Commercial Liability Insurance
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CGL coverage is the most common insurance policy to start with because it includes protection for the most common hazards you’ll encounter. They may cover bodily injury or property damage, as well as the risk of personal and advertising injury (such as libel or defamation). Even If you operate from home, you will almost certainly require Business Insurance. This is because your standard home insurance policy in Alberta may not cover your business against loss or accidental damage, as well as any potential public liability or professional indemnity claims.
Commercial general liability insurance protects you against a wide range of risks, including:
- Liability For Products
Product liability refers to the liability that occurs due to a company’s subpar products or services.
- Liability To The Public
On the other hand, public liability protects a company from third-party legal action, including damages or losses within the company’s facilities.
- Recall Of a Product
A product recall is an unusual situation in which manufactured products must be recalled for technical reasons. It’s a typical occurrence in the vehicle industry.
A product recall can have a financial impact, but it is also required to call back such things. You certainly do not want our customers to receive broken or defective units, as this would reflect poorly on your company. A business liability policy will ensure that you are not financially strained due to a product recall, allowing you to focus on providing high-quality items.
- Compensation For Workers
A company’s employees are critical to its success. Commercial general liability insurance can help a company meet legal obligations while also offering financial assistance to employees’ families in the event of workplace accidents or injuries. Apart from the liabilities above, commercial general liability insurance also covers claims made by participants in clinical trials in the food, cosmetic, and pharmaceutical industries.
As soon as a company is established, it should begin acquiring general liability insurance. Not only should you do it straight away since you should be protected from the beginning, but you will also be expected to provide proof of coverage when signing contracts with larger organizations, signing office leases, or even asking for a professional license to work lawfully.
Having general liability insurance gives firms and clients assurance that you are interested in working with them and shows them that your finances are in good shape. Clients and businesses want to engage with secure and reliable organizations, not ones that could go bankrupt due to a single liability case, which is precisely what could happen to a young company that is sued without having obtained coverage.
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