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Article provided by: Schwartz Reliance Insurance & Registry Services
Even the most experienced Lethbridge small business owners find insurance frustrating at times. The Schwartz Reliance Insurance & Registries team has provided answers to some of the most commonly asked questions we get about small business insurance in Lethbridge.
What is small business insurance?
Small business insurance is designed to protect business owners from risks such as property damage, bodily injury, negligence, or a cyber attack that they may encounter. The most common types of small business insurance include:
- Product Liability Insurance
- Professional Liability Insurance
- Worker's compensation Insurance
- Commercial General Liability Insurance
- Cyber Liability Insurance, and many more.
How does small business insurance work?
Small business insurance is a contract between you and the insurance. The insurers agree to protect your business in the event of a loss in exchange for premium payments. You can file a claim at the time of loss. They will visit your premises, assess the damage, and process the claim. How fast the claim is processed depends upon the size of the claim.
What type of small business insurance do I need?
Every small business owner in Lethbridge needs Commercial Property Insurance and Commercial General Liability Insurance. Lethbridge requires you to carry Workers Compensation Insurance if you have employees. Small business insurance covers costs associated with lawsuits or claims that may otherwise threaten your business's survival.
What happens if I don't have small business insurance?
It's almost unlikely to keep your business open for some time without an accident, lawsuit, or natural disaster. An accident could occur sooner rather than later for some unlucky business owners. One accident could incur losses if your business doesn't have insurance.
What does small business insurance cover?
Your specific coverage depends on your profession, operations, and industry. In general, liability insurance provides coverage against claims or lawsuits filed by a third party for negligence, bodily injury, or property damage.
How much does small business insurance cost?
The cost of small business insurance varies. Several factors, including location, industry, experience, types of coverage, and claims history, are used to determine your small business insurance policy's cost. You can anticipate spending hundreds to thousands of dollars yearly on small business insurance policies in Lethbridge.
Can I protect my employees and myself?
Small business owners encounter some challenges with their employees. If an employee gets sick or had an accident, getting them the proper care can affect your business resources. Talk to your insurance company to design a policy that protects your employees' health and your bottom line. Worker's compensation insurance, Employer liability insurance, employment practices liability insurance provides for legal funds for medical care or lawsuit brought against you by an employee. For many small business owners in Lethbridge, these policies are an integral part of their long-term protection strategy.
There are many questions our clients ask. At Schwartz Reliance Insurance & Registries, we've answered some of the common questions. If you have additional questions about small business insurance Lethbridge, call our friendly team at 1-844-840-1010. We'd love to hear from you.Business Insurance Lethbridge
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