Commercial

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Every year small businesses and their employees spend billions of dollars for a promise — a promise that if certain things go wrong, their insurance company will step in and provide financial relief. It’s a significant expense for something they can’t really see, but which protects their very existence.

But as a small business owner, you probably don’t have a risk manager or a resource dedicated to insurance buying. You have to make your own decisions based on whatever information is available. We have the experience to help you evaluate your needs the resources to provide you with coverage to protect your assets.

Property Insurance

Any business owner who has property — whether inventory, a building full of equipment or a personal computer — needs property insurance. One bolt of lightning could cripple a company without it. Property insurance basically covers a building and its contents from losses due to most common perils such as fire. Some property insurance policies can be extended to cover most risks, except those specifically excluded. It’s important to know what your policy exclusions are, so you can purchase additional coverage if needed and available.

Liability Insurance

The issue of liability has become a pressing one in recent years as businesses have faced larger and more frequent lawsuits because of something they did — or failed to do. Liability insurance protects a business when it is sued for injury or property damage to third parties. It generally pays damages related to bodily injury, property damage, personal injury (e.g., libel or slander) or advertising injury. It also pays for the defense and related legal costs for a covered claim or lawsuit. Umbrella liability insurance adds extra protection for catastrophic accidents or incidents in which a number of people are injured. It also extends liability limits on the commercial auto policy.

Commercial Auto

Any company with one or more cars or trucks will also need a business automobile policy, which works much like a personal auto policy and covers both liability and damage to your vehicle(s). Firms should also make sure their policies cover all autos used for company business. Business auto coverage is more complex for companies with fleets of trucks or cars. Detailed information on the driving records of all personnel who will drive on company business is needed to determine the insurance premium. Hiring a driver with many moving traffic violations, for example, could raise the premium.

Specialty Coverages

Depending on the nature of the business, a company can opt for one or a number of specialty coverages. For Example, if a fire or other covered peril shuts down a business, business income insurance — sometimes called business interruption insurance — pays the loss of net profit and ongoing expenses during that period. The purpose of this coverage is to provide the owner with the income the company would have earned had there been no loss. You should be sure to ask us about any special needs you may have.

Boiler & Machinery Coverage

Although boiler and machinery coverage may conjure up images of huge manufacturing operations, many small businesses rely on this to protect against mechanical breakdowns.

This policy, for example, would kick in when:

A heating system or boiler at a laundromat malfunctions or explodes
The electrical system at a restaurant or movie theater goes down
The owned telephone system at almost any business breaks down
The computer system in an office malfunctions

The typical boiler and machinery policy protects against direct damage to covered property caused by an accident.

Oil Field Insurance

Being in the heart of Canada’s oil and gas industry, we specialize in the needs for those in the oil industry, including oilfield contractors and sub-contractors ensuring your company meets the industries requirements for insurance.

Business Insurance recommendations from the Alberta and Saskatchewan sections of the Canadian Federal Business Link website.

Elliott Insurance Services Ltd.