Insurance for small businesses in Alberta
Starting your small business is an exciting time, but it also has its challenges. Part of the setup includes making sure you’re adequately covered. Depending on the industry and type of business you run, there will be some differences in the coverage you need but here are some common insurance types for small businesses:
Every business should have property, commercial general liability, workers compensation (handled by WCB in Alberta), and health / life / disability insurance.
Depending on your needs, most businesses should also consider having auto, cyber/privacy breach, crime / employee dishonesty, business interruption, and umbrella / excess liability.
Many businesses also have professional liability / Errors & Omissions (E&O) / malpractice coverage (all names for the same thing), directors & officers liability (D&O), pollution, cargo / property in transit and contractors equipment.
If you have a specialist business, industry-specific insurance might be required, such as: aviation, control of well, rip & tear, garage, and numerous others
The best thing you can do while in the process of planning the setup of your business is to consult with an insurance broker. Your broker will be able to walk you through an insurance program and guide you in choosing the right coverages to match your needs.