Business Insurance In Calgary
As one of the largest cities in Canada, Calgary is an excellent place to start a business. A few of its biggest industries include agriculture, financial services, and oil and gas. If you own a company in Calgary, you might be wondering how to best protect your business.
All sorts of issues can arise within a company. When you employ dozens of people, the cost of property damage, business interruptions, and legal issues can be quite costly. With commercial insurance, you can protect your business against a range of insured losses.
At Westland Insurance, we get to know your business to find out what kinds of risks you face. We take a holistic approach to managing risks and building an insurance portfolio that suits your business.
Industries We Provide Business Insurance For
At Westland Insurance, we offer Calgary business insurance for the following industries:
- General contractors
- Heavy equipment
- Construction businesses
- Contract surety
- Oil and gas business operations
- Faith-based organizations
- Schools and educational institutions
- Equestrian facilities
- Small contractors
- Community-living facilities
- Wineries and breweries
- Hospitality businesses
Do you work in an industry that’s not listed above? Don’t worry; when you contact Westland Insurance, we’ll connect you with an insurance advisor who can help.
Types of Business Insurance We Provide
When you’re busy managing a business, it’s tough to know what the right coverage for your company is. We’ve compiled more information about the coverage that insurance policies offer:
With commercial general liability insurance (CGL), you’ll be covered from risks including bodily injury and property damage to a third party that may be caused by your operations. You could be held liable if your products or services cause harm. If claimants are seeking compensation for damages, liability insurance offers coverage for defence costs and legal expenses.
With commercial general liability insurance in Calgary, you can protect your business from the cost of lost wages, compensation for property damage, and medical expenses.
Depending on your industry, you’ll face a different level of liability risks. With professional advice from our insurance experts, we can help you assess how much coverage you need based on your earnings, business type, and perceived risk.
Small businesses have a unique set of insurance needs. At Westland Insurance, we understand that; we tailor your small business insurance based on the specific risks you face.
Protect yourself against unforeseen events and unexpected losses with Calgary business insurance for small businesses. With a small business policy, you gain access to coverage like business interruption, business property, and business liability insurance.
With each passing year, more businesses move their products and services online. This places them at a greater risk of cyberattacks. If you’re concerned that your business could be targeted in a data breach or cyberattack, you need Calgary business insurance.
Cyber insurance is especially important when you work in the technology industry. As a business owner, you’re responsible for safeguarding the information of your customers. If someone hacks into your network, your business could face detrimental losses. This policy offers coverage for business interruption, forensic support, cyber extortion defence, and legal support.
If your property is damaged, it can interrupt your day-to-day operations. Commercial insurance will help you protect your most valuable assets. It includes coverage for the following claims:
- Inventory repair/replacement
- Property repair/replacement costs
- Business interruption
- Recovery time
With property insurance, you can recover quickly after an insured loss to resume your operations ASAP. Based on factors like the value, age, and construction of the building, the costs of your commercial insurance will vary. Minimize potential losses with business insurance in Calgary.
How will you cover the bills if you need to close your doors for a few weeks? Not only will you lose out on income (and potentially a few customers), but you won’t be able to cover wages. Your employees depend on you for income, even when you’re facing a financial loss.
Coverage areas include expenses & payments (utilities, rent, and other recurring bills), loss of income, and extra expenses (like renting a temporary space while yours is being repaired).
This coverage is included in most commercial insurance policies. However, you may want to expand your policy limits depending on the size of your company.
As careful as we are, mistakes happen. In a business setting, even a small error can end up costing your client significantly.
Errors and omissions insurance is a form of specialized coverage. Also known as professional liability insurance, this commercial insurance package is designed to offer financial assistance after an error occurs. It provides you with peace of mind to know that if you make a mistake, you’ll have adequate protection. Any business that provides a product or service to clients can benefit from this policy.
Do you use vehicles for business purposes? If you drive a car or truck for your company, this is the business insurance policy that you need. A common misconception is that this policy is only for businesses with large fleets of vehicles. But even if you have one company car, this insurance plan will offer the coverage you need. You can adjust your insurance based on the value of your vehicle and how frequently you use it. Choose a fleet plan to insure large groups of vehicles.
Directors and officers liability insurance (D&O) helps executives manage litigation issues that may result from errors in judgement. Whether you have 10 employees or 100, one decision can affect dozens of other people, including your clients.
This policy can cover lawsuit or mismanagement costs that may arise from a D&O claim. Examples of these issues include workplace safety issues, accusations alleging breach of duties, and failure to comply with laws and regulations.
What Affects the Cost of Your Calgary Business Insurance?
Every company is unique. When you’re seeking coverage for your business, your commercial insurance rates will vary based on:
- Industry. Depending on which industry your business belongs to, you could be at a higher risk of various losses or perils.
- Revenue. How much income does your company generate? To estimate the cost of business interruption coverage, an insurance company will factor in your total profits.
- Property value. If you work out of a brand-new building, it will cost more to replace it. Alternatively, one that’s quite old may be at a higher risk of needing repairs.
- Inventory. The total value of your vehicles, products, and equipment will factor into your overall commercial insurance costs.
- The number of employees you have. When you employ more people, business interruptions will have a greater impact.
It’s important to choose an insurance policy that matches the value and size of your business. Otherwise, you may find out that you’re underinsured when a loss occurs. As your business grows, be sure to update your policy regularly.
Request an Insurance Quote Today!
Interested in Calgary business insurance? When you contact us, we can answer any questions you may have about your insurance needs. At Westland Insurance, we always put the client first to find the right coverage for their business.
Our knowledgeable insurance advisors offer professional service to help Calgary business owners find the best coverage for their companies. We offer our services in the following locations:
Manage the risks of running a business with commercial insurance. To request a business insurance quote in Canada, contact us today!