For entrepreneurs in Alberta, business insurance is an absolute must, as areas like oil and gas, agriculture, and construction make up the major part of the province’s economy. According to Alberta Treasury Board and Finance, about 95 percent of all businesses in Alberta are small businesses. While the SMB sector is so important, many small business owners are underinsured or don’t have the coverage they need to protect their business against unexpected events like property damage, liability claims, or business interruptions.
The risks that many business owners in Alberta face are unique, including environmental liabilities, workplace accidents, and property damage from natural disasters, including wildfires and floods, which have affected the province in recent years. A business can protect itself from potential financial ruin resulting from environmental disasters or litigations if it invests in the right insurance policy.
In this article, we will take a look at the top 8 business insurance providers in the state of Alberta. The lists comprise local and national insurance players. Zensurance tops this list for its flawless online user interface and flexible coverage options that are tailored to the wants of entrepreneurs.
1. Zensurance – The Best All-Round Option
Location: Offices in Toronto, ON, and Vancouver, BC
Founded in 2016
Overview: Zensurance is bringing simplicity to the way people find and manage business insurance by creating an easy-to-use platform to find and manage your business insurance online. Zensurance targets small businesses and offers a wide variety of easily customized coverage options, including general liability, professional liability, cyber insurance, and commercial property insurance. Compared to the many other insurance providers out there, Zensurance offers a user-friendly interface that lets business owners easily compare quotes and buy policies quickly, which is why it is a go-to insurance solution for entrepreneurs looking for flexible and affordable insurance.
See our full review here.
Key Features:
- Fully online platform for easy policy management
- Small business friendly coverage that’s customizable
- Transparent quotes with competitive pricing
Best For: Tech-savvy business owners who want a streamlined insurance experience.
2. Peace Hills Insurance
Location: Edmonton, AB
Founded: 1982
Overview: Peace Hills is a provider of tailored solutions for personal and commercial insurance with focus on retail, real estate and contracting industries. The company is very involved in community engagement and knows the market in Alberta very well.
Key Features:
- Local presence in Alberta is strong
- Flexible policies with personal service
- Focused on supporting Alberta based businesses
Best For: Businesses looking for an Alberta based insurance provider with a community focus.
3. AMA Insurance
Location: Edmonton, AB
Founded: 1926
Overview: AMA Insurance offers commercial liability, property, and auto coverage. With more than 90 years of experience, they are ready to provide Alberta based businesses the support they need, regardless of the industry they are in.
Key Features:
- Insurances packages tailored for small businesses
- Regional expertise and good customer service
Best For: Local businesses that require commercial auto coverage or operate within the transportation industry.
4. Wawanesa Insurance
Location: Offices in Edmonton and Calgary, AB
Founded: 1896
Overview: Wawanesa Insurance offers all round business insurances for small business operations. Their local experience and interest in the local market of Alberta have made them a suitable partner for companies that require both liability and property insurance.
Key Features:
- High regional focus on the province of Alberta
- Business insurance products include general liability, property and commercial auto insurance.
- Competitive rates and good customer service
Best For: Retail, manufacturing and service industries that require a full range of insurance services for their small businesses.
5. Federated Insurance
Location: Calgary, AB
Founded: 1920
Overview: Federated Insurance offers industry-tailored risk management and insurance solutions in Alberta. Federated provides comprehensive coverage for agricultural, energy, manufacturing, and construction businesses.
Key Features:
- Risk management services are provided
- Industry-specific policies
- Excellent claims process with great customer service
Best For: Companies in high-risk industries of Alberta (Agriculture, Construction, and Manufacturing)
6. Leibel Insurance Group
Location: Edmonton, AB
Founded: 1981
Overview: An Alberta-based brokerage, Leibel Insurance Group provides business insurance solutions for the oil and gas, construction, and transportation industries. And they’re a top choice for Alberta businesses because of their strong local presence and industry knowledge.
Key Features:
- Experience in Alberta’s industries
- Commercial insurance solutions tailored for customers
- Competitive pricing, personalised service
Best For: Businesses in Alberta’s core industries that need tailored insurance solutions and local expertise.
7. Sharp Insurance
Location: Calgary, Alberta
Founded: 2009
Overview: Sharp Insurance uses technology to deliver a smooth, customer-oriented experience. Alberta residents can find a large variety of insurance solutions from the company such as auto, home, and business coverage.
Key Features:
- Insurance quotes that are personalized
- 24/7 customer support.
- Offers auto, home, condo, tenant, and commercial insurance.
Best For: Those people in Alberta who are looking for a tech-savvy, customer-focused insurance provider with a simple online process and personal service.
Locating the Very Best Insurance Company in Alberta
Choosing the right insurance company for your business is important. If you are based in Alberta, where agriculture, oil and gas, and real estate industries flourish, it’s important to look for an insurer who knows what you need. Whether you own a new startup or an established business, it’s worth taking the time to assess your risk profile and get quotes from different providers so that you get the best coverage at the most competitive price.
Conclusion
As Alberta has a vibrant and diverse economy, businesses have to be covered with the right insurance to protect their operations. The province certainly has a top option for insurance coverage, and that is Zensurance. But it’s always a good idea to check quotes and always seek insurance professionals’ advice to find the best policy for your special business needs.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
