Liability Insurance – Newfoundland and Labrador

As a business owner, you know the importance of an all-encompassing business plan, including potential risks your business may face. Those risks can be unexpected and arise from accidental losses. Business liability insurance mitigates those risks and provides peace of mind that your business is covered, so you’re able to focus on what’s essential to achieve the goals you’ve set for your business.

We understand it’s vital to protect what’s most important to you and your business. Our expert insurance advisors are here to ensure you’re protected so you can focus on nurturing your business for the future.

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Why Choose Westland?

We know that your business insurance needs to match your goals, your business and your budget. Our expert business insurance advisors get to know you and your business, so that they can tailor a policy to your exact needs. We’ll work with you to build a risk management solution, ensuring coverages line up with your business needs.

We understand that insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, click here.

Business Liability Explained

Business (Commercial) General Liability (CGL) provides coverage for liability claims arising from bodily injury and property damage to others as a result of your operations. Liability coverage responds to third party allegations and actions when claimants are seeking damages. Liability claims for bodily injury and property damage could stem from the actions of your employees, your products, your completed operations, or by something occurring on your premises. Legal liability coverage will help with the financial costs associated with defence costs as well as third-party damages which you’re deemed legally liable.

No matter the industry, our business insurance advisors can quickly determine the risks your business may face and the potential financial losses that can leave your business in a vulnerable position.

Liability is one’s legal obligation to another party for alleged wrongdoing. Such liability can result from alleged damages or injury to persons or property. Whether your company has four employees or 400, every business is exposed to legal liability risk exposures. Think of it as your business’s first line of defense. Differences come into play when looking at the specific type of business, as some face different risk exposures than others. For example, a hair salon will have different risk exposures than that of a logging company. The commonality is that both need business liability coverage to be adequately protected. Legal situations can arise even if you haven’t done anything wrong. Having CGL coverage will mitigate losses resulting from a lawsuit.

CGL, short for commercial general liability, will kick in to help cover expenses such as:

  • Paying compensatory damages to third parties for which you’re legally liable for, including:
    • Lost wages of the individual who has suffered an injury and unable to work
    • Loss of use and revenue arising from loss or damage to property
    • Compensation for loss of or damage to property
  • Legal defence costs for claims brought against your business, regardless of fault
  • Medical expenses if someone is injured on your premises or from your product

We know that every business is different, which means your risk will vary compared to neighboring companies.  Three factors will help determine what level of coverage is needed. These are perceived risk, type of business, and premises/operations liability.

Regardless of industry, business type, or earnings, all businesses are at risk of causing damage or injury to others. Legal fees and court awards are expensive, and just one incident could impact the future viability of your business. As a business owner, your risks must be well covered off with the financial support of the right insurance policy.

We can help with your auto insurance needs too! Connect with us today to ensure you’re covered out on the road.

Review Your Insurance and Get a Quote with Westland

Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique risks and operations, and find the perfect insurance policy for your business. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your business coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!

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Claims Example

Liability claims can range from slip and falls on your property to contractors leaving hazards on a job site. For example, you own a restaurant, and a patron suffers injuries when they fall due to a broken chair. The right business insurance policy will help mitigate these risks and get you back to your normal as quickly as possible.

Our goal is to find the best coverage for your business so you can focus on what’s important. To learn more about being a Westland client, click here.

10 Business facts about Newfoundland and Labrador

  1. Rich Fishing Tradition: Newfoundland and Labrador have a deep-rooted history in the fishing industry. The province is renowned for its high-quality seafood, including cod and snow crab, making it a significant contributor to Canada’s fishing sector.
  2. Offshore Oil and Gas: The province is a major player in the offshore oil and gas industry. With significant reserves, Newfoundland and Labrador contribute substantially to Canada’s energy production, fostering economic growth and employment opportunities.
  3. Vibrant Arts and Culture: Newfoundland and Labrador have a unique cultural heritage, celebrated through music, literature, and the arts. The province’s vibrant cultural scene provides opportunities for businesses in the creative and tourism sectors.
  4. Historical Sites and Tourism: The province is home to UNESCO World Heritage Sites, such as L’Anse aux Meadows, showcasing its rich history. Tourism is a growing industry, with visitors attracted to the stunning landscapes, historical sites, and vibrant communities.
  5. Aquaculture Growth: Newfoundland and Labrador are actively involved in the aquaculture industry. Salmon farming, in particular, has seen significant growth, contributing to the province’s economic development and creating employment opportunities.
  6. Educational Excellence: The province hosts reputable educational institutions, contributing to a skilled workforce. Memorial University of Newfoundland, in particular, is a hub for research and innovation, supporting the growth of knowledge-based industries.
  7. Renewable Energy Potential: With its coastal geography and strong winds, Newfoundland and Labrador have untapped potential in renewable energy, particularly wind power. The province is exploring opportunities to expand its renewable energy sector.
  8. Cultural Festivals: Newfoundland and Labrador are known for their lively festivals, including the famous St. John’s Regatta and the George Street Festival. These events attract locals and tourists alike, providing a platform for businesses in the hospitality and entertainment sectors.
  9. Traditional Craftsmanship: The province has a strong tradition of craftsmanship, with artisans producing unique handmade products. From handmade quilts to wooden crafts, Newfoundland and Labrador’s artisanal products contribute to the local economy.
  10. Supportive Business Climate: The provincial government actively supports economic development, offering programs and incentives for businesses. The supportive business climate, coupled with natural resources and a skilled workforce, makes Newfoundland and Labrador an attractive location for various industries.
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