Best Business Insurance Quotes in Alberta for 2024
- Ideal for business owners that want global coverage for their employees
- Quotes available 100% online
- Serving +20 industries - from fintech to nonprofit
- Small business insurance policies start from $19 per month
- Partnerships with over 50 leading Canadian insurance providers
- Easy-to-use online platform to purchase your insurance
- A true quote-and-buy online business insurance experience
- Competitive rates and services designed for small businesses
- Distribution throughout Canada and the United States
- Ideal for small and medium enterprises
- Customizable policies to reflect evolving needs
- Rated AA- by Standard and Poor’s and Fitch Rating
- Purchase a personalized policy 100% online 24/7
- Competitive rates for packages that can be tailored to specific needs
Commerce in Alberta today is dominated by small businesses, accounting for over 95% of those in operation and contributing to over 27% of the province’s GDP.
Most small businesses represent some of the largest investments their owners will make over the course of their lifetime, so it's essential they get the right kind of insurance policy to make sure their investment is safe.
Whether you are operating a food truck in Calgary or a construction firm in Edmonton, we have some tips that will help you along the way to getting the business insurance policy that is right for you. Because everyone deserves to run their business with peace of mind.
What is business insurance in Alberta?
Business insurance protects your company against unforeseen events and their associated financial burdens. These events usually include accidents and other forms of liability such as personal injury, property damage or a business service not having been rendered as advertised. The provision of insurance in Canada is overseen by regulators on both the national and state level. Alberta has a superintendent of insurance who provides regulatory oversight on the insurance market, ensuring that consumers are protected.
All policies are created differently, with the size, revenue and industry of the business in question determining both pricing and the forms of protection included in the policy. Payments usually consist of a premium upfront, followed by monthly fees. Business insurance policies will differ in their specifics but normally include the following three kinds of insurance products:
| Coverage type | How it works |
|---|---|
| Commercial general liability insurance | Often referred to as CGL insurance, commercial liability insurance protects your business against claims that allege third-party injury or property damage. |
| Professional liability insurance | Also often referred to as Errors & Omissions Insurance, professional liability insurance provides cover for businesses against claims alleging misconduct, negligence or any failures to deliver a service as advertised. |
| Commercial property insurance | Commercial property insurance provides cover for your business in the event of the loss or damage of your property due to unforeseen events such as thefts, fires and other kinds of disasters. |
Why do I need business insurance in Alberta?
While there is no legal requirement, it is highly advisable that small businesses get business insurance to protect themselves against the kinds of risks they face while operating commercially. Business insurance is about more than just protecting yourself, your employees and your property in the event of a fire or theft – it is also about insulating your business from the effects of an expensive lawsuit. Without the right forms of protection, most kinds of legal proceedings end up sinking small businesses. In the event that a claimant launches a lawsuit against your company, legal fees can quickly spiral out of control, so it's important you have the right kind of coverage.
Here is an example:
Good to know
David runs a small business out of Calgary that provides plumbing and heating services to residential units. One of his five employees does a job for a block of condominiums while sick, which results in a leak that floods some of the rooms on the ground floor of the building. The condominium launches a lawsuit against David’s company for $300,000 in damages, which is paid out by the insurance company with which he holds a policy.
Ready to start comparing business insurance quotes? It is fast and easy to get coverage.
What does business insurance in Alberta cover?
Almost all forms of business insurance will include commercial general liability insurance (CGL) at the very least. A comprehensive policy will generally protect you from the following kind or risks:
- Flood damage / Fires / Hurricanes / Tornados
- Burglary
- Car crashes
- Loss of income
- Lawsuits
- Database breaches
- Property damage
- Injury or bodily harm to clients on the business premises
- Employee injuries/illnesses and worker compensation.
Every company has its own set of particularities pending on the size, location industry in which they work, and requires different forms of coverage as a result. A bakery in Lethbridge might not need cyber security insurance, but a small accountancy firm in St. Albert certainly will, because it is regularly handling clients’ sensitive financial data.
In most cases though, businesses will opt for CGL insurance alongside professional liability insurance, and commercial property insurance, with additional add-ons available depending on the industry.
How much is business insurance in Alberta?
The short answer is it depends. But to get an idea, one leading small business insurance broker estimates that small businesses in Alberta should expect to pay at least $450 a year for basic protections, while another provider pegs their median cost as anywhere between $300-1,800.
The truth is the cost of business insurance will depend on a range of factors, including your industry and its particular set of risks as well as your company’s revenue and its comparative size. Other factors taken into account include how long your business has been operational, your claims history and the location of your business.
Ready to see how much business insurance could cost your small business? Shop coverage now.
Better protection for your business today
What is the cheapest business insurance in Alberta?
One leading insurance broker offers business insurance policies starting at just $19 per month.
This is, however, for the most limited form of coverage possible. Most rates will be significantly more expensive. This is because the cheapest insurance available will invariably have a less comprehensive set of protections, leaving your business exposed to more financial risks should anything go wrong. Small businesses operating in Alberta should search for the best policy for their business, which will include the most extensive form of protection specific to their industry for the lowest cost on the market.
What business insurance discounts are available in Alberta?
You can usually find discounts for business insurance in Alberta when you bundle different forms of insurance together. That means if you already have some sort of insurance policy from a registered provider, getting additional business insurance should be marginally cheaper. Furthermore, if you have a claims-free record, you might also find yourself paying less for your premiums and monthly fees. Additional discounts will be particular to the insurance companies providing the policy – in order to find out more, just go to their website and correspond with one of their dedicated insurance specialists over the phone or via email.
Let's look at an example:
For example
Daniel has run an auto-repair shop just outside of Calgary for the past fifteen years. He wants to change his business insurance to the same broker that provides his home and car insurance, with whom he has a claims-free record. He opts for CGL insurance, professional liability insurance and commercial property insurance in his business insurance policy. His insurance broker informs him that his premium would have been around $150 per month. Because he has been claims-free for the past decade and already has two existing insurance policies with the same company, will pay a $130 monthly instead.
How do I get business insurance quotes in Alberta?
You can get started with an Alberta business insurance quote right here:
Better protection for your business today
Alternatively, reach out to providers individually or a licensed insurance broker. You can do so either online or over the phone. You'll need to fill out the form to get quotes – most of the time you should be able to get one on the same day. Most providers also have dedicated hotlines so if you are struggling at all, feel free to give them a call.
Expect to answer questions about your business's:
- Finances
- Assets
- Leadership team
- Employees
- Activity
- Claims history
What business insurance add-ons are available in Alberta
Business insurance add-ons are available when you sign up for your policy. A range of different products are available to cater to the specific demands of your small business. These usually include the following:
| Insurance add-on | How it works |
|---|---|
| Business assistance services | Some insurance companies offer consulting services that help your business insulate itself from unnecessary risks, even after you have purchased your policy. This can involve helping your business implement loss prevention techniques that change and adjust in accordance with the nature of the services you are providing at a given time. |
| Commercial vehicle insurance | In the event that you use a vehicle for commercial purposes in the context of your business, commercial vehicle insurance makes sure you and your employees are covered. A commercial fleet policy is usually available upon request if you use multiple vehicles. |
| Cyber liability insurance | Cyber liability insurance, also referred to as Data protection insurance, protects your business against data breaches and other cyber security issues, often stemming from cybercrime or systems failures. With businesses often handling sensitive client information such as medical or financial records, cyber liability insurance provides a range of protections against loss of income and potential lawsuits. |
| Directors and officers insurance | Directors and officers insurance provides coverage should a legal claim be brought against a particular individual in your company. This ensures the professional risks undertaken by your personnel while doing their job will not result in personal financial losses or affect personal assets. |
| Product liability insurance | Product liability insurance protects businesses in the event that a product they have sold and distributed causes damage or injury to a third party. |
| Surety bonds | Surety bonds are third-party guarantees usually used in the construction industry to guarantee the fulfillment of a particular service. They provide additional security in the event things don’t go according to plan, where obligees (the person carrying out the service) is reimbursed the value of the bond to help cover costs. |
Is business insurance tax deductible in Alberta?
Yes. Alberta has a dedicated online platform for filing tax returns related to insurance premiums called Tax and Revenue Administration Client Self-Service (TRACS).
Business insurance is considered a business expense in Canada, and as a result can be deducted from your business’s taxable income, provided that the insurance policy is standard practice in your industry and considered necessary. This precedent applies to most forms of insurance with the exception of life insurance, although some exceptions do apply.
Expert advice
Unsure about your tax obligations? We also recommend speaking to a licensed tax professional.
Want to get insurance quotes for your Alberta small business? Get in touch with a business insurance broker now.
All our guides on business insurance in Alberta
