Whether you rent or own your office space in Canada, getting office insurance is important. Office insurance provides financial coverage for physical loss or damage to your property including valuable papers.
Business owners know that commercial liability insurance is a must have as it is often a prerequisite to getting a loan or leasing an office space. Many policy holders or new customers looking for insurance in the market find it difficult to understand what it exactly means to be insured and what is covered so we have decided to bridge that gap.
What is Commercial Liability Insurance?
Commercial general liability insurance, often referred to as CGL is the most basic insurance policy which protects small business owners against third party bodily injury and property damage risks associated with their business operations.
A CGL policy protects the business owner over the following claims:
1. Injuries to customers, suppliers, and any visitors at the business location as well as subsequent medical payments incurred.
2. Injuries that occur off-site by any employee of the company as well as subsequent medical payments incurred (while working)
3. Damage to someone else’s property caused by an employee while working.
A CGL policy is only the minimum that a small business owner should have and is the most basic of business insurance policies. We recommend that small businesses owners protect themselves with comprehensive coverage to protect themselves from other risks.
Do I need a CGL policy?
Some small business owners do not know they need liability insurance, believe that their business carries no risk or think it’s too expensive. The truth is, no matter how small your business is, even if it is run from your home, all online or just part time it’s still a risk and you can be held liable for. Even if you consider not getting other business insurance policies, at the bare minimum, every business should have a standard CGL policy to protect them from risks.
How can I save money on Commercial Liability Insurance?
1. Purchase a bundled product designed for small businesses.
2. Do not compromise cost for value and look for complete coverage.
3. Purchase sponsored products at members prices: Lawyers Office Insurance
What other business insurance policies should I consider?
While a CGL policy is a great start and a must have, you will need to consider other policies for other risks/costs associated with your business. Here is a list of some business protection policies that businesses often bundle together for 360° coverage. Bundled policies and policies sponsored by groups/associations are often cheaper than individual polices. CLICK HERE to see our program coverages sponsored by Lawyers Financial.
1. Legal Expenses Insurance (CGL)
2. Business Interruption
3. Loss Income Insurance
4. Cyber Insurance
Insurance can be complicated but it does not have to be reach out to us and ask us your insurance related questions. We are here to help!
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Valuable papers insurance reimburses the policyholder for the cost of any valuable papers such as wills, trusts, corporate charters and other records that are lost for any reason.
The Lawyers Financial Office Insurance Program comes with a range of coverages designed to fit the needs of a canadian lawyer but what exactly is included.
The Lawyers Financial Office Insurance Program comes with cyber coverage but there are steps you can take to reduce your cyber risk.
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Lawyers Financial is a brand of The Canadian Bar Insurance Association (CBIA). All Lawyers Financial products are sponsored by CBIA. Providing high quality, low cost insurance and investment solutions for lawyers, your families and staff is all they do!
Lawyers Financial Office Insurancer is Sponsored by CBIA.