The risks your business is facing nowadays are constantly changing. As we enter the new calendar year, the stakes increase from cyber-security, financial risk, and data breaches to liability issues with your customers. It is a great moment to review your insurance policies for your business and consider adding coverage to help safeguard your investment.
We’ve included the most crucial types of business insurance below to help you better understand the coverage you need.
Commercial General Liability Insurance
The term liability refers to the situation in which your company could be found accountable for damages incurred by third parties under the law.
Commercial General Liability (CGL) insurance is the base of every policy for business. The procedure gets intended to react to situations in which your business is legally responsible for the damage to the third party entity:
- Bodily injury
- Property damaged
If something goes wrong and a third party sustains a loss. This kind of insurance is necessary regardless of your sector since there is always a chance that you could get held liable. For instance, if a person slips, falls, or hurts their own body while at your premises, you may be held accountable for their injuries.
Commercial Property Insurance
This type of insurance safeguards your property. It could include equipment and tools inventory, stock, supplies, and your building.
If you experience an insured loss, here are a few ways you should consider commercial property insurance:
1: Recovery – This protection can help get your company back on track in the shortest time possible after you have suffered an insured property loss.
2: Repair Costs – We can assist you with the cost of any required repairs needed so that you can get back into your business as quickly as possible.
3: Replacement Costs – Insurance for commercial property can help repair damaged property that cannot fix longer.
4: Unexpected Losses – Whatever you do to prepare your business for the risk it will face, unexpected losses occur. For instance, a failure could result from a fire, winter weather or flooding, an earthquake, or the loss of property you own. Make sure that your commercial property insurance policy can handle these situations.
Be aware that the price of your insurance could be affected by various aspects, such as:
- Location
- Replacement Costs
- The age and type of the electrical plumbing in the insured location
Commercial Auto Insurance
Do your business operations rely on the usage of a vehicle? If so, you’ll need commercial auto insurance that not just covers your cars but employees as well as your bottom line in the event of an uninsured loss.
A few questions to think about when you are looking for coverage:
- Who owns and manages the vehicles?
- What types of vehicles are involved?
- What cars are they employed for, and how often do they see use?
It’s important to know that your insurance policy for personal vehicles could not be covered or offer adequate protection for the vehicles you use in business activities.
Be Sure That Your Business Is Secured
Finding the appropriate insurance coverage is crucial for any business. If you are working with vehicles or equipment, discover which insurance policies will benefit your company and your industry now! At Commercial Insurance Ottawa, we strive to ensure that companies like yours get the protection they need.
Talk to us today about your new or renewal insurance needs at (613) 454-5640 or email at info@commercialinsuranceottawa.com.