Business Insurance

COMMERCIAL LINES: PROPERTY, LIABILITY, AND CRIME .

Why do I need  Business insurance if I have no loans?

Imagine the consequences of fire starting in the middle of night and getting call from police about this fire. Imagine there is no insurance on manufacturing plant. How will you replace the equipment or buy stock again after this loss. Will your bank lend you money under the circumstances? Will you have back up funds to restore your manufacturing business?

Financial health of your enterprise can only be saved with insuance policy on your business. This is the cheapest solution for your peace of mind knowing the business ASSETS are protected against unforeseen catastrophe.

What does my insurance contract cover?

Your Business property (Building, Stock, Equipment) and legal liability arises out of your premises and operation is insured in Business Insurance Policy.

Most insurance policies are all risks policies. This means you have protection against most losses other than exclusion listed in the policy. Therefore, it is very important to know what is excluded from the insurance contract.

Some policies are issued on named peril basis. which means that your business is covered for perils listed in the policy. You will look for what is covered instead of looking for exclusions. For example, there will be no claim for vandalism if it is not listed in the perils insured in the policy.

Commercial General Liability

With general liability coverage, your business is protected if you’re found legally liable for injuries or property damage caused by your product, or accidents on your premises, your operation or at your location. There is a simple example of this will be trip and fall situation. Your customer gets injured and brings claim against your business for compensatory damage for his bodily injury.

General Third-Party Liability, included in most commercial policy packages, cover four types of claims:

  • Bodily injury resulting in actual physical damage or loss
  • Property damage or loss
  • Personal injury including slander or libel
  • Medical expenses

General liability insurance is an affordable way to protect your business in case you ever have to defend a claim against your business in court. With this coverage, you’ll receive funds up to your policy limits to cover damages assessed by the courts to compensate third parties, and cover legal defence fees and settlement charges.

You can choose from  available endorsements to tailor your coverage to your needs, including such coverage as:

  • Liability from use of Non-Owned Automobiles
  • Advertising Injury Liability
  • Tenants Legal Liability
  • Professional Liability
  • Pollution Liability
  • Host Liquor Liability
  • Non Owned Auto Liability and more.

 

  • Crime

Commercial Crime insurance will replace your inventory or damage from a break-in as well as theft and loss from internal sources like employees. If an employee steals money or inventory, your crime insurance will cover it.

Call (905) 568-1676 to see what type of Business Insurance will fit in your unique Business Insurance.