BUYING GUIDE | Get commercial insurance Vancouver
Starting up or expanding a commercial enterprise in Vancouver? StartupBlink ranks Vancouver BC #19 out of 100 best places in the world to start a new business. There are multiple things to juggle when you are working on your business. From idea to launch to maintenance and growth, you’ve got a lot on your plate. This is why we scoured the internet to bring together some timely facts and figures for people who are googling “get commercial insurance Vancouver”.
Big growth potential for Vancouver commercial ventures
BC business leaders look to many sources for current marketplace intel. Nurturing local small business innovation, Vancouver Public Library (VPL) features timely and relevant resources for BC entrepreneurs. VPL notes, “The Canadian federal government is funding five superclusters across the country with $950 million over the next five years, with the aim of helping Canadian entrepreneurs, academics and not-for-profits work together to grow their sectors.
Related Matters: Small Business BC: Big plans for your small business?
One of the five superclusters will be digital technology in B.C. Some of the money will be dedicated to start-up incubators and accelerators to help small and medium-sized enterprises (SMEs) scale up.”1
Related Matters: How to get cyber liability insurance in 6 clickable steps
Read on to understand what need to know when you are looking to get commercial insurance Vancouver for your pre-launch, existing or expanding business.
Ways to manage business risks. Commercial insurance Vancouver & across Canada…
Risk is inevitable. This is why taking control of common commercial risks can help give you a competitive edge, regardless of where you are in the business cycle.
The Insurance Bureau of Canada (IBC)cites a number of simple, day-to-day risk management activities that business owners in Vancouver and across Canada can do to mitigate common commercial risks. These include, “taking a few positive steps on your own to discourage burglars, shoplifters, vandals, arsonists and others. Good inventory control and meticulous bookkeeping may help take temptation away from employees and suppliers. Investing in loss prevention often results in lower insurance premiums.
In fact, your insurance savings may pay for this investment in only a few years. Here are a few loss prevention ideas you might consider:
- Install approved sprinklers, intruder alarms and fire alarms.
- Secure all doors, windows and skylights, tightly.
- Secure storage and other low-traffic areas.
- Isolate flammable materials and dispose of waste materials properly.
- Leave some lights on and windows clear so police patrols can view the interior.
- Encourage employees to protect the company by being watchful and careful.
- Register with your local police and fire department so that they know who to call in an emergency.
- Consider hiring a security guard when conditions warrant.”2
Buying commercial insurance for your Vancouver business
In Vancouver, BC and across Canada, we are known for delivering a different kind of insurance experience. This is because all of the products and services that we create, negotiate and deliver are specifically designed to support the commercial insurance needs of Canadian business.
Related Matters: Who is the best commercial insurance broker in Vancouver?
When it comes to buying commercial insurance for a Vancouver business, our team of experienced insurance brokers can help line up a variety of products. Some of the most popular commercial insurance coverages that we get Vancouver businesses aligned with are below:
- Directors & Officers (D&O) Insurance
- Errors & Omissions (E&O) Insurance
- Commercial General Liability (CGL) Insurance
- Cyber Liability & Privacy Insurance
- Commercial Auto Insurance
- Employment Practices Liability (EPL) Insurance
- Office Insurance
- Property Insurance
- Protection & Indemnity (P&I) Insurance
- Real Estate Insurance
- Retail Insurance
- Umbrella Liability Insurance
Commercial insurance – Get ALIGNED in Vancouver, Toronto, Calgary, Cambridge & beyond
It doesn’t matter where your commercial business is located in Canada. We deliver a different insurance experience for all of the Canadian businesses we support.
Every day, we take pride in aligning the best commercial insurance products and services to meet the specific needs of a particular business. Our team knows that the most important thing we do is actively support Canadian business.
Related Matters: More Google reviews about ALIGNED Insurance brokers
You can find an ALIGNED commercial insurance broker online and by selecting a location where we are located. From our Toronto corporate head office, to Vancouver to Calgary to our Cambridge national operations centre, we are here to deliver expert commercial insurance advice.
You can also use our LiveChat and leave a message for us. Simply visit the ALIGNED Insurance homepage and click to leave a note in our LiveChat at the bottom of the page.
Related Matters: More Google reviews about ALIGNED Insurance brokers
We never forget the three core beliefs that our insurance brokerage is built on. Firstly, we know that ALIGNMENT Matters. Secondly, we are each also an owner who has “skin in the game”. And last but certainly not least, across Canada, we are proud to do what we say we are going to do when we say we are going to do it.
What is the purpose of commercial insurance?
Commercial insurance is designed to protect large and small businesses against financial loss from a variety of operational risks. It covers your commercial assets and property, provides compensation for damages, and protects your business against third-party liability claims and lawsuits.
Here are a few risks commercial insurance can shield you from:
- Property damage
- Sewage backup
- Cyber liability
- Equipment breakdown
- Product liability
- Customer injuries
Without a comprehensive commercial insurance plan, many of these risks can lead to expensive out-of-pocket expenses. Commercial insurance helps you mitigate financial loss from the risks you face, so you can operate confidently.
Is commercial insurance necessary?
Commercial insurance isn’t necessary for businesses, but we always recommend a comprehensive policy. While you might not need to file a claim during your operations, it’s better to be protected in case something happens.
You can choose the types of insurance you want and your coverage limits to customize your commercial insurance policy according to your business needs. Speak with one of our insurance specialists to help you select a package that fits your business’s budget and risk exposures.
Do I need insurance if I work from home?
Yes, you should always purchase a commercial insurance policy if you have a business. While you work from home, your standard home insurance policy won’t cover any business activities, especially if you run your own business.
Commercial insurance protects your business and home office from claims and damages resulting from your commercial activities. If you have both a commercial insurance policy and a homeowner’s insurance policy, you keep your home protected during work and off-work hours.
How much does business insurance cost in BC?
It mostly depends on the coverage limit you choose and the value of your commercial property. Typically, higher insurance limits and lower deductibles mean you pay more for property insurance each month. Commercial properties with higher values are also more expensive to insure, because damages will cost more for the insurance company to repair or compensate.
You can expect to pay around $650 for most small businesses to have a basic general liability insurance policy.
Get a commercial insurance Vancouver quote aligned
If you are ready to work with an insurance team that is dedicated to business insurance, it’s time to get aligned. We invite you to work with us to get your commercial insurance Vancouver quote aligned today.
More about Canadian commercial insurance coverages:
- How to get a property insurance quote
- Sewer backup – will your claim be covered?
- Commercial property insurance terms defined
Source(s): StartupBlink; Small Business BC: Big plans for your small business?; 1Vancouver Public Library: Starting a BC business for newcomers;
2Insurance Bureau of Canada (IBC) “Steps in the right direction: business insurance & you”