Do I need business liability insurance?
When you’re running your own small business, there are a lot of risks you should be actively protecting yourself from, and liability risks are at the top of that food-chain. Regardless if you’re an electrician, a clothing retailer, or a web designer, you need to protect yourself and your business against the threat of liability claims and lawsuits. TruShield’s wide range of comprehensive insurance packages can help you keep your business protected and ensure that the only time liability poses a real threat is on the Scrabble board.
How much does business liability insurance cost? These factors may impact your policy
The cost of business liability insurance comes down to the following primary factors: location, specific business operations involved, as well as your business’s annual revenue.
Business Liability coverage is calculated with your business insurance quote
Whether your business operations are based from home or out of a commercial space, your business requires insurance protection that will respond to customers, or other third party lawsuits claiming that your products or your services have caused them to suffer bodily injury or property damage.
Businesses and professions that may benefit from having business liability protection include the following:
How to apply for liability insurance (commercial general liability coverage)
When you request a quote online with TruShield Insurance, liability coverage is factored into the calculations of your quote estimate. At the end of the quoting process, you’ll see commercial general liability coverage itemized accordingly, and you’ll have the option to select a higher limit should you wish to do so.
Other coverage options to consider:
Commercial general liability insurance: Commercial general liability (CGL) insurance is designed to protect you and your business from a loss if you’re found legally liable for bodily injuries or property damage to a third party caused by the product you sell or the service you provide. CGL insurance can also offer protection in situations where you or your employees are conducting business offsite.
Product liability insurance: Product liability insurance is often included in a CGL policy, but not always. It’s important to double check that your small business insurance policy does protect you from risks associated with product liability claims.
Cyber risk and data breach coverage. Cyber attacks are an ongoing threat to small businesses and have continued to rise recently. Cyber event expense coverage is designed to help small businesses that rely on technology to help mitigate some of the expenses that may incur as a result of a cyber hack.
Property insurance: As a small business owner, you likely rely on your property. Things like tools, stock & equipment and office equipment, to help keep your business running. If one of those key pieces of the puzzle was damaged and needed to be repaired, you might not be able to continue your operations. It’s times like these when property insurance can prove helpful!
Commercial auto insurance: If you or your employees use your vehicle for business purposes you need commercial auto insurance to protect you properly.
Errors and omissions insurance (E&O): Should a client ever suffer a loss as a result of errors or crucial elements that are missing in your work, having E&O insurance may help to protect your business if it has to pay for any claims made against it.
Comprehensive coverage for small Canadian businesses across Ontario, Alberta, British Columbia and more.
Why get a quote from TruShield?
As a business owner, we know your time is important and we also know filling out long forms is no fun. TruShield Insurance has made getting a quote online quick and easy.
On top of being able to get a quick quote online, you can buy your policy online, anytime you want.
How does a business insurance claim work?
Filing a business insurance claim is the last thing you probably want to do, but at some point, you may have to. There’s no need to panic because we’re here to help you. These are the key steps that happen when you want to file a business insurance claim with us:
Step 1: After dealing with any emergencies, you can go to our claims page to submit your claim online, or you can call us.
Step 2: Once you’ve filed your claim, you’ll get a call from a claims adjuster. They’ll confirm details about the incident and tell you more about how the claims process works.
Step 3: Your claims adjuster will review your policy with you and figure out what items can be recovered under your current policy contract.
Step 4: Your claims adjuster will evaluate the extent of the damage from the incident and may reach out to experts to gain more insight. If repairs are needed, your adjuster will save you time by providing you with a list of trusted vendors who can help you out.
Step 5: Your adjuster will contact you to discuss your settlement and payment once all repairs and any lost or damaged items have been replaced.