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3.0 My Business Needs
#200,138 4th Ave SE Calgary, AB T2G 4Z6
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3.0 My Business Needs

I will learn the importance of business finance, resources, risks, and how to avoid risks in business

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Category: 3.0 My Business Needs

  • 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 Covering Owners, Partners, and Key Employees

 

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.

 

Insurance for Business Property and Earnings

 

Liability Insurance

  • General Liability Insurance  - pays for losses due to injury to clients or employees on the business site.
  • Product Liability Insurance - 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.

 

Liability Insurance

 

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.

 

General Insurance

 

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Category: 3.0 My Business Needs

A risk is a possibility or threat of damage, injury, loss or any other negative occurrence. It is important for me to prepare for different business risks

 

Physical loss

  • Fire
  • Theft
  • Injury
  • Vandalism, etc.

Financial loss

  • Uncontrolled debt
  • Increase in prices of raw materials
  • Hike of currency exchange
  • Increase in price of utilities, etc.

Reputation loss

  • Lawsuits
  • Bad Image
  • Allegations, etc.

Registered businesses are required to follow certain provincial and national laws to avoid risks. This is also important to avoid the imposition of legal and financial charges on the business. Additionally, a business can also have their own internal policies to avoid risks such as work timings, or use of work resources. Some of the major risks are listed down in the tables below. However, I can also consult with the legal service or the City of Calgary to get detailed information on applicable laws according to my business circumstances.

 

Issues with the people working for the business

​Human Resource Policy

​The government of Alberta has defined the minimum wage, working hours and other related aspects as standard for employers. Adherence to the standards is important to avoid legal charges and fines on business. See weblink Employment Standards in Alberta in Links to Important Websites section

Key Areas

  • Pay scales and minimum wages
  • Leaves and vacations
  • Compensations
  • Overtime policy

Health and Safety of the workplace and workers

​Occupational Health and Safety Policy

It is the legal responsibility of business owners to make sure that the working environment is a safe and healthy place for work.

Fail to comply will result in fines up to $500,000 to $30,000 for each day of offense with up to six months of imprisonment.

For 2nd subsequent offense, the fine is up to $10,00,000 to $60,000 for each day of offense with up to twelve months of imprisonment.

See weblink Occupational and Safety Tool Kit for small business in Links to Important Websites section

Key Areas

  • First Aid
  • Workplace violence
  • Dealing with hazardous materials
  • Emergency response protocols

 

Breach of Information and data

​The Freedom of Information and Protection of Privacy (FOIP) Act

This act deals with situations where businesses can have personal or sensitive information about its stakeholders. See weblink freedom of information and protection of privacy (FOIP) Act Links to Important Websites section

Key Areas

  • How to record and safeguard the sensitive information
  • Right to access the personal information

Communicating with external and internal people

Communication Policy

Companies make communication policies to avoid confusion for communicating externally and internally with their employees, suppliers, and customers

Key Areas

  • Brand name
  • Web site and email rules
  • Who can directly communicate to who within and outside the organization

 

Some other examples:

  • Operational Policy is about the use of knowledge and instruments of the business
  • Security Policy is about the general rules to maintain a secure environment and also to respond in case of any emergency situation
  • Use of Space Policy sometimes includes the use of work supplies and parking of a vehicle at the workplace

 

Risk Assessment Form


Step 1

Risk Assessment Form: HIGHEST RISK


Step 2:
Now I will pick the most dangerous risks for my business from the list that I had developed in step 1, and I will re-write them here.

Risk Assessment Form: MEDIUM RISK


Step 2:
Now I will pick the lesser dangerous risks for my business from the list that I had developed in step 1, and I will re-write them here.

Risk Assessment Form: LOWEST RISK


Step 2:
Now I will pick the least dangerous risks for my business from the list that I had developed in step 1, and I will re-write them here.

Risk Assessment Form: LOWEST RISK


Step 3:
Now I will decide that what steps will I take in case the risks mentioned in the above red box become a real situation for my business.

Risk Assessment Form: MEDIUM RISK


Step 3:
Now I will decide that what steps will I take in case the risks mentioned in the above yellow box become a real situation for my business.

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Category: 3.0 My Business Needs

An inventory is any product that is available in stock for business use or sale. Business use inventory is equipment and items in use for the business such as computers, business stationery, furniture, and fixtures. Production inventory is the stock, raw materials, semi-finished items, and finished products for sale.

 

Inventory Management Form: Office or Business Equipment and Items


Fill this form for each type of item separately once in three months.

 

Inventory Management Form: Raw Materials


Fill this form for each type of product separately once in a week for non- perishable item, and twice a week for perishable items.

 

Inventory Management Form: Semi finished Items


Fill this form for each of the item separately once in week.

 

Inventory Management Form: Ready for Sale Items


Fill this form for each of the item separately once a week for non-perishable items and twice a week for perishable items