Small Business Insurance: 5 Things to Consider
Manually Quoted Small Business Insurance
Small business insurance is manually quoted. What this means is you can’t get an instant quote as you can with auto and home insurance.
The process Surex uses for getting a small business insurance quote is as follows:
- Find out relevant information about your business
- Find out what specific coverages your business needs
- Figure out a fair price you’d be comfortable paying (compared to your old price)
- Find which of our 10+ partner companies will insure your business, for that price
- Review, verify and purchase your made-for-you quote with your personal advisor.
While you can get an auto or home insurance quote from Surex in 5-10 minutes online, the time for getting a business insurance quote is longer, due to the above process. That said, depending on the complexity of your business, we can get your personalized commercial insurance quote in 1-3 days. Learn more about the types of business insurance here.
Multiple Markets for Small Business Insurance
Surex has partnered with 10+ of Canada’s leading small business insurance providers, which is why we’re confident we can find the best commercial insurance rate for you and your business.
We realize your time is of utmost importance to establishing and growing your business. Once your Insurance Advisor has collected the information they need regarding your business, and the types of coverage you’re needing, they are the ones who put in the legwork with our partner companies to place your business.
You don’t need to fill out multiple quote forms, drive around to bricks & mortar insurance companies or spend time calling insurance agencies. Our Licensed Insurance Advisors do all that work for you with our partner companies, then let you choose the policy that suits your business best.
Who Needs Small Business Insurance?
Every registered business should have some degree of small business insurance.
If you run a homebased business, such as photography, graphic design, beauty product distributor or small construction/home improvement, you need coverage for your equipment/tools.
If you run a small business where you store inventory in a basement, garage, warehouse or storage unit, you need insurance covering any damage or theft of your stock. Insurance is also crucial if you handle customer data. Cybersecurity threats can cause significant damage to your bottom line. Protect against the financial impacts with security breach coverage.
Check also this post on how to register a business in Alberta.
Errors & Omissions Coverage
If you have a business where you give advice in a professional setting, such as an advisor or consultant, you need errors and omissions coverage.
Errors and omissions coverage protects you, and your business, against frivolous and malicious claims. It also protects you for work you have done, in the event a client takes legal action against you.
Coverage for errors and omissions policies will vary, which is why you need to be as forthcoming as possible with your broker about your business – so they can get the exact coverage you need.
Small Business Insurance Deductible
Typically, a small business insurance deductible will range from $1,000 - $5,000.
As with any other type of insurance policy you have, in the case of a claim, you must be able to pay your deductible amount – out of your own pocket – to trigger your insurance company stepping in.
A higher deductible amount will mean lower insurance premiums, yes, but you still need to make sure you can afford to pay your deductible (if the situation arises).
