Tuesday, December 7, 2021

Different Types of Business Liability Insurance

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When it comes to business liability insurance quotes in Calgary, you need to consider many different aspects. Firstly, because each business faces unique risks and challenges, it is important to be prepared for unforeseen circumstances. There are many kinds of insurances you can get, but here are the top options that you must opt for while insuring your business:

1. Commercial Property Insurance
Commercial property insurance helps you protect your rented or owned building along with the equipment used to run the business. But, natural disasters like floods or earthquakes are not a part of such policies.

If your area is prone to such disasters, you would need to get particular policies such as a commercial flood policy. But, stay prepared as real estate is the most critical investment in any business. Any loss to your property can incur major financial setback. So, make sure to get the best business liability quotes in Calgary providing this coverage.

2. Professional Liability Insurance
While getting business liability insurance quotes in Calgary, getting this kind of policy is of utmost importance. It is also commonly known as errors and omissions insurance. This kind of insurance helps in covering any mistakes that may occur from your company’s end.

Typically, your clients may file a lawsuit claiming that you made a mistake in the services provided. So, save yourself from the legal and financial implications mainly by opting for professional liability insurance.

3. Worker’s Compensation Insurance
Worker’s compensation insurance helps your employees deal with financial losses incurred by your employees if they fall sick. They can get employee benefits like paying their medical bills, ongoing care, and replacement for lost wages if they miss work. Also, it helps cover funeral costs in case they lose their life during a work injury.

4. Data Breach Insurance
Data breach insurance helps your business recover from losses incurred due to issues with PII (Personally Identifiable Information). Most insurers refer to this type as cyber insurance. Data breach insurance helps in notifying impacted individuals and dealing with any legal implications of the same. It also helps deal with theft monitoring services and creates a PR campaign to deal with data loss. Make sure you get proper business liability insurance quotes in Calgary which include data breach insurance as technology has become the backbone of most organizations.

5. Commercial Umbrella Insurance
Commercial umbrella insurance extends the limits of the coverage for most of your insurance policies. In case you deal with lawsuits and accidents regularly, we recommend you go for commercial umbrella insurance. If a claim exceeds the policy’s limit, then this kind of insurance can help you compensate for all the difference.

6. Commercial Auto Insurance
Commercial auto insurance can help you protect your employees when they are driving vehicles owned by the business. It can also compensate for property damage and other bodily injury claims from any accident caused by your business. This is crucial because a personal policy will not help cover third-party claims in an accident caused by you with a business-owned vehicle.

You can find many business liability insurance quotes in Calgary but it is important to pick the right insurance broker. The right option can help you stay secure in times of unfortunate events. But, during eventualities, the wrong policy can really impact your financial spends by making the claim process very difficult.

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