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save your business from being under-insured or over-insured

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Why do you need Commercial/Business Insurance?

The most successful business owners are not risk takers, but risk mitigators. Commercial or Business Insurance helps you do just that. Commercial Insurance is specially crafted to protect business owners from loss due to liabilities. All types of businesses, including small, medium, and large, face potential lawsuit threats and risks that can lead to hefty payouts and financial misery. A sensible business decision would be to stay protected with a smart Business Insurance plan. With a good commercial/business insurance policy to cover you financially, you can rest assured that your business is safe.

When looking for commercial insurance, you can choose between commercial general liability plans or various business owners’ insurance plans to receive the coverage and benefits that you seek and will be most beneficial to your business.

What is Commercial General Liability Insurance?

When you go to look for Commercial Insurance quotes, you may find plans termed as Commercial General Liability. These plans primarily cover common liability claims that you may face during business operations. Whether you offer professional services or sell retail products, you face the risk of damage to the customer physically or to his/her property. Property damage implies customers’ property that was damaged on your business premises, while bodily injury revolves around an accidental injury to customers on your business premises. Commercial general liability insurance provides coverage for protection against these claims.

It may also take care of off-site injuries caused by your staff, damages or harm caused by a product you manufactured or sold, and injury caused due to slander or libel.

What is Business Owner’s Insurance?

Apart from general liability coverage, there are Business/Commercial Insurance policies that provide additional benefits pertaining to your specific needs or circumstances. These include:

Commercial Property Insurance

This coverage takes care of damage to business property due to fire, flood, theft, or vandalism. You can opt for covering just the building itself, or the building and its valuable components (inventory, equipment, etc.)

Professional Liability Insurance

While general liability insurance covers accidental customer injuries on your premises, professional liability insurance covers customer losses due to your professional service or advice. If a customer files a lawsuit holding your service responsible for financial losses or other damages, professional liability helps cover the expenses. Not just for businesses, a professional liability insurance is also helpful when you're working independently as Contractors, Beauty Technicians, Fitness Professionals such as Trainers and Coaches, Medical Practitioners etc. as the chances of customers suing you for your work and services are higher in these domains. In such cases, having a professional liability insurance helps you cover the cost of legal fees and the money you may need to pay as part of the lawsuit or a settlement.

Commercial Auto Insurance

Company vehicles like cars, vans and trucks used to transport products or staff can be covered with commercial auto insurance. This coverage proves to be very useful if an automobile meets with an accident and gets damaged.

It’s important to note that in many Canadian provinces, five or more vehicles are considered a fleet. So, you can cover all of them with a commercial fleet plan instead of individual auto insurance policies.

Directors & Officers (D&O) Liability Insurance

If a director or officer fails to meet the duties of Diligence, Loyalty, and Obedience, he/she may be exposed to potential lawsuits. D&O liability insurance covers the financial expenses of such a lawsuit claim.

   In almost all circumstances, general business liability insurance does not cover damages or injuries resulting from intentional acts.

Why should I compare Commercial Insurance quotes online? And how?

Going for an over-insured Commercial Insurance policy makes a dent in your finances while an under-insured policy keeps risks open. Comparing several quotes from different Business Insurance providers helps you pick a Commercial Insurance plan within your strategic budget, best suited to your company’s needs. And what's better? Having access to an expert Advisor from InsuranceGenie who will help you make the right decision. So, compare quotes quickly and effortlessly on InsuranceGenie - and secure your business now!

Commercial Insurance plans are priced differently according to the kind of coverage you want. Yearly premiums may be as low as 500 CAD to as high as 5000 CAD. The rates also depend on your business size, industry, nature of work, known risk factors, past claims, and more. To get a better idea of the rates for your business, get a quick quote on InsuranceGenie.

If you don’t have customers visiting your business premises, you may not need liability coverage. However, you may still want to go ahead and get Commercial Property Insurance to cover your work equipment such as computers, printers, and other tools. It can be instrumental, especially if your business devices and gadgets aren’t included in your Home Insurance plan.

If you want additional provisions to secure your business completely, you can look for the following coverage that isn’t usually included in a typical Commercial or Business Insurance plan.

Cybersecurity insurance: Specifically designed to take care of financial losses due to cyber incidents like network damages or data breaches.

Business interruption insurance: Covers losses of income due to business interruption after a disaster such as fire or flood.

Equipment breakdown insurance: Takes care of losses due to the breakdown of electrical or mechanical business or trade equipment.

Have Questions?

If you're not sure about how Insurance Genie works, want some advice or if you have any question for us, don’t hesitate to talk to our insurance experts directly.


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