You’re working hard to start and grow your own small business in Alberta. As rewarding as it is, unforeseen challenges can pop up when you least expect it.
Protecting your livelihood from some of those challenges—like fire, theft or crime—is one of the most important things you can do. Small business owners have enough to worry about, so AMA Insurance makes it easier by consolidating the important coverages most businesses need into one insurance package that fits the type of business you operate.
Here are some of the basics of AMA business insurance:
TYPES OF COVERAGE
Whether you’re a contractor, store owner, accountant, real estate owner or restaurateur, there are four main types of business insurance coverage to consider.
Liability: Covers you for damage you accidentally cause to someone else’s property and for injuries you accidentally cause to someone else.
Property: Covers your inventory, equipment and/or building.
Crime: Protects you against any financial damage caused by theft, counterfeiting and/or employee dishonesty.
Business Interruption: If you’re forced to temporarily close your business due to a loss, this helps you get back on your feet by covering your lost earnings.
Some business owners might need additional protection for their companies. AMA Insurance offers extra coverages including: Miscellaneous Property for contractors who take tools from job to job, Equipment Breakdown for businesses that rely on complex equipment, and Liability Extension for barbershops and beauty salons.
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An AMA Insurance advisor can work with you to make sure you have the right coverage, based on your type of business, how much equipment and stock you have, how many people you employ, the size of your property and other factors.
If you’re working out of your home, don’t assume your business will be covered under your personal home policy. You may need business insurance, based on your business revenues, how much stock you store in your home, and whether customers regularly visit your home.
PREMIUMS VS. DEDUCTIBLES
Should you opt for a low premium or a low deductible? It depends on what you can afford and what steps you’re taking to avoid a claim. Make a list of the things that could impact your business and how you can plan for them or mitigate them if they happen.
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No one ever wants to have a claim, but sometimes they’re unavoidable. “If you’re confident you’re doing what you can to prevent claims from happening, then you might be able to go with a higher deductible in order to keep your premiums as low as you can,” says Adam Lafreniere, supervisor of commercial insurance for AMA Insurance. “That being said, your deductible needs to be affordable for you if something unexpected does happen.”
Risk management is the best way to avoid disruptions to your business and help keep your insurance costs stable.
COMMERCIAL AUTO INSURANCE
For some business owners, vehicles are vital to their livelihood. Commercial auto insurance helps protect you and your employees when you’re on the road. AMA Insurance advisors can work with you to ensure you have the coverage you need for your business vehicles, including cars, trucks, vans and commercial use trailers.
AMA members Mark Horne and Michael Knipe own Bread Milk & Honey, a café in Lethbridge. They bought the space after emigrating from South Africa in 2012.
“When we moved here, it was important that we could have face-to-face contact with companies,” says Michael. “With our accents, people can find it hard to understand us over the phone. Being new to the country, and to this community, having that in-person contact helped us build relationships–and now, nearly everyone at the AMA centre knows us. You just don’t get that with other insurance companies. We’ve found AMA to be phenomenally professional. Everything we have is insured through AMA.”
WE’VE GOT YOU COVERED
We know what it’s like to build your own business in Alberta. With more than 235 insurance experts across 17 centres in Alberta, AMA can provide the support you need. For more information or an insurance quote, call 1-800-615-5897 or visit AMAInsurance.ca/Business.