Just as car insurance is essential when things go wrong, small business insurance in Alberta can be the difference between staying in business and going bankrupt. However, it's also a cost effective way to hire and maintain the best staff, which saves a small business money.
The first aspect replaces lost income or the financial burden of losing a key employee, and the other saves money on staff training and morale.
How Small Business Insurance in Alberta Saves a Business Money
According to a study performed by the Society for Human Resource Management (SHRM), it's predicted that each time a business has to replace a salaried employee the cost is, on average, six to nine months’ salary. If a manager earns $40,000 annually, that's between $20,000 and $30,000 in expenses to recruit and train expenses.
The answer to this issue is to lessen the need to hire staff to replace another. The best way to do this is to offer benefits to employees, particularly health, dental and vision benefits. Business insurance in Alberta has a range of options. Employees and potential employees place a high value on health benefits.
Small Business Insurance: Working With an Insurance Broker or Insurance Agent
When it comes to purchasing business insurance in Alberta, online it's not always black and white. Unless you're experienced with all types of business insurance and what they cover, it's a good idea to get help from an expert. A helpful insurance expert is an insurance broker. However, you may have misconceptions about the process works.
Misconception 1: Pay Higher Premiums
Going online and purchasing business insurance in Alberta directly on a carrier's website doesn't mean you'll pay less. Insurance companies usually keep the commission amount they'd pay a broker instead of passing it on to the consumer. As well, you run the risk of buying insurance you don't need or not buying enough.
Misconception 2: Insurance is too Complicated
Some business owners cringe at the thought of shopping for small business insurance in Alberta. The general consensus is that insurance products are complex, boring and cannot be understood. Working with a broker means business owners will have someone explain the complexity and simplify the process. As well, they can ease the boredom because they're excited about insurance products.
Misconception 3: An Insurance Broker is Just a Middleman
When it comes to small business insurance in Alberta working with an insurance broker adds another element. However, insurance agents choose their profession because they like working with the public and love insurance. It takes time to learn the industry, write exams, get their licenses, and attend continuing education classes. They are knowledgeable about insurance and eager to assist clients, which makes them more than just someone pairing clients with insurance carriers.
For more information about small business insurance in Alberta or to discuss your business’ needs, you can speak with an insurance broker. The consultation is free and can help you discover what products best suit your company. Don’t worry if you are just a small business starting out, if your company has contract employees, or less than three employees. A broker can find you a solution for the business insurance you need.
Reassured For Life is an Alberta life insurance brokerage providing advisor services that fit your needs, budget and lifestyle. To know more, visit ReAssured.Ca/Blog.