The cost of business insurance in Calgary varies from one place to another. However, most small business owners in Calgary will spend between $300 and $1691 each year for coverage, or $25 to $140.91 per month.
Business insurance can protect your company against vandalism, natural catastrophes, legal fees, and other unanticipated risks. These situations may be terrible if you do not have insurance, and you may be liable for more damage than you can afford to fix or replace.
Entrepreneurs should invest in one despite the cost of business insurance because it might make the difference between decades of open doors and permanent closure.
Below are the cost of the most commonly available business insurance in Calgary:
General liability insurance
A basic general liability insurance coverage with a $2 million maximum will cost $450 per year for a small-to-medium-sized business.
General liability insurance helps protect you and your company from “general” claims such as personal injury and property damage. This insurance is required for almost every business.
General liability insurance plans often cover you and your company for personal injury and property damage claims directed at your products, services, or activities. If you are accountable for your landlord’s property damage, it can also protect you.
This insurance can also assist in covering medical bills and attorney’s fees incurred as a consequence of physical injuries and property damage for which your firm may be legally liable.
However, general liability insurance does not cover employee injuries, auto accidents, punitive damages, craftsmanship, willful actions, or professional mistakes.
Product Liability Insurance
Product liability insurance costs depend on several factors, but you can anticipate spending around $0.25 for every $100 in sales your firm produces.
If you sell $100,000 in items per year, product liability insurance will cost you around $250 per year.
Consider adding product liability insurance to your commercial coverage if your company sells a product to its consumers.
If your product injures a third person or destroys their property, you may be liable for legal fees and compensatory damages.
Product liability insurance or product risk insurance is a form of business insurance coverage that protects you if you are held accountable for a product you make, distribute, or sell.
Product liability insurance can cover these fees and help you get your firm to be financially stable again.
Take note that the product type, quantity sold, revenue, and past insurance claims can affect the price of product liability insurance.
Professional liability insurance
A simple Professional Liability Insurance coverage with a maximum of $100,000 will cost you around $250 per year.
Professional liability insurance protects you and your business if you mistake providing professional services to a customer or client.
Even if you are an expert in your field, mistakes can occur. In addition, if your client or customer believes that an error in your professional services resulted in a financial loss, they have the right to sue you.
Even if you did nothing wrong, your client might sue your company if they feel you made a mistake. In addition, you will have to pay for hefty legal defense charges out of pocket if you do not have coverage.
However, professional liability insurance can help protect you against allegations of negligence, misrepresentation, inaccurate advice, and personal harm, such as libel or slander.