Being an entrepreneur is a challenging but rewarding job! Your business is the focal point of your success, a part of your community, and is a place for others to experience your passion. Whether you are just starting your journey as a small business owner or have become an institution in your neighbourhood, your commercial insurance is a vital piece in your success.
When building a policy that suits your business’ needs, there are several considerations: commercial auto insurance, liability, insurance for your employees, cyber liability, and more! Don’t stress. Whether you’re in Osler, Warman, on the farm, or based in Saskatoon, we are here for your business.
Which businesses need insurance in Saskatchewan?
Any business that generates income will need insurance. That’s why we work with many kinds of businesses, charities, developers, and property managers, including:
- Contractors and subcontractors
- Freelancers
- Retail stores & e-commerce
- Offices
- Restaurants
- Churches
- Artists
Additionally, we provide coverage for:
- Cyber security
- D&O liability
- Bonds
- Consultants and E & O liability
- And additional business risks
Why do you need liability coverage for your small business?
Liability insurance covers you from the cost of legal fees from lawsuits and insurance claims which fall under the scope of your coverage. Liability Insurance also protects the innocent victim of an injury or property loss where you, or your company, may be held liable for the injury or damage. Businesses require additional liability coverage, over and above personal liability amounts, as they incur increased risk––this is why you should add commercial vehicle insurance if you use your car for work. In many cases, the basic amount is insufficient for your potential needs, so we always recommend choosing a liability amount that is suited to you. Every consumer is encouraged to add additional liability coverage that fits their specific life and business needs.
3 tenets of basic coverage for SME business owners.
Small and medium enterprises need coverage, but do you know which coverage is best suited to your business in Saskatchewan? Commercial insurance is varied to fit your specific needs as an owner, but every policy has three main components: vehicle, building, and emergency coverage.
- Commercial Vehicle Insurance
If you regularly use your vehicle for work-related travel, having additional insurance is necessary to provide you with the best coverage for your specific use. Increased road time leads to an increased risk of accidents; your liability insurance is customizable to protect you when you need it most.
Basic commercial auto coverage will include the no-fault or tort coverage coverage that is standard for regular drivers in Saskatchewan, but adds additional coverage amounts and increased options for customization. You can add new vehicle coverage, temporary rental vehicle, theft protection, all perils coverage, non-owned vehicle coverage, and more. Additionally, you can customize your deductible amount as well as increase your liability coverage. Learn more about commercial auto insurance.
If any of the following apply, you should consider a commercial vehicle insurance package:
- You are a contractor or freelancer where travel is necessary
- You meet with clients regularly where travel is required
- You do deliveries of any kind
- You own a transport company or courier service
Emergency coverages
In the event of unforeseen circumstances, such as fire, crime, or equipment breakdown, we are here for your business. An emergency can stop all commerce in its tracks, and with tight margins and a competitive landscape, many entrepreneurs cannot handle the losses alone. Your policy can protect you with:
- Income Loss
When you have commercial insurance, you will be covered for loss of income when you make a claim for an insured loss. Covered losses in the standard policy include fire, theft, sewer backup, and income loss if these also result in a temporary shutdown.
- Quick replacement
Commercial policies will cover equipment breakdowns, damage to tools or property, your stock and merchandise, and other equipment that is essential to your work.
- Liability Coverage
There are many circumstances where you can be found liable, both personally and as a business. From tenants harmed in the building to clients slipping and falling––these risks make it crucial to have the right coverage for your needs.
Insurance for your buildings, offices, leased spaces, and home offices
Several types of packages can allow you to continue operating even in challenging circumstances. Not only can liability coverage protect you from unforeseen events, such as a client falling in your lobby, but you also have coverage for other events that can interrupt normal operations––such as sewer backups, building maintenance, and more. The basic insurance options for you will depend on the kind of business you own, such as an office space, retail, development, or a professional service (such as a consultant, massage therapist, or optician). Each basic policy is tailorable to your unique needs as a Saskatchewan entrepreneur.
Some important factors when shopping for business insurance:
- Do you own the building or lease space?
- Are you working in a co-work space?
- Do you have cyber protection for your business?
- Does your insurance cover your home office?
- Do you have employees or tenants?
Are you a landlord or property manager in Saskatchewan?
If you rent your buildings, you can ensure your investment is protected. There are several challenges in property management, such as building damage, natural disasters, and tenant disputes. If you generate income from a condo, apartment, or house, we have insurance packages to safeguard your investment.
Insurance for your rental property will cover anything you own on the premises, including the building itself, maintenance supplies, and outbuildings. It can also assist from loss of income due to a covered loss. Your tenants are responsible for purchasing separate insurance to cover their belongings, damage, or liability.
If you lease commercial office spaces, studios, and retail locations, you will need an insurance package that protects your buildings and property from harm and damage separate from your tenants.
Are you a contractor or freelancer?
Whether you are in the trades or visual arts, you can prevent risk by having sufficient liability coverage for your business. Your policy will cover costs up to a specified amount if you are found legally responsible for injury or damage due to your business operations; you can customize the coverage amount to suit your specific needs. If you damage a home you are renovating or an employee suffers an injury, these are all instances where liability coverage will be appropriate.
Contractors can choose from insurance that covers themselves and employees as their company grows. You will be protected if you experience a loss of income in the event of an insured loss, if your tools are stolen, in cases of employee theft, and instances of property damage. You can customize your deductible, increase your coverage, and add additional coverages by talking to your broker.
We are your Saskatchewan commercial insurance experts.
Being adequately insured is the difference between minor stress and a disaster, especially when operating with tight margins and deadlines. We are here to secure your business, no matter what your passion is, well into the future. We pride ourselves on spending dedicated time with each of our clients to ensure we build the right policy for you and your needs. Commercial coverage is made to protect your assets, provide liability coverage, and replace your income in the event of a covered loss. With so much at stake, it’s imperative to build the right policy.
Want to learn more about how we serve small business owners in the prairies? We are here to answer your questions. Start the process by initiating a free online quote, and we’ll take care of the rest.
