Each transaction that you complete as a business owner can either result in a risk or a profit.
The very first thing that you should do is to protect your business against the impact of potential lawsuits from customers. And although a well-crafted Business liability insurance policy might help to shield your business from the stress and expense, usually it is the very last thing that a business owner wants to have to deal with.
What is Covered by Ontario Business Liability Insurance?
Liability insurance covers legal fee costs, including court costs as well as any resulting reward that is made. Just think of the peace of the mind that you will have due to being free of any worries over attorney fees as your liability case continues to grind on – and if you have anything worth taking, the attorneys for the plaintiff will make sure that is done.
Ontario liability insurance is an appropriate option for any business that might be faced with potential lawsuits. Depending on what type of business you have, and your risk tolerance for financial risk, thee are four different and distinct types of liability insurance that you might need:
- Public Liability
- Professional Liability
- Business Liability
- Personal Liability
Other risks might also be covered, including the following:
Bodily injury in the event that a customer trips and falls over something, or loses their footing on a floor that is slippery, and you are found to be legally liable for their injuries.
Data loss and property damage in case you spill coffee accidentally on one of your client’s serves that results in data loss, or if a tree in your parking lot falls on a client’s vehicle.
Personal injury in the event that an employee speak about one of your customers in an unflattering and false manner. The customer then learns of the discussion and decides to sue for slander. In this scenario, we will cover your subsequent claim, up to to the liability limits on your General Liability Policy, and if necessary, pay for a lawyer to defend you.
What isn’t protected by Business Liability Insurance?
Liability insurance isn’t designed so that it can protect you from absolutely everything, so that costs can be kept down. For example, general liability insurance doesn’t cover you against negligence claims, since even it isn’t your business or your fault. That is due to the fact that not all businesses need the same variety or level of protection, so if it was included in every policy it would end up over insuring many businesses, and coverage would be unnecessarily expensive.
General liability insurance coverage, which is also referred to as commercial general liability insurance, should e consider if either your employees or you:
Interacts face to face with clients. If you go on sales calls, visit your clients at their place of visit or their home, or they go to your location for a visit.
Having access to equipment that you do not own. Business liability is perfect for electricians, IT professionals and other technical or repair service providers.
When representing the business of your client to other companies
Third-party locations used for business-related activity. Wedding planners, designers, architects, and others may be covered by business liability insurance.
If your business is required to have general liability insurance due to a contract.
Are you concerned about how much it costs?
Here at Howden Brokers, we specialize in covering professional service providers, and local businesses just like yours. Our company has everything that you need, including the following:
- Monthly payment options help with spreading your payments out so that you can manage cash flow better
- Coverage of independent contractors, full-time employees, and temporary staff
- Past work to cover unforeseen claims that arise from work that was completed prior to you being insured, up to a pre-agreed-upon date
- Tailored coverage for your industry or field’s specific risks
- Claims responsiveness for those situations where time is of the essence, particularly in the event that an insurance claim needs to be filed
- Knowledgeable agents who deliver passionate, exceptional service
- Simple and fast online quotes, immediate coverage, helpful agents
- Coverage for contracts that satisfy a majority of standard contract insurance requirements
The Howden Brokers Difference
You might think you want to have the least expensive insurance possible, but you realize that you might not be getting everything that you need.
Although a majority of insurance products are very similar in terms of function and price, insurance providers are quite different regarding how they structure a policy that covers you in a way that you actually need it to.
For your business, there is no one-size-fits-all insurance policy.
We protect individuals we care about and know in Ontario, and this means we are always looking for ways to better protect you, including carefully selecting the insurance companies that we represent to ensure they are both responsive and affordable.
Fill out our quote request form today and allow the professionals at Howden Brokers to help you develop the strongest possible shield to help protect those things that you care about the most.