?
- What type of business do you run?
- How big is your business? How many employees do you have?
- Who are your customers and target markets?
- Do your employees have a lot of industry experience and qualifications?
- Are you the only owner of the business? If not, what is your company’s ownership structure?
- Where is your business headquarters?
Basically, the more risks, the more insurance your business needs. Plus, it’s likely to change throughout your company’s lifetime. Therefore, you might need to rethink your coverage at some point too.