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 coverage 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 defense support and pays damages if awarded.
What types of liability insurance quotes are available?
There are many different types of liability insurance policies. A few of the main policies for liability insurance in BC are Personal Liability, Commercial General Liability (CGL), and Professional Liability.
Commercial General Liability Insurance in BC
Commercial General Liability insurance (CGL) 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.
A CGL policy covers many situations that can bring an action against the company.
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 with a CGL policy.
Professional Liability Insurance
Professional Liability insurance, also known as E&O Insurance or Errors and Omissions 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 forward has to prove they have suffered some loss or they will not be successful in their claim. Even if the claim is be completely groundless, 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, or to request a professional liability insurance quote, contact your Westland Insurance broker.
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.
Additional BC Liability Insurance Quotes Available:
Directors and Officers Liability Insurance (D&O Liability Insurance): In the day to day performance of making organizational decisions, directors and officers liability insurance can be the protection you need when subjected to claims from competitors, creditors, employees and government. Being held liable for damages and defense costs from these claims can be minor, but it can also severely impact your organization.
Product Liability: Businesses who sell manufactured or assembled products will want to add this specific coverage to their general business liability insurance package.
Abuse and Harassment: Most organizations have worked hard to provide the proper education and environment to reduce these issues. Purchasing abuse and harassment liability insurance coverage has been shown to actually reduce cases of workplace harassment and abuse.
Request A BC Liability Insurance Quote
At Westland Insurance Group, we recommend BC clients that are worried about business liability insurance costs to consider getting a small business BC liability insurance quote online. Clients are usually surprised to see that adequate coverage doesn’t have to mean excessive premiums. Also, see our page on commercial insurance.
For more information about our BC liability insurance, contact our general business liability insurance brokers toll free at 1-800-899-3093 or visit one of our Westland Insurance locations in BC.
Save time by requesting a business liability insurance quote online with our business insurance quote request form.
As a leading Insurance Broker in BC, Westland Insurance Group has been providing BC residents with home, travel and auto insurance, plus BC liability insurance quotes since 1980.
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