BC Commercial Business Liability Insurance
Liability insurance is important for individuals, business owners and vehicle owners. If someone seeks compensation for a perceived wrongdoing caused by you or your business liability can help protect you.
In simple terms, it is financial protection if someone tries to sue you.
There are two key things to remember – liability insurance provides a legal defense for you and pays damages if necessary.
One of the benefits of any type of liability insurance is transferring the risk responsibility to an Insurance Company which provides the legal defence support and pays damages if awarded.
What types of liability insurance are available?
There are many different types of liability insurance. A few of the main types of liability insurance are Personal Liability, Commercial General Liability (CGL), Third Party Liability and Professional Liability.
Personal Liability insurance
Personal Liability Insurance is for situations that result in unintentional bodily injury or property damage to others arising out of your personal actions. Although the damage is purely unintentional, the injured person may seek compensation to cover things like lost wages or property replacement. Personal Liability is typically sold with Home Insurance policies.
Third Party Liability Insurance
Third Party Liability is the one coverage typically included on most automobile insurance policies.
An example of Third Party Liability protection would be if you or an insured driver of your car was responsible for a car accident that caused serious injuries to people or damage to the other car. If you were liable (responsible) for paying $500,000 in damages with a court case, your insurance would cover those costs and the cost of your lawyer.
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General Liability Insurance
Commercial General Liability insurance is necessary as soon as a company opens its doors, or even before their first customer arrives to avoid exposure to loss or liability risk. There are liability risks for owners of commercial businesses, ownership of commercial buildings and also non-profit organizations.
This coverage protection is extended to officials in the company, including executives, directors and employees.
A commercial liability policy covers many situations that can bring an action against the company. This could include:
- defects caused by faulty workmanship / completed operation
- breach of contract
- product recalls
- property damage
An example of commercial liability protection would be when a plumber completes work on a job and a week later a pipe burst. Or if he is soldering pipe on the site, starts a fire and burns down a building.
Coverage could also include protection against having a customer slip on a wet floor inside your store.
Ask your Westland Insurance broker about how you can protect your company from a lawsuit.
Professional Liability Insurance
Professional Liability insurance addresses exposure to risk that is different from a general commercial liability policy and requires an additional coverage. The key difference is specialization.
Providers of professional services that are at risk can include health care practitioners, lawyers, accountants, engineers, or architects.
If, during the course of doing business, a client alleges there was a failure to provide proper professional services, that client could claim they suffered a form of economic damage and wants to be compensated. This could range from a bad haircut to structural engineering issues to medical malpractice.
The person bringing the claim has to prove they have suffered some loss or they will not be successful in their claim. The claim could be completely groundless but you would still have to mount a defense, which means getting a lawyer. If you don’t have insurance, the legal costs would come out of your own pocket.
To find more details about protecting your professional services business, contact your Westland Insurance broker.
Other Liability exposures that can be covered by endorsements or additional policies include:
pollution cyber risks
Why choose Westland Insurance Group for your liability coverage?
Whether you need personal, commercial or professional liability insurance, Westland Insurance Group provides professional insurance advice, we act as active partners in any claim situation and we provide value-added support in the way of risk management services.
For more information about our Business Liability Packages, contact our Business Insurance experts at (604) 543-7788 (toll free at 1-800-899-3093) or e-mail email@example.com