Airbnb And Home Sharing Insurance: What You Should Know

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We live in a sharing economy, (a.k.a. collaborative consumption) and it’s become a trending business concept. It’s a preferred way for people to rent or borrow items rather than buy them.  This sharing economy has opened the doors for people to supplement their income.

It’s a win/win situation for both the owner and the paid borrower. This sharing economy is a way to enjoy experiences that weren’t available a decade ago, and save money. Two excellent examples are Uber and Airbnb. With Airbnb you can rent your home for short or long stays, but there are implications with respect to home insurance.

Airbnb and Home Sharing Insurance – What You Should Know

Although Airbnb hosts have the benefit of supplemental income and guests enjoy an actual ‘home’ away from home, it doesn’t always go smoothly. So, how does this affect your home owners’ insurance if you’re a host?

Airbnb has a host insurance program that provides primary liability coverage up to $1,000,000 per occurrence in the event of a third-party claim of bodily injury or property damage related to an Airbnb stay; but it has limitations and exclusions.

Airbnb’s protection only offers basic coverage, so there is still a lot a host can be responsible for if the transaction goes wrong. If something is stolen or damages are done to a shared area for example, you would have to cover the expenses to repair the damages and won’t be compensated for loss of income while fixing them. As well, you’d have to pay for the costs associated with liability claims.

Home Sharing Insurance

Airbnb is an American company and because of its popularity, U.S. insurance companies are adapting to home sharing insurance as a separate product. In Canada, only one province (Quebec) is considering regulations governing home sharing insurance, but some Canadian insurance companies have created a specific home sharing insurance policy.

If you’re considering taking advantage of the new economy and live in Alberta, make sure you educate yourself about your home insurance coverage. Before you open your home to Airbnb travelers, you should first check with your insurance company.

Phone your insurance broker and tell them about your plans. Find out if your home owners insurance company recognizes home sharing insurance and offers insurance products to protect you.  Your broker can also help you find out if your current coverage is adequate and answer your questions.

Some things to consider before calling your broker is how many days of the year you plan to host and any individual risk characteristics that pertain to your situation.

At Sadler Insurance our brokers can help you find an insurance company that recognizes home sharing insurance and make sure you’re protected. If you plan on opening your home to Airbnb guests give us call first.

 

Buying a New Vehicle? The Make and Model of Your Vehicle Can Affect Your Insurance Premium.

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Are you buying a new vehicle? If so, you might be interested to know that how the car you choose is rated affects your premium. Most people know their driving record affects their insurance premiums, but many aren’t aware of how much the car they buy affects their rates too. Additionally, there are other things you might not know about how your car impacts your insurance premiums. Here is what to consider when shopping for a new car:

Age

The age of your car directly affects what you pay for insurance premiums. The older the car, the more value it loses. The less valuable a car is the less expensive it costs to replace or repair. This makes it cheaper for your insurance company to insure because the risk of them paying out large sums of money is reduced. It’s important to note that each car starts with a different rate and depreciates at a different rate; the impact varies across different types of vehicles.

Make and Model

The make and model of the car you purchase will also affect your insurance rates. High-end cars are more expensive to insure because of their value. The cost of repairs, parts and the replacement value are pricey for an insurance company, so they charge higher premiums for luxury cars.

The difference between models and even trim levels can greatly affect your insurance premium. For example, a sedan will likely cost less to insure than a coupe,  as coupes are sportier and statistically have a higher risk of getting into accidents.

Theft Potential

Insurance companies also base rates off theft statistics. These help them figure out which cars are stolen most often. For example, in 2017 the 2015 LEXUS GX460 4DR AWD SUV was the most stolen vehicle in Canada. To see the top ten list of stolen cars you can go here. Some cars make the most-stolen lists consistently, thus insurance premiums are higher for them. Although anti-theft devices can reduce the risk of the car getting stolen and can lower rates, if it’s commonly stolen it will still have a higher premium.

Risk and Value

The value of a car directly affects the optional portions of your car insurance, like collision. Dropping collision can reduce your insurance premium rates, but it’s not a good idea to go without this coverage if you can’t afford to pay to replace the vehicle or cover the cost of damages.

The risk factors of accidents and theft impact a number of areas. Theft statistics impact comprehensive costs and accident statistics impact the cost of liability and accident benefits; it’s important to note that your driving experience and record are considered as well.

At Sadler Insurance we help you with your car insurance needs, and make sure you understand your insurance coverage.

 

 

What to do if Your Car Insurance Claim is Denied

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So you had a car accident and now your insurance company isn’t going to fix your car. Don’t panic! The good news is there are established avenues in place to resolve conflicts between you and your car insurance company. It doesn’t matter if the dispute involves the settlement value of a total loss of the vehicle, the cost of getting a vehicle repaired, the extent of injuries, or who is at fault. There are ways to get your issues heard without having to go to court.

Before you contact anyone, make sure you’re clear about your concerns and what you expect. Have all your pertinent documentation and information available. Keep a record of everyone you speak to.

Here are five steps you can take to resolve your claim dispute.

Step 1: Phone your insurance broker, insurance agent, claims adjuster, or insurance company representative and request a detailed explanation of the company’s decision to deny your claim.

Step 2: If that doesn’t work for you, phone and ask for the supervisor or manager of the person you originally spoke with.

Step 3: If you still don’t get a resolution, contact the insurance company’s complaints liaison officer. All licensed automobile insurers legally have to have a complaint officer or Ombudsperson. After you tell them your complaint, give them time to investigate your concerns and decide their position. They might adjust the original decision, or agree with it.

Step 4: If you’re not happy with the Ombudsperson’s decision, you can request the insurance company’s final position letter.

Step 5: Contact the General Insurance OmbudService (GIO) with the letter. The GIO is an independent, regionally based dispute-resolution system for the insurance industry.

General Inquiries

For general inquiries, you can contact the IBC Consumer Information Centre (CIC) before going through the steps. The staff at IBC is experienced with answering questions related to: technical insurance wording, how to proceed with a complaint, how to find information about a liaison officer or Ombudsperson.

If after following these five steps you’re still not satisfied with the results, you can take your issue to court. When disputes related to car insurance end up in court, it usually involves personal injury because a dollar amount can’t be agreed upon. If you take this step, make sure you consult a lawyer for legal advice.

Often car insurance claim disputes are the result of miscommunication. The best way to prepare yourself in case your car insurance claim is denied is to become knowledgeable about all aspects of your insurance contract.

At Sadler Insurance we can help you with your car insurance needs, and make sure you’re educated so you understand your insurance coverage.

 

 

Travelling out of the Country While Pregnant? How to Avoid Your own Million Dollar Baby

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If you’re travelling out of the country while pregnant, you want to make sure you’re properly covered. In this post we will talk about how to avoid your own million dollar baby if you plan on visiting or vacationing in another country.

You’ve probably heard about Jennifer Huculak-Kimmel’s ordeal when she went to Hawaii on vacation and gave birth to her daughter; only to find out that her Blue Cross travel insurance wouldn’t cover her. Her and her partner, Darren Kimmel, returned to Canada with over $900,000 in medical bills.

Are you travelling out of the country while pregnant, or planning to? If so, you can rest assured that there are precautions you can take to make sure what happened to Jennifer won’t happen to you.

Blue Cross didn’t pay out her claim, but according to Canada Health Insurance Association (THiA) 95 per cent of all submitted travel health insurance claims in Canada are paid by the insurance provider. How did Jennifer become part of the 5 per cent whose claims aren’t paid?

How to Avoid Your Own Million Dollar Baby

First, make sure you’re cleared by your doctor to travel while pregnant. Travelling while pregnant can be safe, but pregnancies can come with additional challenges and risks. Pregnant women can develop severe complications and are susceptible to certain infections that can harm the baby. Jennifer thought she did everything right, but it went very wrong, so let’s look at what happened.

Denied Claim

Blue Cross denied Jennifer’s claim because she had a bladder infection and hemorrhaged when she was four months pregnant. This constituted a pre-existing condition, which nullified her insurance contract.  The insurance company noted her travel insurance expired while she was in the hospital.

When she gave birth to Reece prematurely, she had to stay in the hospital for three months.  Her health insurance coverage was in effect for the length their vacation, and expired on November 9, 2013 the day after they were to land in Canada.

You Should Always Get Travel Insurance

Below are some tips to make sure you’re covered when you travel while pregnant. It’s important to note that Canadian laws and punishments are strict with regard to insurance. It’s highly unlikely an insurance company, agent or insurance broker would ever sell insurance fraudulently. It boils down to wording.

  • Ask specific questions and get answers. Ask the insurance company or insurance broker what happens if you give birth to your baby while you’re in the other country. Find out what happens in the event you have to stay in the hospital past the expiry date.
  • Read the fine print when it comes to exclusions listed in insurance policies.
  • Ask for a list of what the insurer considers to be pre-existing or medical conditions that might compromise your policy, and double check with your doctor if you have any listed.

Another way to ensure you don’t have a million dollar baby when travelling out of the country is to create a relationship with an insurance broker who knows you and your needs.

At Sadler we we can help you with all your insurance needs, including travel insurance. For more information please visit our website.

What Would Void a Life Insurance Policy?

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Life insurance policies are in place to help grieving families move on with their lives and give their loved ones a proper ceremony and send off. Unfortunately, every day there are stories about people who do not receive the life insurance payout of a family member based on circumstances that voided the policy. These often come a surprise, but there are many common ways that an average life insurance policy can be voided. Remember, it is always important that you discuss your life insurance policy in detail with your provider so that you fully understand the circumstances that can lead to voiding your policy. That way, there are no surprises for you or your loved ones.

Military Service

Many life insurance policies do not explicitly cover military service people who are killed in the line of duty. There are, however, many policies that are specifically designed for military personnel and their families to ensure that those families have something in the event of an active military death. Unless explicitly stated, you can assume that your policy needs changes if you decide to join the military.

Drug & Alcohol Abuse

Many life insurance policies assume that the policy holder is not struggling with substance abuse, whether that is legal drugs, illegal drugs or alcohol. Many policies clearly state that they are void in the event of a drug-related death or as a result of complications from years of substance abuse. That said, there are still options for people who struggle with addiction, even cigarettes, to ensure that they have a life insurance policy in place. It is important to disclose these issues to your insurance provider so they can work with you to get a policy.

“Dangerous Activities”

The phrase “dangerous activities” is fairly vague but it is safe to assume that, in general, it means activities such as skydiving, base jumping, high-speed racing, etc. You should contact your insurance provider if you are about to do something extreme to see if your policy, or accidental death rider, covers it.

Death in a “Restricted Area”

The Government of Canada puts out regular travel advisories for places around the world and many of the travel restrictions in place can affect your life insurance policy. Unless you are performing a job in a dangerous part of the world (and your insurance company knew about that work before you took out the policy), you can assume that active war zones and other dangerous parts of the world will void your policy.

Every day there are stories about the families and friends of someone who died realizing that a life insurance policy has been voided. Some of these stories involve tragic circumstances, most come as a surprise, and often it leaves grieving families with even more confusion. This is why it is always important to carefully understand any insurance policy that you have. Being informed will help you ensure that your loved ones can receive the benefits of your policy in the event of your death.

Three Christmas Gifts You Should Be Insuring

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There are many things that run through your mind upon receiving a valuable Christmas gift—how grateful you are to receive it, how lucky you feel to have such thoughtful people in your life, and perhaps how surprised you are to have received something so generous. You probably also find yourself looking forward to using or showing off the item.

However, one thing that most people don’t think of is insurance. In such a magical season, it can be hard to let your mind stray to practical matters, but if you truly appreciate a valuable gift, you may want to consider protecting it.

Not every gift requires insurance of course, but here are the top three that you might want to consider protecting.

Jewellery

Jewellery is an extremely popular gift. What better way to make the holidays special than by presenting a loved one with an engagement ring, family ring or pendant, or other piece of fine jewellery?

If you are lucky enough to be on the receiving end of such a gift, you will undoubtedly want to insure it. All of your fine jewellery should be insured against theft, damage, or loss. While nothing could replace your original piece, it’s nice to know you could make a claim if anything happened.

Electronics and Furniture

Electronics have become such a mainstay in our everyday lives that many people don’t think to insure them, whether they received them as a gift or did the purchasing themselves. However, in the event of a break-in, electronics are an immediate target.

In addition to taking security precautions to protect your home against theft, you should insure any electronics, or furniture items, you receive as a gift this Christmas. If you do lose a stereo system, computer, smart phone or other electronic item, you’ll want to be able to replace it quickly and easily, and that’s where your insurance company can help. Once the holidays are over, look at incorporating these items into your general home insurance policy.

Artwork and Collectibles

Another gift that you will want to insure is artwork and other similar collectible items. If you are lucky enough to receive an original artwork, a rare print or collectible, or a valuable antique item, you should call your insurance company to see if you need separate insurance for the piece, or if you can add it to your home insurance policy.

These items can carry a great deal of value—value that will likely only increase over the years—and can be difficult to replace. In the event of loss, they can be difficult and expensive to replace. Antique decorative items can be delicate and breakable as well, leaving them vulnerable. Insurance will help you to source a suitable replacement, or at least cover the value of the loss so that the gift was not in vain.

Are you ready to insure your Christmas gifts? Contact us at Sadler Insurance and we’ll help you get started.

Five Insurance Policy Details You Should be Reviewing for the New Year

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With a new year right around the corner, it’s time to start about reviewing how you could improve your insurance policy details. Making this kind of review a yearly occurrence will help you stay on top of your insurance policies, and ensure that you are always fully covered. Here are five details that you should look over in your policies.

  1. Re-evaluate the Contents of Your Home

If it has been a year or more since you last took inventory of your belongings, it’s time to re-evaluate. Most homeowner policies also protect the contents in a home, in addition to the house itself. As you’ve most likely purchased new items since your last recorded tally of personal belongings, you should take note of anything that should be added to your list. If you’ve made home improvements, such as kitchen or bathroom upgrades, these additions to your home’s total value should also be mentioned in your policy updates.

  1. Are You Paying Too Much?

It is a good idea to check into any discounts or savings that you may be eligible for at the beginning of every year. Don’t assume that you’re getting the best price, just because the amount you’re currently paying was the lowest you could find when you first purchased your insurance policy. You can potentially save yourself some money by looking into bundle discounts on your auto, business, life, or home insurance. Factors like a good driving record, your age, or full-time student status can have an effect on your policies. Sometimes even raising your deductibles can lower your monthly insurance rates.

  1. Bundle Your Insurance Policies

If you haven’t done so already, you may want to consider bundling your current insurance policies. Do you have a different provider on each of these policies? Most insurance companies offer more than one type of insurance, and for this reason, many of them offer discounts to customers who choose to purchase multiple forms of insurance from the same provider. By simply asking your insurance providers what your potential savings may be, you can save money by bundling two or more policies, like your home and car insurance.

  1. Consider Alternate Insurance Providers

Have your insurance rates skyrocketed since last year, through no fault of your own? It may be time to consider some alternatives to your current provider. Whether due to an increase in claim activity over the past year, or a company experiencing a financial loss for the year, there may be other providers that can offer you a better price for the insurance policies that you require. Make sure to check out other options before your insurance renewal is processed for 2018.

  1. Account for Any Changes from the Past Year

Keeping your policies updated is the best way to ensure that you are fully covered, in every aspect of your life. People change too, so make sure to reflect any changes in your health or situation within your life insurance coverage. If you’ve recently had a baby, stopped smoking, gotten married, or retired from your job, these changes may affect your policy. Similarly, your auto insurance coverage could change if you now travel a shorter distance to work, or if you’ve decided to finally put winter tires on your vehicle.

Contact Us Today!

The professional team at Sadler Insurance has been serving Albertans for over 80 years. We understand that insurance choices can be overwhelming. As a full-service independent Edmonton insurance broker, we aim to make the “fine print” clear for you. No matter what you are looking for – from auto, business, life, or home insurance – our insurance professionals are ready and willing to help you. We strongly believe in fostering relationships with our clients and insurance partners. Request a quote from one of our insurance brokers today to find out how we can help.

Three Ways to Insure Your Business Against Crime

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Burglar opening a drawer in the office at night using a crowbar he is stealing confidential data and information data theft and security concept

Crime insurance is an important method of protection for any business, as loss prevention techniques are often not enough. This insurance will ensure that your business is protected from employee dishonesty, robbery, as well as issues concerning forgery and alteration.

If you own your own company, there are many things that you need to consider to ensure that business runs smoothly at all times. Loss prevention is important to consider in any workplace, but even the best plans may fall short of actually preventing theft and damages. Even the most sophisticated loss prevention techniques cannot eliminate all potential threats. This is why it is important to have some form of crime insurance in place, protecting your business from any future crime losses. There are many forms of coverage, and three ways to ensure that your business is protected are outlined below.

Employee Dishonesty Coverage

As much as any business owner doesn’t want to think about their employees committing crimes against the company, it is a very real possibility that you should be protected against. Employee dishonesty coverage is one form of crime insurance that benefits any business. With this form of crime insurance in place, you are at least prepared in the event that something does happen. Employee dishonesty often involves the theft of company money, inventory or other assets, but also includes any other forms of financial fraud or corruption. It is important to take loss prevention seriously and stress its importance in the workplace. However, in the event that the techniques in place do not effectively put an end to employee dishonesty, crime insurance coverage will protect your business from these losses.

Protection Against Robbery

Theft through robbery is a real concern for every kind of business. If you are in the business of selling specific products, it is necessary for your company to retain its inventory and meet the sales goals necessary to keep your business running smoothly. After all, a fashion retail store runs the risk of dealing with costly losses if the merchandise that you are trying to sell has been stolen from you.

Robbery is also a great concern for offices and other kinds of businesses that are full of various pieces of expensive equipment that can be stolen or damaged during a break in. Many companies also retain sensitive client information that must be protected, which is why crime insurance is so important when dealing with the aftermath of a robbery.

Forgery and Alteration Coverage

Forgery is a widespread issue that not only affects businesses, but individuals as well. Identity theft on an individual scale can be debilitating for the person involved and is often difficult to rectify in a timely manner. Similarly, forgery and alteration can be a difficult issue for a business to deal with, as it may take time and further investigation to explore the extent of the theft reported. Cases involving information that has been forged or altered for financial gain can be difficult for a company to navigate alone. Tracing transactions back to determine which of these past transactions were legitimate and which were falsified can be a tedious and lengthy process. Crime insurance enables businesses to rectify these situations swiftly and with as little hassle as possible.

Providing Peace of Mind

Having been established in 1936, Sadler Insurance has the experience necessary to serve your insurance needs. We are not your average insurance brokerage, as we believe in building relationships with our clients and our insurance partners. We serve all Albertans, aiming to make the “fine print” clear for you, so your insurance choices don’t seem too overwhelming. If you have any questions regarding protecting your business against crime, or any other insurance-related concerns, please do not hesitate to contact us.

Our team of Edmonton insurance brokers is ready to serve you via email at sadlerin@sadlerin.com or by phone at (780) 433-4426. We will show you why your best insurance is an insurance broker.

Three Things You Should Know About Professional Liability Insurance

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Small business owner smiling.

As a business owner, professional liability insurance is a must-have.

As a business owner, you know that protecting your business is just as important as building it up in the first place. The best ideas, the best products, and the best customer experience can meaningless in an instant if an emergency takes place that prevents you from continuing to operate your business at a normal capacity.

That’s where insurance comes in. Every business should be insured against a number of potential hazards.

Professional liability insurance covers you should accusations of malpractice or misconduct prevent your business from operating normally, or if you find yourself having to pay restitution and legal fees as part of a lawsuit. Professional liability insurance allows you to maintain your business operations during and in spite of these situations and provides you with the financial security to move forward, recover from the situation, and continue to focus on building the success of your business.

Here are a few things you should know before you purchase professional liability insurance.

It Can Be Included in Your Insurance Package

As with any type of insurance, professional liability insurance should be packaged in with other types of business insurance. It may seem expensive if you’re looking at rates independently, and that may deter you from purchasing it. However, a good insurance provider will offer you a package deal which will reduce the overall costs of the professional liability insurance, as well as other types of insurance you purchase for your business.

It’s About Keeping Your Business Going

Having professional liability insurance doesn’t say anything about your business practices. It doesn’t mean that you are expecting to commit malpractice, or that you’re avoiding responsibility for a misconduct suit, or admitting guilt when you’ve done no wrong. It simply means that you’re preparing for the worst-case scenario. Sometimes, terrible things happen, things that may be out of your control. As a business owner, the prudent thing to do is to cover yourself so that you can continue to operate your business in the case of a malpractice suit.

Your Insurance Should Depend on Your Business

The amount and type of coverage your insurance provides should, of course, depend on the nature of your business. If your business is one that comes with a low risk of accusations of malpractice, such as a retail environment, you can probably get away with minimal coverage. However, a business that deals with more critical subject matter, such as physical therapy or medicine, should obviously have a higher level of protection.

You may have heard the term “malpractice insurance” used in the same context as professional liability insurance. Malpractice coverage can be considered a type of professional malpractice coverage but refers specifically to situations in which professional malpractice results in physical harm or injury. Whether or not malpractice insurance is appropriate for you will depend on the nature of your business.

To learn more about professional liability insurance, contact us today.

Five Tips to Get the Best Commercial Auto Insurance

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broken front of new car; detailed closeup

In order to get the best commercial auto insurance, keep these five tips in mind when you begin shopping for a quote.

It often seems that there is no aspect of insurance that is easy to understand, especially if you are not well-versed in the industry. Everyone needs insurance of some kind at some point in their lives, yet so many individuals are unsure of what exactly they’re looking for. This is no different when it comes to commercial auto insurance. Sadler Insurance is here to help with our five tips to get the best commercial auto insurance.

  1. Small Businesses Need Coverage Too!

Even if you are currently running a very small, home-based business, you need commercial auto insurance if you have vehicles specifically for business use. When many people think of commercial automobile insurance, they automatically think of large corporations with fleets of vehicles, but no matter what size your business is, you are better off protected. Keep in mind that many homeowners insurance policies provide little to no insurance for business activities.

  1. Differentiate Between Commercial and Personal Insurance

There is a big difference between commercial and personal insurance coverage, which is important to keep in mind if your business is run from your home. In the event that an issue arises, you need to make sure that your business is covered, as your homeowners insurance will often provide little help in covering business expenses. You will need commercial auto insurance for any vehicles pertaining to your business, as well as workers compensation insurance, property insurance, and liability insurance in order to stay protected.

  1. Keep the Worst-Case Scenario in Mind

Although it is difficult to think about, it is beneficial for you to keep the worst-case scenario in mind when choosing a commercial auto insurance package. After all, insurance is there to protect your business from potential losses that you could not afford to cover, should a problem present itself. You want your insurance to be affordable to you, but also cover you, no matter what might happen in the future.

  1. Ensure That You Are Getting the Best Deal

There are many factors that affect the cost of insurance and the coverage available when it comes to choosing commercial auto insurance. The coverage that is available to you, as well as the premium costs, may be affected by things such as the location of your business, the size of your business, the number of vehicles being insured, and the number of years that you have been insured. Look at all of your options and make sure that you receive the best possible price for what you are seeking.

  1. Customize Your Insurance to Suit Your Needs

Insurance policies can always be customized in order to better protect each client. The same goes for commercial auto insurance. If you would like to purchase general coverage, but also need specific coverage for certain projects, explore the ways in which your policy can be tailored to fit your needs. Your insurance company should be willing to work with you, every step of the way.

A Name You Can Trust

No matter what your insurance needs are, you can trust Sadler Insurance with all of the toughest decisions that you need to make. We have been serving Albertans for 80 years. With our knowledge and expertise in the field of insurance, you can rest easy knowing that you have Sadler on your side. We are a full service independent Edmonton insurance broker, with a team of professionals ready to serve you.

Since being established in 1936, we have the experience necessary to assist you. We are not your average insurance brokerage, as we will help you to understand exactly what your insurance choices are. We want to make all of that “fine print” clear to you, as we care about each of our customers. Sadler Insurance believes in building relationships with our clients and insurance partners alike. If you’d like to learn more or receive a quote, do not hesitate to contact us! One of our experienced team members will be able to serve you!

Simply fill out our online form, or call us at (780) 433-4426. You can trust Sadler Insurance because above all else, we want to work for you, not an insurance company.