• Last Updated:
  • Aug 5th, 2021 10:33 am
[OP]
Member
Jul 4, 2012
401 posts
29 upvotes
Calgary

Business Insurance

What is a good and not much expensive business insurance i can take?
I am in Calgary
4 replies
Deal Addict
Sep 6, 2017
3913 posts
2497 upvotes
Is it mandatory to have business insurance for a brick and motar place?
Deal Fanatic
User avatar
Jul 26, 2007
5742 posts
3256 upvotes
Toronto
cristianosham wrote: Is it mandatory to have business insurance for a brick and motar place?
Landlord would want minimum business insurance for their building incase you burn it down if you are renting. If you own your building, you can decide if you want to take a risk or not.
Deal Fanatic
Jan 21, 2018
5124 posts
5250 upvotes
Vancouver
Most landlords require your business to have liability insurance of at least $2 million, and often up to $5 million these days. Landlords do check on this, requiring a confirmation from your insurance company every year.

If you are a contractor, similar liability insurance is usually a requirement in contracts as well. It's a standard boilerplate term in all government contracts even if it would appear not to be necessary for the goods or services you are supplying. However governments don't usually check since they often have thousands of pages of obscure requirements that are mostly not applicable (e.g. accessibility of bathrooms in your offices), and any that might be important get lost and ignored in the general clutter.
Deal Addict
Jul 21, 2005
1837 posts
912 upvotes
Alberta
I don't have much input other then the fact that I had to have insurance when I was doing IT contracting, it was a requirement but I was never asked for proof, so I never bothered with it. I did price it out and it was something like 3k for professional liability insurance, not sure if that's what you are looking for or more. Either way, the process for applying sucked, was asked so many questions about type of consulting you do, if you recommend things or implement them etc etc, it was very detailed. I went through the process and was going to execute on if it ever asked, but I was never asked for 2 years so never bothered, and then got a full time at the company so never needed it, work here to this day.

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