Liability Insurance – Nova Scotia
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.
As your local insurance experts, we know that each business in Nova Scotia is unique in its own way. From one of the many service industry businesses in the heart of downtown Halifax to the thriving coast line businesses that encompass life in Nova Scotia and the commercial fishing supplying seafood to your favourite restaurant, we’ve got you covered. With all it has to offer, it’s not hard to understand why so many people decide to set up shop in Nova Scotia.
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.
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.
How Much Does Business Liability Insurance Cost in Nova Scotia?
Just as businesses differ across Nova Scotia, so do the risks and exposures which impact the cost. The following factors will impact the cost of your business liability coverage:
- Industry
- Claims History
- Number of Employees
- Revenue
- Exposure to Risk
- Location of Business
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!
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 Nova Scotia Business Facts
- With all the surrounding beauty, the tourism industry is a large sector in Nova Scotia. In fact, more than 1.2 million visitors were welcomed in 2019.
- When you think of the East Coast, what comes to mind? Lobster fishing of course! The commercial fishing industry is a cornerstone of the province with exports of lobster totalling $570 million in 2014.
- With 75% of Nova Scotia covered with Acadian forest, the forestry industry is an economic anchor in the province. It attributed to over $2.1 billion in economic impact as well as 11,500 jobs.
- Downtown Halifax is the heart of Atlantic Canada’s big city. It features more than 400 retailers, restaurants, pubs and services.
- A popular attraction for visitors and residents alike is the Maritime Museum of the Atlantic. Located in downtown Halifax, it’s the oldest maritime museum in Canada and features over 30,000 artifacts, including exhibits showcasing a selection of artifacts from Titanic as well as the Halifax Explosion.
- Nova Scotia’s agriculture sector is heavily focused on dairy and poultry. Dairy production exceeds 206 million litres of milk as well as over 17 million dozen eggs annually.
- Halifax nurtures a large IT, gaming and digital media sector. Video game production has a home in Nova Scotia for companies such as Ubisoft Halifax, RedMeat Games and Silverback Games!
- With its location along the east coast, ocean technology is prominent in Nova Scotia. Technology includes acoustics, instrumentation and sensors in addition to ocean observation and defence and security.
- Nova Scotia is also known as the global gateway to the world, leading to a sophisticated transportation and logistics industry. By utilizing sea, rail, air and road Halifax is known as the transload hub when it comes to imports destined for central Canada and the US.
- With all of the fresh seafood, the restaurant industry in Nova Scotia features some of the best dishes. There are over 1,700 businesses employing over 30,000 employees across the province. Although not seafood, the official food of Halifax is the donair.
Claims Experience from Westland Clients
“We had a line of our skincare product that ended up causing damage to the customer’s skin”.
Our goal is to find the best coverage for you so that you can continue to live your life the way you want to. To learn more about being a Westland client, click here.
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