Every business has its own unique needs when it comes to commercial insurance, so we never advise purchasing a business policy “as is.” It is unlikely that cookie-cutter coverage will have all the components needed to keep your business – and your customers – fully protected.
As experienced insurance brokers, we at Lane’s know the right questions to ask to make sure all aspects of your business are covered. Our commercial insurance experts will work through the specifics of your company with you so that you can be confident you are thoroughly safeguarded against risk and can concentrate on what matters … your company and your customers.
Here is a high-level overview of some of the more common commercial insurance questions we are asked. These are intended to assist you in starting to think about the possibilities available and the potential gaps in your current coverage.
Will I be covered if there is a flood?
Flood insurance can be added to commercial insurance policies. If your business is located in an area that is at high risk for flooding, such as near one of Calgary’s rivers, this is highly recommended. And, of course, we always stress the importance of sewer back-up coverage, an incident that is far more common and just as destructive.
Do I need to let my insurance provider know of changes to my business?
Absolutely yes, you do need to let your commercial insurance provider know of any modifications to your business, and it’s best to do it before any changes are actually made. Don’t expose yourself to unnecessary risk due to simple neglect. If you have decided to switch up the product you provide or offer a different service, these changes are called a “material change in risk” and are more than likely going to require a review of your insurance by a knowledgeable broker.
What if there is a fire?
Fires caused by a named peril such as malfunctioning equipment, a faulty electrical system or naturally occurring events such as a lightening strike, should be covered by your commercial insurance policy. Consider adding business interruption insurance to your package as well to provide compensation for financial losses resulting from the temporary or long-term shutdown of your business operations. Always keep your employees well trained in fire safety and risk management to reduce the likelihood of something like this happening.
What is general liability insurance?
General liability insurance will provide assistance with litigation due to your business’s actions — or lack of appropriate actions — causing property damage, injury, illness, death, or other losses. Commercial general liability coverage offers coverage for incidences of third-party property damage and third-party bodily injury.
Additional types of liability coverage you may consider include:
- Employer liability
- Employment practices liability
- Employee benefits liability
- Management liability
- Legal expenses liability
Do I need errors and omissions insurance?
Errors and omissions insurance (or professional liability insurance) is an additional type of business liability coverage that provides a high level of protection against litigation due to allegations of misrepresentation, breach of professional services, wrongful business practices, misleading advice and conflict of interest. There really is no business that doesn’t need errors and omission coverage, as every type of service provider can make an error (or an omission) that causes their clients or customers some degree of mental, physical, or financial harm.
Does it make a difference if I work from home?
Working from home has its positives, but it can also come with some risk. If your house is also your office, you should let your home insurance provider know. Basic home insurance is not designed to cover commercial property and equipment.
In addition, due to the prevalence of highly immoral and corrupt hackers in today’s technological world, additional cyber insurance can save your business. Cyber insurance is specifically designed to protect organizations and businesses from financial losses resulting from online criminal activity.
Can I use my car for work?
Those who use their vehicles for work are able to add a commercial endorsement to regular auto insurance policies to ensure complete protection. If you do not let your provider know that your vehicle is being used in such a manner and they discover it is, it may nullify your agreement.
If you own several vehicles that are being used regularly for company business, you will require a commercial auto insurance policy.
Trust Lane’s for all Your Commercial Insurance Needs
Lane’s Insurance is pleased to serve business owners throughout Alberta. Use the following regional links to contact us at:
Remember: Your best insurance is an insurance broker.