A commercial general liability policy does not only protect your business from financial liabilities. In case you are liable for property damage or advertising injury caused due to your services, to your employees, or any hazard occurring during business operations. Before you opt for a commercial insurance plan in Calgary, it’s advisable to understand everything a commercial general liability policy entail.
Why do you need it?
This kind of insurance covers negligent acts which are non-professional. To understand why you need general commercial liability, here are some situations you need to be acquainted with:
● If a customer visits your office or business premises and falls due to loose flooring injuring him
● An employee in your construction business or manufacturing site accidentally leaves the water running, causing quite a lot of damage to a customer’s house
● Your business has to face a class-action lawsuit due to advertisements consisting of misleading information
Businesses in a particular location have to align with the laws of the province o the state. So, a commercial insurance plan in Calgary should be a priority when you are running a business.
Coverage elaborated
A commercial insurance plan in Calgary will typically cover the costs of your legal defense. They will also pay on your behalf if all the damages are liable and are included in the policy you pick. It is undebatably an essential insurance product. It saves you from the negative impact a lawsuit can have on your business.
Also, liability suits happen quite frequently, so it’s best to keep your policy updated. The following section talks about the different coverages included in commercial general liability insurance:
Coverage i) Property Damage Liability
Property damage coverage protects against liability caused on your commercial property. These are the costs you need to cover after a fire breakout or any damage caused to the property. Property damage coverage is a must to have for any business as your real estate is of high-end commercial value.
Coverage II) Bodily Injury Liability
Bodily injury liability is one of the worst kinds of penalties you can be stuck with for ethical and financial reasons. This covers the medical expenses that may arise due to an unexpected injury. Additionally, compensation for income and lost wages-both are essential. You would also need to take care of the legal fees you may have to pay dealing with the law in case an employee or a person suing you.
Coverage III) Personal and Advertising Injury
This kind of injury refers to a liability that protects an insured party against liability arising out of offenses that include slander, libel, infringement of another’s copyright, using someone else’s advertising idea, malicious prosecution, amongst others. You may also fall prey to wrongful eviction, invasion of privacy, and entry, as well as associated costs with it.
How to purchase commercial general liability insurance?
You can buy commercial insurance plan in Calgaryas a single policy or make it a part of a Business Owners Policy. You can also buy it as a constituent of a Business Owners Policy. If this particular policy does not provide the coverage you need, then you may want to consider purchasing a commercial umbrella policy that provides additional protection. Just make sure that all the coverages are well aligned with your business needs so that you are not caught with high end payments anytime.
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