Plenty of small business owners don’t even understand the type of liability insurance that they will need. No one wants to spend more cash than what they have to on it, and for the average small business, you might only need general liability coverage. The CGL policy will defend the business from suffering financial losses in the event of bodily injury, property damage or advertising damage.
How It Works
How does business protection insurance work? Let’s say you face a lawsuit because someone got injured near your business. The advantages of insurance to business is that you will be covered legally, medically and compensatorily in damages. You can file a claim with your insurance company in Calgary for any of these situations. However, it also depends on what’s in your contract.
It Can Happen
Unfortunately, liability lawsuits happen with alarming frequency, and your insurance company in Calgary will protect you from it. Businesses can find themselves facing expensive legal fees from everyday scenarios that could put them into bankruptcy. Small business insurance will keep them safe from these types of dangers.
What They Don’t Cover
Your insurance company in Calgary most likely won’t cover if non-employees have accidents at the business. In these situations, business protection insurance will most likely be more limited for the medical expenses. A claim like this will get paid without the need for expensive litigation. The policy usually won’t cover the injuries of the employees. In this situation, employment liability and workers’ compensation falls under another category.
Any business that needs liability insurance can choose to purchase it as a standalone product, but they can also do it as part of a commercial package, which can lower the costs of it in some cases. Speaking with a knowledgeable and understanding insurance agent is one of the best ways to determine what types of coverage will be needed.
Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected].