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The right business liability insurance policy helps protect your future.

There are a lot of risks associated with running your own business. The smallest details have the potential to derail your business and the risk of liability claims can leave your business exposed.

The right business liability insurance policy helps protect the future of your business in the face of a liability claim.

What is Business Liability Insurance?

Liability is the responsibility you have as a business owner if you cause damage to a third party and that third party takes action against you. A business is considered liable when it is responsible for the damages suffered by a third party. Business owners are exposed to a variety of liability risks associated with selling their products or providing their services if those products or services end up being responsible for injuring a third party or damaging a third party’s property or business premises. Both instances can lead to a customer or client filing a liability claim against your business. Liability claims can result in  high legal costs. In some cases, your business may not have done anything wrong, yet could still face a lawsuit as a result of a liability claim. Having the right business liability insurance coverage can help protect your business financially.

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What are the main types of Business Liability Insurance Canada?

Business liability risks aren’t one-size-fits-all. They come in all shapes and sizes, which means there are different types of liability insurance coverages that can help you protect your business from financial loss. Here are the main business liability insurance coverage options to keep your business safe from potential losses:

Question Mark Commercial General Liability

Commercial general liability (CGL) insurance is designed to protect you and your business from a major loss if you’re found legally liable for bodily injuries or property damage to a third party caused by a product you sell or the professional service you provide. CGL insurance coverage is designed to offer protection against unique risks in situations where your employees are conducting business off-site.

Question Mark Bodily Injury

Bodily Injury claims can be costly for business owners. If a customer or client slips, trips or falls while on your property, they could file liability lawsuits against your business for the injuries they sustain. Lawsuits from slips and falls are common so it’s important to ensure you are protected from this type of risk and legal costs.

Question Mark Property Damage Liability

Property damage liability is a hefty concern for business owners and Canadian entrepreneurs.  If you’re found legally liable for damages to a third party’s property, you could face a costly lawsuit and hence a huge financial loss.  It could also negatively impact your reputation with current and prospective customers or clients.  For example, if you own a painting business and your painter spills a can of paint in a customer’s home damaging carpet or other property like computer equipment or valuable collectables, your customer could file a property damage liability claim against your business.  Ensuring your Commercial General Liability Insurance(CGL) policy provides you with the property damage liability protection you need can keep your large or small businesses running smoothly.

Question Mark Product Liability Insurance

If your business makes or sells products, you’re responsible for every single product that leaves your store or facility and even the smallest error can lead to a time-consuming lawsuit.  If one of these products ends up being responsible for injuring a customer or damaging third-party property your business could be held accountable and the consequences that could follow can be costly.  Some examples of what may cause a product issue include:

  • Design defects – this issue occurs before the product is even made.  Improper design can lead to a product being unsafe or faulty.
  • Manufacturing defects – this issue occurs while the product is being made.  If something goes wrong during the manufacturing process that causes an issue such as a missing piece or incorrect assembly and subsequently causes a customer harm, you could be held liable.
  • Marketing defects – this issue has nothing to do with the product itself, but rather how the product is marketed to the customer.  Incorrect food or warning labels (or lack thereof) or insufficient instructions are common (and dangerous) marketing defects.

Product Liability Insurance can help mitigate the losses you experience from client claims and product liability claims against your business and keep your business safe.  

Question Mark Professional Liability Insurance

Professional liability insurance helps protect professionals against costly claims from clients alleging that errors in your work resulted in a loss, or if they believe your services failed to meet expectations.  If you consult, design, or provide any type of service to clients for a fee, mistakes can happen.  Whether you miss a deadline or forget a critical requirement, if a client suffers a loss as a result of errors in your work, they could file a lawsuit against your business.  Having the right professional liability insurance coverage or specialized coverage can help protect your business from the legal costs associated with these types of unexpected lawsuits.

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