Ontario Commercial General Liability (CGL) Insurance
Many factors contribute to the success of a business. As a business owner, you know what it takes. Hard work, focus, planning, and great staff are a few important factors. When it comes to insurance, you want to be sure your business is properly protected.
The most common business liability insurance policy is Commercial General Liability insurance (CGL Insurance). This kind of policy is designed to protect your business against third-party bodily injury, third-party property damage, products, completed operations, advertising, and personal liability. Whether you are a sole proprietor of a smaller business or you own a large corporation, a Commercial General Liability policy provides the security of knowing that your business is protected. You are the expert when it comes to your business. Our insurance brokers are experts in business insurance. Contact one of our Tri-County Insurance commercial experts for a quote. You can reach us quickly online or by phone. We will go through the details of your business operation and provide the insurance advice and expertise you need.
To ensure your business is properly covered, here are some additional coverages to consider.
Coverage 1: Business Interruption Insurance
Imagine the impact if you could not operate your business after a loss such as a fire. How would you carry on? How would you manage to continue to look after your customers? How would you manage if there was a drop in income due to the loss? This is when it can be important to have Business Interruption insurance. Business Interruption insurance can help to cover these impacts. Property insurance coverage would indemnify you for insured direct damage claims to contents, stock, equipment, and buildings.
Coverage 2: Professional Liability Insurance and Errors & Omissions Insurance
Errors and Omissions Liability insurance (E&O) or Professional Liability insurance is specialized liability coverage required by companies that provide professional services, such as accountants, engineers, marketing professionals, consultants, and IT services. Despite the best intentions of professionals in these fields, an error or omission in the performance of services could cause financial losses to customers. Liability arising from a claim resulting from a professional service is excluded under the standard Commercial General Liability insurance policy. The legal expenses to defend against the alleged failure to provide adequate professional services can be as significant as the actual claim. Coverage for legal costs for defending these suits is available under Errors and Omissions or Professional Liability policy.
Coverage 3: Commercial Umbrella Insurance or Excess Liability Insurance
On a rainy day, an umbrella is definitely handy. It provides extra protection from a storm. In terms of insurance, that’s what Commercial Umbrella or Excess Liability insurance does. It provides extra coverage by increasing a company’s liability limit. An umbrella policy adds to the limit of an underlying Commercial General Liability policy. The liability portion of the underlying policy is the first to respond in the event of a loss. A Commercial Umbrella or Excess Liability insurance policy responds to eligible losses after the primary or underlying liability insurance limit has been reached.
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