Armor for the Entrepreneurial Arena
Northern Alberta is a hotspot for economic opportunity. There’s no better place to start a business. we love supporting local entrepreneurs as they join the excitement.
Here are a few tips to help you get on your way:
Start with the end in mind
There’s a dizzying number of available insurance options for a new business. In order for our brokers to match you with the best one, we’re going to need to know what kind of business you want to be. We’ll want to understand your vision. This will allow us to work with you to define a healthy risk-management strategy that will get you where you want to go safely.
Cover the basics
We’ll need to know the legal structure you’ve chosen, the financial exposure of each of the partners, and the business climate that you’ll be working in. We can then identify a plan that limits the potential downside for everyone involved.
Insure the foundation to ensure the foundation
What does your new company have in term of fixed assets? Intellectual property? Physical buildings or equipment? Make sure that you have adequate protection for anything that could cripple your business if lost.
Defend yourself against the business-cycle
What things could happen that would interrupt your operations, or your cash-flow? Which vendors are you depending on more than you can afford to? Which employees have special access or responsibilities that create a nervous amount of financial exposure? The right policy can off-set these risks to keep your energy focused on the business itself.
There’s a long catalog of available riders, floaters, endorsements, and exclusions that could be part of the right policy. You can see a partial list here (if you’re a contractor or independent professional, see here).
But the right policy has to be custom and contextual. BrokerAge has a team of local partners and brokers available to help you move forward with confidence. Book a meeting with them today.