This is a sample module published to the sidebar_top position, using the -sidebar module class suffix. There is also a sidebar_bottom position below the menu.
This is a sample module published to the sidebar_bottom position, using the -sidebar module class suffix. There is also a sidebar_top position below the search.
Insurance is a guarantee of compensation for specific loss, damage, or illness
Private insurance companies provide insurance
Insurance is mandatory for all businesses in Alberta
There are many commercial insurance companies operating in Calgary that can provide coverage for businesses, however small or large they might be
The average annual cost of insurance for small to medium-sized businesses in Calgary is $400 to $1,000
Insurance fees are called premiums and are paid monthly
Insurance companies cover multiple business risks and give one collective rate written in a document called a policy. For example, a single policy may cover fire and theft or cover health, disability and death.
It is good to speak to several insurance companies to find out what they cover and how much it will cost before buying insurance. Rates vary from one company to another.
Insurance Covering Owners, Partners, and Key Employees
Life Insurance - Life Insurance pays out a sum of money upon the death of the insured person. This is especially important in the case of a sole proprietorship because the owner is personally liable for all the debts of the business.
Disability Insurance - If the insured person is unable to work due to an injury or illness, this insurance will provide income for a specified period.
Partnership Insurance or Buy-Sell Insurance - If a business partner passes away, partnership insurance provides funds to the other partner to purchase the share of the deceased partner. The business can continue running.
Critical Illness Insurance - Insurance pays a lump-sum benefit, in case of critical illness.
Key Person Insurance - If the business relies on certain skilled persons, insurance will protect the business from losses in case of loss of a key employee.
Insurance for Business Property and Earnings
Property Insurance - Properly insurance pays for damage and destruction to the business property if there is a fire or other property damage.
Content Insurance - Insurance pays for contents that are lost, stolen or damaged. Even home-based businesses should have separate insurance for business-related equipment and items.
Business Interruption Insurance - Insurance pays for losses because of business closure. The closure must be due to unavoidable circumstances such as fire.
Vehicle Insurance - Insurance pays for losses or damage to a vehicle due to accidents or theft.
Liability Insurance
General LiabilityInsurance - pays for losses due to injury to clients or employees on the business site.
Product LiabilityInsurance - pays for losses due to defective equipment or equipment use that can cause serious harm to users
Professional Liability Insurance - Protects the client due to errors, omissions or negligence when performing professional services.
Cyber Liability - Protects the client if there is a lawsuit due to an electronic security breach. This insurance also covers theft of devices or data.
General Insurance
Accounts receivable Insurance - Also known as Credit Insurance, this insurance protects clients who go bankrupt or refuse to pay. This insurance is important for businesses engaged in import and export. The government provides insurance to the exporter. For further details on government support visit the Innovation Canada website
Health Insurance - Businesses also buy group health plans to attract and retain employees. Insurance brokers or insurance companies provide plans to supplement health and dental benefits.
