Calgary is Alberta’s largest city with a thriving economy. Every year several businesses evolve and flourish in the city. If you are a business owner taking advantage of the many opportunities in Calgary, have you considered reviewing your insurance coverage?
As businesses grow, change is inevitable. Buying new business liability insurance in Calgary can prepare you for the change and ensure sizeable cost savings.
Listed below is a list of signs that indicate the right time to review your liability insurance requirements.
1) Your Business is Expanding
As your business grows, more people become associated with your products and services. This increases the risk exposure. When you have achieved a significant increase in your revenue flow, think about how well you are prepared to face the risk that comes along.
Speak to your insurance provider and find out the best ways to cover the risk.
2) You Have Moved into A New Office Space
The small business that you started in your garage has grown incredibly. You have moved into a bigger office space with better facilities. Is your existing business liability insurance in Calgary good enough to cover the refurbishment or repair costs of your new office premises?
3) You have Diversified Your Product/Service Offerings
An increase in the number of product lines and services can increase business risk.
For instance, new product lines may mean stocking a higher value of inventory in your warehouse. Unforeseen events such as flooding or a fire accident in the warehouse can cause irreversible loss. If you have expanded to include more services and high-risk ones like snow removal in Calgary, your risk exposure increases again.
Talk to your insurance provider to update your policies and ensure appropriate coverage.
4) A Larger Workforce
Your business insurance covers full-time employees through a total limit. However, the risk from your sub-contractors and part-time employees continues to remain open. For optimal coverage, ensure that your sub-contractors have their own liability insurance.
5) Investments in New Equipment and Automobiles
If you are a manufacturing or packaging unit, you may have to update your machinery and other equipment to match the changing needs of your customers. Sometimes, your business may demand the use of cars, vans, or vehicles for transportation, shipment of goods, etc. Does your business liability insurance cover the multiple risks associated with such new investments?
Benefits of Business Liability Insurance
• When you are protected against the most unfortunate and unexpected events, you will be less stressed.
• Liability insurance prevents unwarranted monetary loss that may occur due to lawsuits, accidents, etc.
• Insurance offers a sense of security to workers and helps in retaining them.
• Your business is well-protected from claims brought on by third parties.
• Insurance can also safeguard you from issues related to data security.
A trusted insurance provider will be able to determine your risks and ensure optimal coverage. Reach out to one of our seasoned team members and invest in the business liability insurance in Calgary.