If you own or operate a business, there’s an excellent chance that you don’t have commercial general liability insurance Ontario in place to protect you from the legal ramifications of selling or providing products or services to others and those products being faulty or dangerous, causing injury or damage to another person.
Here’s a comprehensive list of coverages that can be included in your commercial general liability insurance Ontario policy bodily injury, property damage, personal and advertising injury, medical payments, products-completed operations hazard, contractual liability, and broad form property damage. It’s important to know what each one means so you can make sure you have sufficient coverage for your business. Let’s take a look at each one individually: Bodily Injury: If someone is injured on your premises or as a result of something you sell or provide, you could face an expensive lawsuit. In these cases, it will fall on commercial general liability insurance in Ontario to pay for any damages awarded by a court.
Products-Completed Operations Hazard: This helps protect you from legal action stemming from anything related to your product or service after delivery. This includes claims from customers who say they were harmed by using your products, which could stem from false advertising if it was proven you deliberately misled them about its use or qualities. Contractual Liability: Products you buy wholesale may come with a warranty and commercial general liability insurance Ontario covers any resulting claims related to defective goods, but may also include cover for issues such as misrepresentation or fraud made against parties who didn't purchase directly from you. Personal and Advertising Injury: In some jurisdictions, even unintentional false statements might lead to a claim under some circumstances where you'll find protection against such situations along with libelous actions including product disparagement laws too.
Just like any insurance policy, you’ll have to decide how much coverage you need. That number will depend on a lot of factors. For example, if your business sells food, you’ll want extra protection in case someone gets sick after eating it—which can cost hundreds of thousands of dollars. If your company supplies hardware to construction workers and there is an accident at one of their job sites a Commercial General Liability Insurance Ontario may help protect you from lawsuits as well as financial responsibility for any injuries sustained by employees or contractors on-site. It’s best to talk about your business specifics with a broker so they can determine what type and amount of insurance are right for you. However, here are some general guidelines: $1 million to $5 million of Commercial General Liability Insurance in Ontario is sufficient for most small businesses; up to $10 million would be needed for medium-sized companies; while anything more than that should get a full review by professionals.
Most general liability policies will also cover bodily injury caused by your products or services. Some policies may include certain exclusions that limit or do not cover bodily injury, so it’s important to understand what your policy covers before purchasing commercial general liability insurance Ontario. For example, if you sell products containing peanuts and someone with a peanut allergy is injured after consuming one of your products, you may be held liable for their injuries because they were injured while using your product as intended. This would not likely be covered under an exclusion clause regarding food safety issues that may arise concerning consumer usage. If you have a question about whether something will be covered by your commercial liability insurance Ontario policy, talk to your agent and make sure you know exactly what coverage you have. We are happy to offer commercial property insurance Ontario for business owners throughout Canada including Toronto, Montreal, Calgary, Edmonton, and Vancouver. Commercial general liability insurance protects your business from financial loss due to incidents related to personal injury or property damage on behalf of a third party (i.e., client). Commercial liability insurance Ontario can provide peace of mind when dealing with potential litigation. We offer flexible options such as multi-peril commercial general liability insurance Ontario packages designed specifically for small businesses in addition to customized solutions designed specifically for your business needs. Our agents are here to help answer any questions you might have regarding commercial general liability insurance in Ontario packages offered in Canada!