Wednesday, February 21, 2024

Back to Basics: Business liability insurance

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Starting a business in Calgary? Then, choosing the right business liability insurance in Calgary is quite crucial for you. One of the most important aspects of business insurance is business liability insurance. The following sections will cover what this type of coverage entails and how it can help with the security of your company.

The coverage it provides
A business liability insurance mainly entails coverage of third party claims which include things like:

● Property damage

● Bodily injuries

● Financial losses

For example, if a consumer has a slip and fall accident in a mall, then the mall can be slapped with a liability suit. Your company may also be held responsible for the other injuries. Business liability insurance in Calgary would surely provide coverage for the affected person’s recovery costs and medical fees too.

Additionally, in case they decide to sue the company for damages caused to them, your business liability insurance would basically cover these costs that are associated with the legal defense.

Different types of business liability insurance
Commercial business liability insurance in Calgary is available in many different forms, and as a business owner, you can opt for a product that provides coverage for special liability risks. Some of the most common types include:

● Product Liability: This type of insurance offers coverage for products that are manufactured or distributed by a company. Product liability also offers coverage in events where defective products may cause damages or injuries.

● Commercial General Liability: Being the most basic and vast form of business liability insurance, this type typically offers coverage for property damage, personal injuries, and libel.

● Cyber Liability: This insurance basically offers coverage in case a cyber attack takes place or a data breach occurs.

● Professional Liability: This type of business liability insurance is typically known as errors and omissions insurance. It offers coverage for issues like malpractice, professional mistakes, or negligence. It is quite common in the medical field.

Directors and Officers Liability Insurance: This insurance is meant typically for the management. It protects officers and directors against claims made by shareholders, competitors, employees, suppliers, and other associates.

● Cyber risk insurance: A cyber risk insurance will help protect you from any damages caused due to electronic activity and if your business falls prey to any cybercrimes.

● Carrier legal liability insurance: If your business is involved with logistics, then carrier legal liability insurance will save you from any damage and fire caused to the merchandise or the vehicle in case of an accident.

What does it not cover?
Business liability insurance is made only to cover third-party claims. This basically means that business liability insurance in Calgary does not cover your other business needs as such. For that, you would need to look at a more comprehensive insurance policy. So, in case of an employee injury or a worker’s compensation issue, you will have to turn to your business insurance.

Also, business liability insurance does not cover any damages or intentional acts as such. Some common examples of these include criminal activity due to which a third party suffered or employee fights.

We hope that with these basics you are able to figure out the best choice for business liability insurance in Calgary and help protect your business from potential losses that may occur due to third-party claims.

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