Commercial General Liability Insurance Ontario - This insurance protects your business if you are responsible for an outside party's injury or property damage. The most common type of claim in Canada is a "slip and fall" injury in a commercial establishment. What is commercial general liability insurance? This type of insurance is purchased by business owners to protect them if they are sued by a third party for bodily injury or property damage. What is the definition of third party? Everyone you deal with in your business, including customers, vendors, and other companies. What does commercial general liability insurance do? CGL insurance covers damages and legal expenses caused by negligence or accident. You need this insurance if you have rental or office space, or if you have customers visit your home. You should also have it when you visit clients in your office or home. CGL insurance covers your offsite employees. Let's look at some examples: Hey Matty! It is a popular seafood restaurant in Ontario. One day, the cooling system is not working properly and many customers are given bad fish. They suffer severe food poisoning and two clients miss a week of work while recovering. They are suing for compensation, medical expenses, and legal fees. Ahoy Matey's CGL insurance covers claims totaling $15,000. Bob the Builder Inc. Does home repair work in Kelowna, British Columbia. Bob works as a general contractor for a kitchen remodel. While bringing their belongings home, the crew accidentally damages the hardwood floor in the hallway. CGL insurance pays the $3,000 cost to repair and replace the floor. Do The Math Accounting is an accounting firm with one store in Winnipeg. As is sometimes the case in Manitoba, one day the weather is snowy and the next steps are snowy. Unfortunately, Susan, who is in charge of cleaning the steps, is sick and no one else takes over. A client slips on ice and breaks his leg. CGL insurance covers damages, medical expenses and legal fees. Total: $15,000. What does commercial general liability not cover? CGL insurance does not cover: Contractual liability: This covers liability you assume under a lease, rental agreement, or other joint commercial agreement. Willful criminal conduct: If you are a financial advisor and you steal your client's RRSP money, you may not be able to file a claim when they sue you. No wonder! Patent Infringement: If you infringe a patent by incorporating an invention into your product without compensation, the patent owner can sue you. CGL insurance will not be valid. Vehicle Liability: If you or your crew causes an accident, your CGL insurance will not be valid. You need the right car insurance. Professional services: If you provide advice, such as a consultant or lawyer, you will need professional liability insurance. This is also known as "errors and omissions" coverage. How much does commercial general liability insurance cost? The cost will vary depending on your operating income, number of employees and previous demand history. In Canada, it costs about $450 per year for a small or medium business with $2 million in coverage. The more customers visit your business, the higher the price. Commercial general liability insurance and professional liability CGL insurance cover bodily injury and property damage claims. On the other hand, it will not protect you if you make a mistake when giving professional advice to a client. For this you need professional liability insurance. This is also known as "fault and mistake" insurance. Let's see an example. An engineering firm was constructing a new building and hired an architectural technician to plan the foundation drilling. Unfortunately, the technician was not able to mark the main water line on the project. Drill crews hit a water main, breaking it and causing flooding. The restaurant flooded next door and had to close, losing thousands of dollars in revenue during the cleanup. The architectural technician's errors and omissions insurance covered his claim for compensation and legal expenses. Who needs commercial general liability insurance? Any business owner who interacts directly with customers, vendors, and other businesses during daily activities. The most common type of damage is a customer who falls on your site and gets injured. However, accidents can happen outside of your workplace as well. Let's see an example. Jean-Luc is a financial advisor who works from home. No client will visit the home office. But sometimes he goes home. One day, she goes to a client's house for a meeting and starts walking around the room. The briefcase collides with a precious statue that falls to the ground and shatters. The client is demanding $5,000 in compensation. Jean-Luc must have CGL insurance to cover such accidents. What other types of insurance should you consider? In addition to commercial general liability and professional liability, there are several types of insurance you may need for your business: Commercial Auto: Covers vehicles your business owns or leases. And it provides automobile liability protection. Cyber Security: Protects you when your computer network is hacked. Directors and officers: This includes your board members and directors if you are sued. Crime Insurance: Pays you back if an employee commits fraud or steals from your company. Business Interruption: Compensates for lost income if your company has to close due to a flood, fire or other event. Key People: This is life insurance for people whose business is important to the success of the business. He may be the head of the company or an expert in his field. Why Should You Get Commercial General Liability Insurance? CGL insurance is important because “slip and fall” incidents are so common in Canada. Companies will also need other types of insurance, depending on the type of business and the number of employees. Contact your insurance broker to discuss what you should have.
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Commercial General Liability Insurance Ontario
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The only way to effectively protect your business assets is to have adequate commercial general liability (CGL) insurance coverage. CGL protects your business from damages that result in bodily injury or property damage for which your business is legally liable.
Certificate Holders & Additional Insureds: What's The Difference?
Additional Liability Insurance (ELI), commonly known as Umbrella Insurance, is one of the most important types of insurance your company can purchase. It protects your business from gaps or limitations in existing policy coverage, as well as financial lawsuits. Just as you carry an umbrella to protect against a potential downpour, ELI protects your company from claims that could shut down your business.
Regardless of the size of your company, the legal costs associated with a lawsuit can be devastating. If your company does not ensure this risk, qualified managers and officers may hesitate to join your team for fear of personal liability in the event of a mistake. To help recruit strong leaders and ensure the prosperity of existing leaders and your company, a director's and officer's liability insurance (D&O) policy should be part of your comprehensive risk financing strategy.
E&O insurance is additional liability insurance that protects any business owner's policy against catastrophic loss if the professional is sued for negligence, fault or negligence. In addition to fault, negligence or negligence claims, E&O insurance can also protect against libel, libel and breach of contract.
Completion insurance programs, sometimes called controlled insurance programs (CIP), are centralized insurance and loss control programs intended for the project owner, general contractor, and subcontractors under an insurance policy or a construction project. To protect a set of policies.
Commercial General Liability Insurance
See what happens to a business owner when the theft of a popular product causes environmental damage. Does the CGL policy fill a gap or will it be filled?
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