There are over 160,000 small businesses in Alberta across various goods and services sectors. If you are among those who own a small business, you may already know the potential risks you face.
Several things go wrong during the day-to-day operations, such as delays in production or an employee error, causing considerable losses. A solid Alberta business insurance can keep your business safe and sailing through tough times.
Does Every Business Need Insurance?
Business insurance is confusing and something that you are not sure if you will ever use. However, you need to have one in place to protect your finances adequately.
Here are five compelling reasons to make you consider buying small business insurance:
1. Asset Protection
Insurance protects your substantial investment in merchandise, inventory, property, and equipment. Physical and online infrastructure may need periodic upgrades, using up a major chunk of your finances.
Safeguard your assets and tools of the trade with suitable insurance. In the event of a cyber attack, vandalism, fire, flood, etc., your small business insurance policy provides security over and beyond what personal insurance can. You get financial reimbursement in a timely fashion and get back to running the business shortly.
2. Contractual Obligations
Perhaps you are planning to expand your venture and looking for a loan. Not having insurance can go against you, with either the lender declining your application or charging exorbitant interest rates.
A lack of Alberta business insurance coverage can also deter prospective clients from entering into a contract with you. Clients may also specify an insurance requirement to cover their losses if the outcome is not per their satisfaction. Contract employees, gig workers, and freelancers prefer a workspace that can manage risks.
3. Employee Wellbeing
Regardless of whether you use heavy machinery at your commercial facility, unwarranted incidents like slip and fall accidents or equipment malfunction can happen. Your employees, who are the most valuable assets for your business, can sustain significant injuries.
Insurance helps you foot these unforeseen expenses to protect the health of your workers, and your staff feel more secure at work. Besides, you can avoid paying the costs following third-party property damage or injury.
4. Enhanced Credibility
Alberta business insurance increases your credibility. Potential clients and customers regard someone with insurance as more reliable and meticulous than a business that doesn’t. Clients know that you will compensate them if there are errors or negligence in your work.
Being insured builds trust in employees, too. Apart from salary, potential hires look for benefits packages like long-term care insurance. You can attract top talent and retain qualified staff, a massive money-saver in this modern-day economy.
5. Defence in Lawsuits
Businesses can close shop suddenly when faced with an expensive and debilitating lawsuit. Whether a former employee sues you or a client for not honouring a contract, court cases can be time-consuming and costly. Even if you emerge a winner, you may pay high legal fees.
Assume that your client has outsourced their work to you, and things go south. If they find your business without business insurance, they can use litigation strategically to blame you and eliminate their liability.
There is no telling if your business will see natural disasters, workplace injuries, or lawsuits. But you can’t guarantee that they won’t happen. With the right Alberta business insurance, you enjoy peace of mind.
Call Beneficial Insurance today to explore your options!
Sources:
www.ic.gc.ca/eic/site/061.nsf/eng/h_03126.html