Owning a small business in Canada is one of life's most exciting stages. While it can be challenging it times, it still remains an experience that has the potential to be incredibly rewarding down the road.
If you own a business, then you probably are already aware of the importance of being properly covered under insurance policies. In the event that you are not, we highly recommend that you read this article to familiarize yourself with the different options available to you.
As a small business owner, the first policy that you should look into-regardless of the size of your company-professional liability insurance policy.
Are you a professional looking for reliable and affordable professional liability insurance coverage? Are you looking for a free insurance quote? You are not alone. Each year, we protect hundreds of professionals from coast to coast. What prevents you from being among them?
There is no doubt Liability Insurance is critical for any small business owner to obtain, but it is also critical that as a business owner you understand exactly what coverage is included in your liability insurance policy. It is commonly believed that if you have liability coverage, your company is completely covered for all mishaps, incidents or unfortunate occurrences (including negligence). However you are probably only covered for typical accidents or mishaps that happen, on your property or wherever you are conducting business, to any employee or customer. It is not likely that you are covered for negligent incidents, mishaps or accidents that occur while performing the actual professional services.
If you only have Business Liability Insurance coverage (AKA: Commercial General Liability Insurance), that is probably the case. In order to protect yourself from accidents or negligence that may happen during or as a result of your professional services, you also need liability coverage called Professional Liability Insurance (AKA: Errors and Omissions Insurance). Below we describe and provide examples of both types of liability insurance coverage, so you are informed when purchasing your small business insurance policies.
(Errors and Omissions Insurance)
You own a small Law Practice, a local entrepreneur consults with you about their business endeavors, you provide legal advice. Later the entrepreneur claims your legal advice caused him to loose $100,000 in a bad business deal. This type of policy will help cover the lawsuit and any decided settlements.
You own a carpet cleaning service and you have been appointed to clean all the carpets at a major retailer. One location claims the products your company used to clean the carpets left bleach stains throughout the store causing the store to close down and replace all the carpets. This type of policy will help cover the lawsuit for business interruption and lost profits, and any decided settlements.
(Commercial General Liability Insurance / CGL)
Oct 19, 2015 / Posted on :
If you are a professional currently working and living in Nanaimo, you may be wondering (and with good reason) whether or not you need to be covered under a professional liability insurance policy. Here’s the thing: While you are not required to purchase this policy, it doesn’t mean that you shouldn’t. Think about it for a […]Read more
Oct 09, 2015 / Posted on :
In Canada, it is no secret that being a contractor is one of the most dangerous jobs. This is why companies prefer to hire skilled and experienced workers. With that being said, however, sometimes it’s easy to forget simple rules — especially after working as a contractor for several years. The more familiar a job becomes, the […]Read more
Oct 05, 2015 / Posted on :
Okay, so you’re a professional. We have this covered (no pun intended). But the question still remains… are you covered under a Fredericton professional liability insurance policy? Chances that you’re not… or well, you wouldn’t be here! If you are considering purchasing this policy in the near future, here are 3 things that you need […]Read more
I managed to complete the process online and got my policy. The process was super easy, thanks for providing such a nice and quick system.
Subrat P. MBA, PMP
SAP Project Manager - Toronto