Having the right insurance coverage can be a powerful tool for sustainable growth and professional credibility as you build your business. Whether you're an entrepreneur, consultant, creative professional, or small business owner, understanding insurance options helps you make confident decisions about your business's future.
ATB has partnered with Walnut Insurance to provide tailored small business insurance solutions, empowering Albertan entrepreneurs with the right coverage for their growth stage.
Understanding business insurance
Think of business insurance as a strategic partnership that supports your success. Different types of insurance coverage work together to protect various aspects of your business:
- General Liability Insurance serves as your foundation, covering potential claims if a customer experiences an accident on your premises or if your operations accidentally cause property damage. For many new businesses, this is an excellent starting point.
- Cyber Insurance has become increasingly relevant as businesses of all sizes and industries embrace digital tools and the risk of fraud continues to rise. It helps protect against data breaches and supports recovery from cyber incidents, demonstrating your commitment to protecting client information.
- Professional Liability Insurance (also known as Errors & Omissions) is particularly valuable for service providers and consultants. It protects you if a client claims your work or advice led to financial losses. Many companies now require freelancers to carry this coverage before signing contracts, making it essential for winning new business opportunities.
- Commercial Property Insurance protects your physical assets and guards against common risks:
- Water damage from burst pipes, flooding or storms, with optional sewer backup protection.
- Fire protection for building repairs and asset replacement, especially crucial for leased spaces.
- Extreme weather coverage including rain, wind, and hail damage.
- Equipment breakdown and electrical failure protection beyond standard wear and tear.
- Business Interruption Insurance helps maintain your income stream if unexpected events temporarily pause your operations, giving you peace of mind and financial stability during challenging times.
Common business scenarios
Consider these examples of how insurance supports business success:
Incident recoveryA severe hailstorm damaged a window company’s equipment and stock. Their comprehensive property insurance covered replacement costs, while their business interruption insurance helped maintain cash flow during stock replacement.
Professional growthA marketing consultant secured a significant contract with a corporate client because she had comprehensive professional liability coverage. The insurance protected her work and demonstrated her professional credibility.
Digital security
When a small e-commerce business experienced a data breach, its cyber insurance covered the costs of system restoration and customer notification. The business maintained client trust by responding promptly and professionally to the incident.
Property protection
A roofing company carried comprehensive general liability coverage. During a large residential project, strong winds blew some materials onto a neighboring property, causing minor damage. The company's insurance covered the repairs, protecting its work and demonstrating its commitment to professional responsibility.
Service continuity
When a consultant's primary business laptop failed, business interruption coverage helped cover the cost of temporary equipment rental, ensuring they could continue serving clients without missing deadlines.
Choosing the right coverage for your business
Making the right insurance coverage choices starts with understanding your specific needs:
Start with your business model
Consider how you deliver value to your customers or clients and what assets are crucial for your operations. A software developer might prioritize cyber and professional liability insurance, while a retail business might focus on general liability and property coverage.
Consider client requirements
Review your client contracts and industry standards. Many larger organizations require specific insurance coverage from their vendors and contractors. Having the right insurance in place makes you a more attractive business partner.
Moving forward with confidence
Business insurance isn’t just protection—it's a growth tool for growth and credibility builder.
ATB clients access tailored small business insurance solutions through Walnut Insurance with expert support and online quotes you can begin in under ten minutes.
Identify your unique insurance needs early in your planning so you can focus on what matters: growing your business. Get started today.
