Wednesday, January 26, 2022

Business Liability Insurance Brokers: Who are they and what do they do?

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Business liability insurance brokers play a crucial role in the insurance industry. Finding a trusted and reputed broker is a must for every business type, especially the ones in risk-prone locations.

First let us understand what business liability insurance is, before moving on to what a broker can do for your business.

What do we mean by business liability insurance?
Put in simple terms, a business liability insurance is a type of insurance which provides protection of the financial interests of companies or business owners against formal lawsuits or third-party claims.

A general business liability insurance cover will include all direct financial liabilities and any type of legal defense expense incurred by your business.

3 main types of business liability insurance:

● General liability insurance

● Professional liability insurance

● Product liability insurance

Some key things to note:

● A business liability insurance safeguards your business’ financial interests.

● It secures against penalties or litigations as well as associated legal costs.

● Cost of such coverage depends on your business type and business location.

● You require a well experienced and trusted liability broker for your business.

What can your business liability insurance broker protect you against?
A business liability insurance broker is the link between your business and the chosen insurance company. He or she provides the much needed link and mutual understanding between the two.

– Your liability broker can provide protection to your business assets.

– The liability broker (through the insurance company) pays for legal obligations

These can include for instance, medical costs borne for a customer who gets hurt at your property, in addition to on-the-job injuries of employees.

– Such insurance brokers deliver protection against legal defense costs.

For instance, settlement offerings or awards which are legally required against the business.

– Protection against liability arising from damage to rented commercial property (or where they operate from).

This can be due to events such as fire, mold, floods, or other physical catastrophes.

– Such business liability brokers also help in coverage against claims of misleading advertising.

This also includes slander and copyright infringement.

Beneficial Insurance – Your go-to business insurance provider in Alberta
Beneficial Insurance is your go-to destination for laying your hands on reliable, competitive and industry reputed business liability insurance plans. Our experienced brokers help you assess your diverse business risks, identify all the risk management requirements for your business and deliver you appropriate business liability insurance coverages. Finding the right business liability insurance broker can be a cakewalk with industry leading provider of insurance solutions – Beneficial Insurance.

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