Calgary Business Insurance: Get Free Quotes 2024

As a Calgary business owner, business insurance is essential to protect you from problems that can arise from unforeseen incidents. Imagine a customer slip and fall, a data breach, or a fire—these events can lead to costly lawsuits and major disruptions. With the right Calgary business insurance, you’re covered and won’t face these challenges alone.

In this article, we'll answer your Calgary business insurance questions: types of coverage, and costs, and how to find the right policy. You can also use our free tool to compare business insurance quotes personalized to your business's unique needs.

What are the common types of business insurance in Calgary?

Protecting your thriving business in Calgary from unforeseen events that may disrupt your business continuation or cause financial loss, is crucial. The best way to do this is by purchasing business insurance. 

Business insurance essentially acts as a safety net for your business, where financial protection is afforded for any number of potential losses that could arise. These can include physical damage such as theft, fire, flooding and cyber attacks, but could also be about financial loss caused by negligence or mistakes. 

Navigating the numerous different types of coverage can be incredibly overwhelming but hopefully, the list below will help you navigate some of the more common types of business insurance policy options in Calgary.

• General Liability Insurance: This standard policy protects businesses from lawsuits that may arise from customer injuries that are caused when on company property or through products that are sold or manufactured. 
• Commercial Property Insurance: Commercial property protection safeguards a company’s physical assets such as inventory, contents and the property itself from loss.
• Business Interruption Insurance: If an unexpected event or loss causes temporary interruption to daily business operations, business interruption insurance can cover financial losses.
• Errors & Omissions Insurance (E&O): E&O cover protects consultants, architects, lawyers etc. from lawsuits arising due to negligence or mistakes in deliverables.
• Cyber Protection Insurance: This insurance covers the business from cyber threats and financial losses incurred due to data breaches or hacking.

Different business insurance coverage options

The list above simply represents a starting point for Calgary business owners. Business insurance is incredibly specific since each company will face specific risks and may need additional coverage. A more comprehensive breakdown of commercial coverage options includes:

How much does Calgary business insurance cost?

The average cost of business insurance in Calgary varies by industry. Basic coverage (general liability only) ranges from $50 to $194 per month, while enhanced coverage (including business interruption, contents, and cyber risk) ranges from $88 to $237 per month.

As with all policies, the exact cost of business insurance in Calgary cannot be determined since it is deduced by numerous factors which fluctuate between providers and businesses. However, understanding the main factors that influence business insurance costs may help you determine how expensive your policy will likely be. 

The following factors have the largest influence on overall business premiums.

• Industry: High-risk industries such as construction, medical or pharmaceuticals will have higher business insurance costs due to their operations being of a higher risk. If something were to go wrong, then the ramifications could be significant compared to that of a simple retail store. 
• Business size: The larger the business is, both in sheer size and revenue, the bigger the potential financial loss. Ergo, generally the larger the company the higher its premiums will be.
• Claim history: A company that has a significant claim history will indicate to providers that they likely don’t have adequate risk management processes in place to reduce loss. This will have a significant impact on future premiums.
• Coverage types and limits: Lastly, the type of business coverage a company needs, in addition to the limits of coverage chosen, will have a direct correlation to costs. Comprehensive coverage will demand higher premiums, as will incredibly niche policies such as those covering satellites.

Notwithstanding the above, it is possible to review average business insurance costs in Calgary using online comparison tools. The following small business insurance costs assume an annual revenue of $100,000, where the business has had no previous claims or cancelled policies.

Type of business	Basic coverage: General liability business insurance only	Enhanced coverage: General liability business, business interruption, contents and cyber risk
Retail store	$50/month	$109/month
Beauty salon and barbershop	$69/month	$138/month
Bookkeeping services	$50/month	$92/month
Residential plumber	$194/month	$237/month
Landscaping	$70/month	$110/month
Certified engineer	$50/month	$88/month
Pharmacy	$50/month	$118/month
Dentists	$58/month	$104/month

Are you a business owner in Calgary looking for business insurance? Look no further. Try our comparison tool below to review quotes and options from multiple insurers at once.

Getting a commercial insurance quote for your Calgary business

Securing commercial insurance quotes for your Calgary business is a crucial step toward securing your company’s longevity. This step-by-step breakdown of the process should help see you insured without delay.

1. Identifying needs: Whether you need insurance due to contractual obligations or simply to protect your IT equipment, you should write down exactly what you need your business insurance to cover. This will help you determine the type of policy needed and the overall limit of coverage.
2. Gather company information: From the size of your commercial property to the number of employees, specific industry constraints and previous annual revenue, you will need a significant amount of information to get business insurance quotes. 
3. List insurance providers: Determine which insurance providers exist in Calgary and contact those who specialize in your specific area of need.
4. Comparing quotes: Compare the obtained quotes side-by-side, not only focusing on cost but also coverage limits, deductibles and co-pays. You could use our HelloSafe tool to compare free quotes.
5. Additional review: Once you’ve decided on the right policy, consider asking the insurers regarding potential discount options. Some providers may offer discounts on bundled policies which may make them more cost-effective.

Why consider a Calgary business insurance broker?

If the complexities of commercial insurance become overwhelming, business owners should consider leveraging the knowledge and connections of Calgary business insurance brokers. Insurance brokers are experts in their field. By evaluating your company, reviewing needs and assessing potential obstacles, they can show multiple quotes at once and recommend suitable coverage options.

By removing the administrative work, business insurance brokers will streamline your risk management processes and allow you to focus on running your Calgary business. Let’s dive into the main benefits a broker brings to the table.

Streamlined assessment and coverage solutions

Modern business insurance brokers can offer streamlined online risk assessment tools that efficiently identify and analyze potential threats to provide preliminary quotes. This, coupled with their expertise in crafting appropriate coverage solutions and wide industry partnerships, will allow businesses to make informed decisions and secure the right protection.

Tailoring policies

Since no two companies will ever need the same coverage, generic policies may not be sufficient for a business owner’s needs. Experienced brokers can tailor coverage to suit a company’s niche needs and build a policy that balances needs and wants within budget. 

Ongoing support

The best business insurance brokers will also act as partners to businesses. Since they know the risks that companies face they can aid with the implementation of risk management strategies while also being able to offer ongoing advice as companies grow.

Best business insurance brokers in Calgary

While it is difficult to name any single ‘best’ Calgary business insurance broker, business owners should take steps to try and identify a broker that will be most suitable to them. The key to doing so lies in finding a broker who understands your specific industry, can assess your profile and provide recommendations based on your needs.

Here are some tips for your search:

• Experience and reputation: Search for brokers that have a proven track record both in your field and location. Online reviews regarding a company’s reputation and skill will likewise be of importance.
• Customer service: Not only do you want a broker who can help you on the professional side, but you should also seek an intermediary who cares about customer service. An insurance relationship shouldn’t end with a sale, it should start with one.
• Good communication: Ensure that your business insurance broker can explain industry jargon to a 5-year-old. If they have the patience to and can make complex terms understandable, then you know you’re in good hands. 

Top business insurance brokers in Calgary

• Zensurance: Zensurance offers small business insurance starting at $19 per month with savings of up to 35%. It features an easy-to-use online platform and partnerships with over 50 top Canadian insurers.
• Summit: Summit provides global coverage for property and employees, serving over 20 industries. Quotes are available 100% online for commercial general liability, professional liability, and more.
• TruShield: TruShield provides plans starting at $50 per month, with coverage options like commercial auto insurance. It is the first direct-to-consumer small business insurance provider in the country.
• Foxquilt: Foxquilt offers competitive rates for small businesses with a fully online quote-and-buy experience. It provides a wide range of coverage options, including cybercrime and mobile equipment.
• Apollo: Apollo allows businesses to purchase personalized policies 100% online, 24/7. It offers competitive rates and packages tailored to specific needs, including business interruption and crime insurance.
• Aviva: Aviva specializes in customizable policies for small and medium enterprises. It is rated AA- by Standard and Poor’s and Fitch Rating, reflecting its strong financial stability.

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Considerations for Small Business Insurance in Calgary

Unlike larger companies that have dedicated risk management teams, small business owners face unique challenges when it comes to securing insurance such as having limited budgets and resources.

Here is a quick and easy list of what Calgary’s small business community should consider when searching for business coverage.

• Budget constraints: Balancing insurance costs with operational expenses and profits is crucial. However, don’t let the quality of insurance or limits on coverage suffer as a result of a tight budget. Financial loss is more likely to occur due to underinsurance, as opposed to paying slightly more in business insurance premiums.
• Niche risks can be difficult to insure: Where small businesses operate in niche industries they might find it difficult to obtain adequate coverage. Allow business insurance brokers a chance to assess your situation and provide no-obligation quotes to help you in securing coverage.
• Evolving needs: As your small business grows, so will your risks. Adapt a dynamic approach to risk management and review your coverage every year to ensure that you stay on top of any unwanted financial loss.