Business insurance or commercial insurance are synonymous terms in Calgary, AB or for that matter any province in Canada. If you are a small business owner, and looking to either buy business insurance, or renew an existing policy, then it is best to seek the help of a professional business insurance broker.
Although insurance is simple to understand, there could be folks who find it difficult to understand insurance jargon, or the rules of coverage mentioned in the terms and conditions of an insurance policy. As the policy document is usually 40-50 pages it makes sense to mention the main points in a Business Insurance Quote Calgary:
Business risks and exposure
This relates to the risks that are most commonly associated with the industry in which you are operating. As you are expected to be an expert in your own industry, it is advisable to do research on the most commonly prevalent risks and any incidents that have happened recently, or claims lodged. With this knowledge you would be in a better position to determine whether you are adequately covered, or not.
Reduce your exposure
Try and work out ways to reduce the exposure of your risks. For example if you store customer related data in your systems, then ensure that the data is kept confidential remains out of access to others, either through encrypting, or by using a firewall. This will reduce the chances of cyber attack and will also reduce your premium.
Select your policy limits
Usually the business insurance policy limit is set for $1M or $2M liability. This is the upper limit of what an insurance company will pay in the event of a loss. To protect yourself and to ensure that your upper limit is set correctly, identify the worst-case loss scenario for your business, and work from that point onwards to determine how much you would need to spend to recover from that loss. This loss cost should be your starting point to work out the upper liability limit of your business insurance.
Check your existing coverage
If you already have a running business insurance policy, then check with your broker on the risks for which you are covered. Sometimes the fine print in the policy escapes attention and you might not be aware of the risks for which you are already covered. For example, employee theft is a common risk for which you are protected under commercial property insurance.
Solicit business insurance quotes from different brokers
Once you have a fair idea of your needs, you need to solicit business insurance quotes from different brokers. For this you will need to study each business insurance quote Calgary and then ask your broker to describe the policy and coverages in simple terms to make sure you understand what is included. In this way you will be able to reduce the limits of or exclude unnecessary coverages to secure a better business insurance quote Calgary. Also, this discussion will enable you review all the sub-limits, as each coverage on your policy could have a different limit.
Pay special attention to the list of exclusions
Check your business insurance quote with a microscopic view to ensure that the list of exclusions does not include any of your major risks. If that is the case, check for another policy or speak with your broker.
Ensure that you get retroactive coverage
A business insurance quote should allow for a retroactive coverage to a past date. This is because any loss or damage from a past occurrence could go unnoticed and your claim will be denied, if the incident did not occur in the policy period.
It pays to engage with a professional business insurance broker and seek a business insurance quote Calgary.