Commercial Insurance
Protecting the Business You’ve Built
Commercial Insurance in St. Paul, AB
Running a business takes vision and a lot of hard work. Whether you’ve just opened your doors or you’re expanding your operations, your business deserves protection that works as hard as you do. That’s what our commercial insurance is all about—real coverage, tailored to your business needs.
At V.B. Insurance Brokers, we take the time to understand your business, including your goals and risks, so we can create a plan that fits. Customers don’t come to us for cookie-cutter policies, but to have an agent who listens and provides the protection that you need.
What Commercial Insurance Covers in Alberta:
Your business is not quite the same as any other, but there are a few core areas that almost every business should think about when it comes to protection.
Buildings and Contents
Whether you own your office, lease a shop, or operate out of a warehouse, you need coverage for the structure, and for everything you keep inside. Your computers, inventory, tools, and furniture should all be protected from fire, water, theft, and other disasters, so you won’t have to start over.
Equipment and Machinery
Many businesses rely on specialized tools and equipment, especially contractors, manufacturers, and many trades. Our St. Paul Insurance agency helps protect the things that keep your operations moving, whether that’s stationary machinery or the gear that travels with you.
Loss of Income
If something unexpectedly causes you to close your doors, your insurance can help cover lost income so your business survives the downtime. This is especially critical for small and medium-sized businesses that rely on steady revenue to stay afloat.
Commercial Liability
Accidents happen, sometimes even when you do everything right. If someone is injured on your property or claims you caused harm through your services, liability insurance helps protect your business against lawsuits, as well as medical and legal costs. It’s a must-have for any business that deals with the public.
Business Errors and Omissions Insurance
Professional services, like consultants, designers, or accountants, need extra protection. Errors and Omissions insurance covers you if a client claims a mistake or oversight on your part caused them financial harm. Even if you did nothing wrong, the legal costs can be tremendous, so this coverage makes sure you aren’t left footing the bill alone.
Crime Insurance
Unfortunately, internal theft, fraud, and cybercrime are all growing risks for businesses. Crime insurance helps protect your finances and reputation if you’re ever the victim of employee dishonesty, forgery or fraud, or digital attacks.
Business Insurance FAQ
Frequently asked questions about Alberta Business Insurance
What kind of insurance does my business need?
Your insurance coverage should be as unique as your business. As many businesses have unique coverage to meet different needs, these answers provide a general overview on important details and options that apply to multiple industries. For a customized review of your business insurance needs, we recommend speaking with a Broker today.
What does commercial liability cover?
Commercial liability insurance, also known as Commercial General Liability (CGL) insurance, primarily covers a business against financial losses resulting from claims of bodily injury or property damage to third parties caused by the business’s operations, products, or premises. It can also cover legal expenses associated with defending against such claims and any damages awarded by the court.
What is business interruption insurance?
Your business’ ability to generate sales could be threatened at any moment. With business interruption coverage, you’d collect the income you expected to be generated from doing business during repairs and shutdown. Here’s how business interruption (BI) works:
Business Interruption is an optional add-on to your existing commercial property insurance policy. If your business needs to shut down due to a covered peril, BI covers continuing revenues or replaces lost profits. You can choose from three types:
A “gross earnings” policy which pays only until property or stock is replaced or damage is repaired. This helps maintain cash flow when damaged stock or inventory is unsellable.
A “profits form” policy which continues to pay until your business resumes its normal, pre-interruption level, subject to limits
An “extra expense” policy for businesses that can continue to operate during periods affected by loss and/or damage. For example, it could cover the cost of moving to a temporary location while your premises are repaired.
Can I insure my business equipment and inventory?
Yes, whether you own, rent or lease; equipment and inventory can be added to your commercial property policy.
Is my home-based business covered under my home insurance?
Home insurance does not cover claims which relate to the business. For this reason, it is important home-based business owners get insurance which meets their business needs. Some common insurance business insurance coverages include general liability insurance (which could help with costs if there is damage to the business property or a lawsuit due to a customer being injured) and business property insurance (which could cover costs to repair damage to a business owner’s home).
Do I need separate insurance for my commercial vehicle?
Regardless of where your business is located, purchasing auto insurance is mandatory across Canada. Beyond securing the mandatory coverage set out by each province and territory, you can select additional commercial vehicle coverage for owned or leased cars, trucks or fleets of vehicles used by your business. Knowing your responsibilities can help you confirm adequate coverage.
What’s the difference between normal liability and professional liability?
If you’re paid to provide professional services or advice, you may need professional liability – also known as errors and omissions – insurance. It would cover damages and defence for financial loss or bodily injury claims arising from acts of professional negligence such as:
- giving a client professional advice that’s inaccurate or incomplete and the client’s business suffers as a result
- services provided by one of your employees, who’s a professional technician, leads an individual being Injured
- an employee, who’s a trained psychologist, speaks to a teen who calls your non-profit’s teen crisis hotline. Subsequently, the teen harms themself and their family sues your organization
Such insurance will cover you if you provide a service – such as hairdressing or dog grooming – that goes awry and causes damage or injury. This kind of insurance may be offered through professional associations.
It’s important to know definitions of ‘professional’ can vary.
How much commercial insurance is enough?
Your insurance representative can confirm what’s specifically covered by your commercial property policy and advise about optional add-ons.
Am I allowed to make changes to my commercial insurance policy?
Yes, changes can be made anytime required. It’s best to review your policy at least once a year to ensure up to date information and proper coverage placement.
Commercial and Business Insurance: Why It Matters.
You don’t have enough time to worry about all the “what ifs” in your business. But ignoring potential risks to your business doesn’t make them go away.
At V.B. Insurance Brokers, we know that with the right coverage in place, you can focus on growing your business and pursuing opportunities, no matter what happens.
Get the Right Insurance for Your Business
We’re here to understand your business, explain your options using plain language, and leave you with the peace of mind that your important assets are covered.