Business Insurance and Why You Need It?

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Business Insurance and Why You Need It?

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Being a business owner, be it a small business or a big one you need to be secured against the risks involved with running a business. It is important that you understand the financial impact of the business risks and their impact on your business sustainability. A small business or a home-based business is most likely to get impacted in case they face any unforeseen problem. Business Insurance acts as a financial blanket for businesses in case of any type of loss in business. Business Insurance helps in mitigating risks related to running a business.
Having Business Insurance is not mandatory in Canada. Having a suitable Business Insurance in Calgary will help you save your business against business uncertainties. Every business is unique, face different types of risk and needs different types of Business Insurance plans. It is important that you get in touch with a trusted and reputed insurance broker in Calgary and discuss your business-specific needs before selecting an appropriate Business Insurance Plan.
iSmart is one of the best Business Insurance brokers in Calgary. We specialize in providing customized small Business Insurance plans in Calgary. Our advisors understand your business needs and limitations and then suggest suitable Business Insurance plans accordingly.

Why Do You Need Business Insurance?

  1.   It Keeps Your Business Safe:
    • Gives protection if any client sues you or your business.
    • Damage/ loss of business property.
    • Loss/ damage of inventory or machinery in case of fire.
    • Loss or theft of confidential data of clients in case the computer got stolen or hacked.
    • Coverage against loss caused because of natural disasters.
    • Coverage against any legal liability.
    • Coverage against any type of legal action in case of a data breach.
    • Coverage for legal fees for any legal action taken by any client or contractor.
  2. It Keeps Employees Safe:
    • Protect employees under ‘Workers’ Compensation Insurance’.
    • Provide medical care
    • Accidental coverage
    • Coverage in case of loss of wages
    • Death benefits
    • In case of any disability, insurance will act as disability insurance.
  3. It Keeps Customer Safe:
    • Damage caused to clients property.
    • Medical coverage if any customer suffers any Injury or accident in your business property.
    • Product liability
    • Any reputational damage caused because of advertising or promotion activity
  4. Increases Business Credibility: If you have covered your business with a suitable business insurance plan in Calgary it shows that you take business-related risks seriously and take necessary precautions. Having Business Insurance shows that you will ensure your clients’ and contractors’ safety as well.
  5. Getting new Business Contracts: Some businesses require insurance for getting business contracts. Business contracts like
    • Any type of loan for business operations
    • Finance for purchasing goods.
    • For renting property for business.
  6. Recruit and Retain Better Employees: By providing benefits like insurance apart from salary helps you retain your employees and attract better resources.
  7. Protection of Management from any lawsuits: There is insurance to protect core management like the CEO of your business from any costly lawsuits.
  8. Coverage against Any Type of Lawsuit: If any client or contractor files a lawsuit against your business, the cost of the same will be covered.
  9. Tax Deduction: The cost of business insurance can be deducted from the taxable income your business generates.
The type of coverage you buy depends upon your business needs. There are different types of Business Insurance available covering different types of business risks. The plan you select will depend upon the following factors.
  • Industry you cater
  • Experience in the sector
  • Size of your business
  • The revenue you generate and projected revenue
  • Employees you have
  • Claim history of insurance

Types of Business Insurance Available

iSmart is dealing in different types of Business Insurance in Calgary. We understand the needs and risks faced by local businesses and provide them with the most suitable pocket-friendly insurance solutions. Business Insurance offered by iSmart are:
  1. Commercial General Liability (CGL) Insurance:
    This type of insurance protects your business against any type of liability like injury or damage to any person or property. CGL insurance covers the cost of any lawsuit, any medical cost for injury caused and legal settlements.
  2. Product Liability Insurance:
    If you are into selling or manufacturing of products this type of insurance will provide coverage against any type of legal suits, compensation claims or any loss caused to complete contracts. It also covers any damage caused or loss of the third-party property.
  3. Error & Omissions Insurance (E&O):
    This type of insurance is beneficial for doctors, contractors, lawyers, real estate agents and many other similar business types. This type of insurance covers losses caused because of negligence, mistakes or wrong decisions. The insurance can protect business owners, employees or subcontractors.
  4. Cyber Liability Insurance:
    You get protection against any type of financial loss caused because of a cyber-attack or breach of cyber security. The coverage is against breach of data, system failure, cyber extortion, privacy liability or any penalties you have to pay because of a cyber-attack.
  5. Commercial Property Insurance:
    Provide coverage for damage caused to structure or property because of any accident. Apart from that it also covers business inventory and equipment. If you are setting up your business or office on a rented or leased property, you must cover it with Commercial Property Insurance.

To get more information on different Business Insurance in Calgary, contact iSmart agents anytime. Our agents will discuss details about different plans available and help you select the most suitable plan as per your business requirements.

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