Ontario Commercial General Liability Insurance
Many factors contribute to the success of a business. As a business owner, you know what it takes. Hard work, focus, planning, and great staff are a few important factors. When it comes to insurance, you want to be sure your business is properly protected. Commercial General Liability Insurance is designed to protect all of your company’s assets.
What Is Commercial General Liability Insurance?
Commercial General Liability (CGL) insurance provides coverage for your business against claims for bodily injury and property damage to third parties arising from your premises, operations, products and completed operations. This is a broad type of insurance policy that varies between types of businesses. It covers general liability risks associated with your business.
Who Needs Commercial General Liability Insurance?
If you’re an owner of a business that’s small or large, you are always at risk in some way or another. Without commercial general liability insurance you have no coverage should a lawsuit claim be filed against you. This can have a very heavy financial toll on your business. This type of policy can also protect you from legal fees so that your business and reputation remain safe and flourishing.
Additional Coverages to Consider
Business Interruption Insurance
Imagine the impact if you could not operate your business after a loss such as a fire. How would you carry on? How would you manage to continue to look after your customers? How would you manage if there was a drop in income due to the loss? This is when it can be important to have Business Interruption insurance. Business Interruption insurance can help to cover these impacts. Property insurance coverage would indemnify you for insured direct damage claims to contents, stock, equipment, and buildings.
Professional Liability Insurance and Errors & Omissions Insurance
Errors and Omissions Liability insurance (E&O) or Professional Liability insurance is specialized liability coverage required by companies that provide professional services, such as accountants, engineers, marketing professionals, consultants, and IT services. Despite the best intentions of professionals in these fields, an error or omission in the performance of services could cause financial losses to customers. Liability arising from a claim resulting from a professional service is excluded under the standard CGL insurance policy. The legal expenses to defend against the alleged failure to provide adequate professional services can be as significant as the actual claim. Coverage for legal costs for defending these suits is available under Errors and Omissions or Professional Liability policy.
Commercial Umbrella Insurance or Excess Liability Insurance
On a rainy day, an umbrella is definitely handy. It provides extra protection from a storm. In terms of insurance, that’s what Commercial Umbrella or Excess Liability insurance does. It provides extra coverage by increasing a company’s liability limit. An umbrella policy adds to the limit of an underlying Commercial General Liability policy. The liability portion of the underlying policy is the first to respond in the event of a loss. A Commercial Umbrella or Excess Liability insurance policy responds to eligible losses after the primary or underlying liability insurance limit has been reached.
At Morison Insurance we can take care of all your business insurance needs. An experienced Insurance Commercial broker knows how to identify and manage many of the risk factors in your business and will translate that knowledge into an insurance package to meet your needs.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.
