Alberta Small Business Insurance
Leading small business insurance brokers in Alberta
There is no better feeling than starting up your own small business and watching it grow and thrive. However, a part of running a business of your own is protecting it and mitigating your risks. What would happen if your business’s property were to sustain damage from an unexpected fire? What if a product needed to be recalled due to its malfunction? What if a client blames your professional advice for a financial loss? Could you repair your company’s reputation or handle the rebuild costs without any help?
Small business insurance can help. If you’re the owner of a small business, insurance cost shouldn’t be a small fortune and it shouldn’t be a hassle. Unfortunately, many small businesses face challenges in getting the right insurance for their company.
No matter the size of your business, our Alberta brokers can help
Acera Insurance is the best of both worlds: access to a network of over 100 global small business insurance companies and a dedicated, specialty team that offers you personalized attention with exceptional industry knowledge and experience.
Because we’re independent, operate across Canada, and have a large number of insurance companies, we can deliver competitive small business insurance quotes.
Whatever the size or type of your business, at Acera Insurance we can help you find affordable and flexible small business insurance.
Together, we can help protect your small business, wherever it operates in Canada or internationally. You can request a small business insurance quote online, by phone, or stop by one of our offices to meet us in person.
In Alberta, who needs small business insurance?
Whether you’re a solo entrepreneur, a home-based business owner, or running a growing team, small business insurance is essential protection against the unexpected. Here are some of the professions and organizations who may need small business insurance in Alberta :
- Sole Proprietors
- Consultants
- Contractors
- Cooperatives
- Partnerships
- Corporations
- Non-Profits
Don’t worry if your profession isn’t mentioned above. You can request a quote online, by phone, or at one of our branches, and one our experienced brokers will be able to help.
Interested in bundling your CGL, E&O and cyber insurance in minutes?
Acera Insurance offers EasyCover where you can get a quote online, bind your policy and pay online in only a few short minutes. Get comprehensive coverage and affordable rates quickly and easily.
Here are some of the benefits of EasyCover:
- Get free online quotes 24/7
- No long, confusing applications to fill out
- Purchase and manage your policy online
- Support by phone, email or chat
- Option to bundle with other coverages
Types of small business insurance coverage in Alberta
- Property Damage
- Commercial General Liability
- Professional Liability
- Product Liability
- Cyber Liability
- Directors & Officers Liability
- Equipment Breakdown
- Business Interruption
- Commercial Vehicle
A basic small business package includes liability insurance and property damage, however, you may require additional coverage to adequately protect your business. Our small business insurance brokers can help you determine your needs and work within your budget to find you insurance that works. Continue reading below to learn more about each coverage type.
Expanding on key Alberta small business coverages
Here is more information on some of the most essential commercial insurance protections which are applicable to many small businesses.
Property damage insurance for small businesses in Alberta
This essential small business insurance coverage offers protection for the physical assets of your business such as the premises (if you own it), equipment, inventory, and other business-related property. If your business’ property is damaged or destroyed, this coverage will help you recover. The causes of damage covered can include:
- Fire (including wildfire)
- Explosion
- Smoke
- Falling object
- Lightning
- Hail
- Wind (including tornadoes)
- Theft
- Vandalism
- Snowstorms
- Electricity
- Sewer backup*
- Overland water (flood)*
- Groundwater*
- Earthquake*
*May require the purchase of additional coverage.
Alberta small business commercial general liability insurance
Regardless of your industry, you need commercial general liability for small businesses. If someone is injured or has their property damaged while on your company’s property or due to its operations, they can hold your business liable. This coverage may help cover legal expenses and medical costs related to such an event.
This liability insurance for small businesses is essential for all industries as accidents can happen at any time. For example, if someone enters your store, restaurant, or office, and trips and breaks their wrist, they could hold your company liable for their injury. Small business general liability insurance will help protect you and manage your financial risks.
Alberta small business professional liability insurance
If your growing enterprise provides professional advice or a professional service, professional liability insurance for your small business is essential.
This coverage helps protect you if a client claims financial loss as a result of your advice or service through potentially helping to cover your legal expenses including defence costs, settlements, and awards. It is a vital coverage for many small business owners—especially consultants and contractors.
This coverage is also known as errors & omissions insurance or E&O coverage.
Alberta small business cyber liability insurance
Did you know that small business are often at a higher risk of a data breach or cyberattack? This is often because they’re more vulnerable without the sophisticated software or security practices found at larger companies. This coverage can help your business recover after a data breach or cyberattack as well as provide risk management tools to protect your small business.
Alberta commercial vehicle insurance
If you use vehicles for your company, you may need small business commercial vehicle insurance.
Keep in mind that all small business insurance has a policy limit and you generally need to pay a deductible before your insurance kicks in. In Alberta, it is legally required for all commercial vehicle insurance policies to include, at a minimum, third-party liability, accident benefits and direct compensation property damage. There may be additional coverage that benefits your business, which is why a small business insurance broker is a helpful asset.
Business interruption
Also known as income interruption insurance, this coverage can help your small business survive a temporary shutdown due to a mandatory evacuation, covered claim, or other unexpected events. It helps cover necessities such as utilities and payroll. Some policies also include funds for temporarily relocating. If a sudden halt in business would severely impact your business, this coverage is a fantastic way to protect your financial security and keep your company afloat during an already difficult time.
Alberta equipment breakdown coverage
If your business relies on essential equipment, this coverage is for you. If that equipment breaks down and requires replacement or repairs, this coverage can help cover those costs. Some policies also include business interruption insurance, too.
Alberta small business product liability insurance
If you sell or manufacture products, this small business liability insurance can help protect your business if someone is injured or has their property damaged by your product or its malfunction.
Alberta small business directors & officers liability insurance
As a business owner or director or officer titleholder, you can be held liable for wrongful acts in your role. This small business liability insurance provides additional liability protection in the event this happens to you.
The importance of small business insurance for Alberta businesses
Small business insurance in Alberta can protect businesses against financial loss from liability claims that allege errors, property damage, bodily injury claims or a cyber breach. Without adequate insurance, business owners are at risk of losing money and their reputation.
The Canadian Federation of Independent Business (CFIB) Business Barometer report shows that small businesses in Alberta ended 2022 with a mixed outlook; the 12-month index only increasing 0.9% to 50.0 index points, which is quite low and often seen around recession periods. See the full report here. Even with tighter profit margins, having insurance provides increased financial stability in the event of an unexpected claims scenario, which can often make or break a small business.
You may also need business insurance coverage for proof of insurance depending on your industry regulations, contractual obligations, and landlord requirements.
Insurance can greatly increase your business’ odds of success. Our small business insurance experts will help you find the right insurance solutions for your needs – or, if you want to buy insurance right away, you can visit our online portal and get started.
How much small business insurance coverage do you need in Alberta?
Consider the following tips for helping you select the right level of business insurance coverage:
- Make a list of possible losses and liabilities for your business. You should include any assets, vehicles, equipment, and supplies that are essential to your business.
- Distinguish between the personal and commercial: This is particularly important for small businesses that use their home or car for business purposes. Commercial activities can cause damage to your personal insurance policy.
- Learn more about premium reduction strategies: Talk to your broker to find out how you can lower your business premium. Ask about discounts on multiple policies purchased from the same provider or consider ways to lower your risk profile.
- Look for a broker that understands your industry. You need a broker that has the experience to select the right insurance policy for your business.
For advice on coverage levels and determining how much coverage you need, contact Acera Insurance.
Our diverse experience.
As one of Canada’s leading independent insurance brokerages, we proudly support Alberta’s small businesses—whether you’re in Calgary, Edmonton, Red Deer, or anywhere in between. Our team brings local insight and deep industry expertise to help businesses of all shapes and sizes find the right coverage to grow and succeed.
We have specialized knowledge in these and other key sectors:
Automotive Services
Health Care
Hospitality
Manufacturing, Distribution & Wholesale
Non-profit
Oil & Gas
Professional Services
Realty
Retail
Recreation
Technology
Transportation
Alberta small business insurance: What affects your premiums and how to save
Running a small business in Alberta comes with unique challenges—and risks. At Acera Insurance, we help you protect what you’ve built by offering the most competitive small business insurance quotes in the province.
Because we’re an independent brokerage, we work with a wide range of commercial insurance providers. That means you benefit from competitive pricing, coverage options tailored to your industry, and expert advice from brokers who understand Alberta’s business landscape.
What impacts the rates of small business insurance in Alberta?
You might be wondering what determines your small business insurance premium. Like with your car or home insurance, the pricing for your commercial insurance is dictated by a number of different factors. Here are a few of them:
- Your industry and the type of work you do
- The size of your business
- Your business’ average revenue
- Your risk-mitigation and damage prevention efforts
- Your coverage options including settlement option, policy limits, and deductible
- Where your business is located and where it operates
- The value of your company’s property
- Your insurance and claims history
How much does small business insurance cost in Alberta?
While you can spend between $5k to $10k in startup costs for a small business in Canada, you can spend significantly less to start an online business. However, no matter what type of business you have, without a secure business insurance policy, if something goes wrong you will be paying large amounts of money out-of-pocket.
A basic commercial general liability policy for a small business with a $2 million coverage limit will cost you anywhere between $400/year to $1,500/year.
There are many moving pieces to starting a new business. To navigate the insurance side of things, reach out to Acera Insurance for advice. If you decide to purchase a business insurance policy on the spot, it’s simple with our easy-to-use online EasyCover tool.
Why choose Acera Insurance for your small business?
Why is small business insurance better with Acera Insurance? We’ve been trusted small business insurance brokers for over 60 years. From our roots in Alberta, we’ve grown across Canada and continue to provide exceptional customer service with a hands-on, human-first approach to insurance. We believe your small business is important.
We have knowledgeable and experienced brokers who specialize in small business insurance. Because we’re independent and employee-owned, you can trust that we’re working for you and your company. Plus, we have access to over 100 small business insurance companies across Canada. That means we can find you competitive small business insurance quotes and offer a choice in your coverage. Here are just a few things our brokers can do for you:
- Help you determine your insurance needs for your small business.
- Deliver a choice of competitive small business insurance quotes.
- Act as your insurance advisor and resource as well as provide risk management support.
- Advocate on your behalf in the event of a claim.
Together, we can help protect your small business, wherever it operates in Alberta. You can request a small business insurance quote online, by phone, or stop by one of our offices to meet us in person.
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