When you’re starting a business, it can be difficult to know what types of liability insurance are right for you. Your business can be exposed to risks that could lead to a lawsuit, which could cause significant financial implications and negatively affect your reputation. Fortunately, with the right liability coverage in place, you’ll be able to rest easy knowing you’re protected. Having liability insurance will provide legal defense support and pay the damages from a lawsuit if necessary.
Commercial General Liability (CGL)
Commercial General Liability will protect your business from liability and lawsuits arising from bodily injury and property damage that occurs on your property or that is caused by your products or services. It will also protect your business from damages to a third party’s property. Common examples of CGL claims include slip & falls, damages to a customer’s building when installing a product, and accidental fires in a rented space. Whether you run a commercial business or own commercial property, CGL is an essential part of your insurance package.
Professional Liability (Errors & Omissions / E&O)
Professional Liability insurance is also commonly known as E&O insurance or Errors and Omissions insurance. If your business provides any type of service, consulting, or advice that impacts another parties’ decisions, professionally liability coverage will provide protection in the event of a lawsuit. You can be sued even if no one is physically injured as a result of the faulty advice, even if the error was unintentional. Mistakes can happen, so if advice your company gives can cause another person a significant financial loss, professional liability insurance will have you covered.
Directors and Officers (D&O)
Directors and officers carry the responsibility of overseeing the management within their organization and are also responsible for their actions while representing their company. Business leaders can also be held responsible for stock underperformance, employment malpractices (including wrongful dismissal or sexual harassment), and failing to comply with laws and regulations. Whether your company is public, private, or non-profit, Directors and Officers (D&O) insurance provides the protection you need when you are subject to claims made by competitors, employers, customers, suppliers, or stakeholders.
If you are unsure of what your policy covers, or for any more questions you may have about liability coverage, speak to one of the experts at Fuse Insurance.
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Fuse Insurance Ltd. is the evolution of the commercial insurance brokerage, and the first of its kind in Western Canada. Backed by policies from a selection of A-rated insurers, Fuse Insurance can provide coverage for businesses large and small from almost any industry. For further information or to get an online quote now, click here or call us at 1-866-387-FUSE (3873) for more details.