Fort McMurray Business Liability Insurance

Liability insurance built to protect Fort McMurray businesses

Fort McMurray is a rapidly growing city in northeastern Alberta, situated in the heart of the Athabasca oil sands and surrounded by beautiful boreal forest. As the region continues to expand, new opportunities are constantly emerging for businesses of all sizes.

While Fort McMurray is best known as an economic hub for petroleum production, its increasingly diverse and multicultural communities are also home to many small businesses. The local economy is supported by industries such as forestry, tourism, natural gas, and pipeline transport, in addition to a variety of retail shops, tech companies, and more.

No matter what industry your business operates in, there are always risks involved in daily operations. Businesses in Fort McMurray may face financial losses or even bankruptcy if they are sued for accidental property damage, bodily injury, or accidental death resulting from their services or employees’ actions.

It may seem unlikely, but lawsuits are a real concern. In Canada, approximately 40% of small businesses face the threat of legal action. Litigation and financial instability remain two of the leading causes of business failure.

Don’t let your business become another statistic. Protect yourself with business liability insurance from Acera Insurance.

What is business liability insurance for Fort McMurray organizations?

Business liability insurance for Fort McMurray businesses is essentially a type of commercial insurance coverage that is designed to offer coverage for legal expenses if your business ends up being sued.

It can cover all sorts of expenses pertaining to a lawsuit, including such things as settlement cost, defence costs, and awards – up until your policy limits.

There are actually a few different types of liability insurance that you can purchase and which ones you need are all highly dependent on the kind of business you run, as well as any regulations you may have to do with your insurance. Here are some samples:

• Commercial general liability (CGL) insurance
• Professional liability insurance or errors and omissions insurance
• Product liability insurance
• Directors’ and officers’ liability insurance
• Cyber liability insurance

This isn’t a complete list of all the different types of liability insurance that are available, but it does include some of the most common types.

Oftentimes, business liability insurance is used interchangeably with commercial general liability insurance – and this is often because CGL is the most common form of liability insurance and virtually any business needs it.

There are a lot of nuances and confusion surrounding business liability insurance in Fort McMurray. How much does it cost? How do you get it? Not to worry – all these questions that you may have about business liability insurance in Fort McMurray, and more, will be answered by yours truly here at Acera Insurance.

What does business liability insurance in Fort McMurray cover?

As mentioned previously, business liability insurance in Fort McMurray does encompass many different liability insurances, all of which are technically designed to cover lawsuit expenses, but for different reasons.

All liability policies are designed to offset the potential costs if your business is determined to be legally accountable for damages.

Here’s a breakdown of what your business liability insurance in Fort McMurray may cover:

Bodily Injury & Property Damage

Injuries and property damage suits are covered by the most common form of business liability insurance in Fort McMurray: commercial general liability insurance. You’d be surprised to learn how much of an impact injuries or property damage can financially affect your business.

You might end up being held liable for pain and suffering, lost wages, and medical bills. Unfortunately, the risk of injury is high when you have a physical premise that allows foot traffic and visitors. Anyone who enters your doors is at risk of an accidental injury, despite the precautions you may take to preventing this.

Product Liability

Almost as common as the above, damages because of a faulty or poorly designed product can cause injuries or illness to the customers that buy them. To protect your business that manufactures or sells a specific product, you’ll need to buy product liability insurance. This is one type of business liability insurance in Fort McMurray that is too often overlooked.

Products can fail and, when they do, they run the risk of causing property damage or injury. Product liability insurance can cover any costs you may be held responsible for if this happens. This insurance can also be coupled with product recall insurance, which protects your business for the costs of recalling a product.

Financial Losses

If your business specializes in a particular service or offers advice in exchange for money, then it may need a special type of insurance known as professional liability insurance. One risk your business could face is if your client or customer suffers financial losses due to the service or advice your business provides (or failed to provide) or if an error was made, causing that financial loss.

The client or customer could then sue, and your business would be left on the hook to defend itself in court and then potentially must pay out for that customer or client’s lost wages, losses, or other costs.

Cyber Incidents

Cyber risks are growing in popularity as technology evolves and cybercriminals become more and more sophisticated. Many businesses use tech, if only to store their data on a small scale. But even these businesses may face the risk of a cyberthreat.

If a cyber-attack strikes your business and steals your sensitive data, there’s a chance you could be sued for breach of privacy.

One form of business liability insurance in Fort McMurray is cyber liability insurance. This insurance offers protection for your business if it is ever the victim of a data breach or a cyberattack.

As cyber insurance is a relatively new commercial insurance offering, there are slowly becoming more specialized options for different industries and professions.

How much does business liability insurance in Fort McMurray cost?

The cost of business liability insurance in Fort McMurray very much so varies upon the type of liability insurance you’re looking to purchase, on top of a wide array of factors.

For example, while a standard commercial general liability policy may cost an average of $400-$500/year, adding on an errors and omissions insurance policy may run you an added $250-$500/year.

Depending on the type of business you have and what it does, you may need multiple business liability policies to fully protect your company and all its precious assets.

To help you out, see the following additional factors which could impact your business liability insurance costs:

• Your business’ liability coverages, the policy limits, deductible, loss settlement, and more. The more coverage you have, the more your insurance will cost you.
• Your business’ industry. Some industries are simply riskier than others. Retail stores might be the least risky, but perhaps a health clinic offering alternative treatments might face higher risk.
• Your business’ location and where it offers its services, products, or otherwise.
• If your business has clients physically entering its store or premises/or if you deal with client interactions entirely digitally.
• The type of technology you use, where you store your data, and existing cyber security measures you take to ensure your business is kept safe.
• The quality and content of most of your contracts.
• The insurer that you’re with.
• Your business’ experience, whether you’ve been in business for a long time or just a little while.
• Your insurance history, and how many claims that you may have made in the past.

Working with an Acera business liability insurance broker in Fort McMurray is a sure-fire way to getting the most affordable rates, no matter what coverage you need, how much, or what kind of business you run. We know businesses and have insider experience in Fort McMurray, being one of the only business liability brokers in Fort Mac. Get in touch today and we’ll help you find the coverage you need.

Why choose Acera Insurance for business liability coverage in Fort McMurray?

With so many brokerages available, you might wonder why Acera Insurance stands out. What sets us apart?

As the only dedicated business liability insurance brokers in Fort McMurray, we possess unique, insider knowledge of working within this community – far beyond what any general liability broker online can offer. Our in-depth understanding allows us to provide advice tailored to the specific risks local businesses face.

At Acera Insurance, we offer specialized business liability coverage designed for Fort McMurray companies. This protection helps safeguard your business from financial loss due to legal actions. Our policies can cover legal expenses and even pay damages if you’re found liable in court.

Our liability insurance is customized for Fort McMurray businesses, ensuring your company is protected against potential risks unique to the area.

Getting your free quote is simple. Just fill out our online quoting form, and we’ll contact you at your convenience to start the process. We’re committed to helping you get insured with coverage that fits your needs.