Key Points of Commercial Property and Commercial Liability Insurance
Commercial Property Insurance and Commercial Liability Insurance or CGL can both protect your business in various ways. It is easy to confuse these two types of insurance policies with one another. Of course, when purchasing insurance policies for your business, you want to make sure you secure the coverage you require. So, what are the true differences between commercial property and liability insurance?
Commercial Property and Commercial Liability Insurance: Similarities and Differences
Commercial property insurance protects property associated with your business from losses due to various types of damage. Commercial property insurance policies will help you to cover costs associated with repairing or replacing insured items that are damaged due to insured perils, such as fire, natural disaster, flooding, vandalism, or theft.
The kinds of things covered by this type of insurance typically include any assets associated with your business, such as buildings, stock, furniture, tools, equipment, and more.
Commercial liability insurance exists to protect your business in the event of a lawsuit. If your business is involved in a lawsuit, having the right commercial liability insurance could save you from having to pay expensive legal defence costs and large settlements and awards.
You never know what can happen to your business, which is why both commercial property and liability insurance policies are essential to have. Together they can provide your business with the necessary protection to ensure you are prepared for any unforeseen events that may impact your business.
How to Decide on the Types of Commercial Liability Insurance You Need
When selecting a liability policy for your business, there are different policies for different types of businesses. Figuring out which type of commercial liability insurance you need will largely depend on the kind of business you have. A few of the most common types of commercial liability insurance policies are:
Commercial General Liability Insurance
Commercial general liability insurance covers your business against any claims filed against it by third parties related to injuries or property damage that occur while on your business’ premises. The injuries or property damages could also be related to any actions or inactions of you and/or your employees while on public property or at a client’s premises. Any direct financial liabilities or legal expenses caused by such an incident will fall under your commercial general liability insurance.
Professional Liability Insurance
Does your business provide either professional service or advice? If so, you may be vulnerable to potential lawsuits. A client may decide to sue your business as a result of your service or advice, or your failure to provide it. These coverages would fall under your professional liability insurance.
Product Liability Insurance
Does your business manufacture or sell products of any kind? If so, it is possible that a customer may sue your business if they are harmed or their property is damaged by one of your products. Having product liability insurance would protect your business from suffering financial losses resulting from legal fees in the event of such an incident.
Cyber Liability Insurance
Do you conduct business online? Do you store important data related to your business on computers? If so, it is possible that your business could be the victim of a cyberattack or a data breach. If so, having commercial cyber liability insurance can help you to recover from such an incident both logistically and financially.
Coverage could include paying necessary ransoms, recovering data, repairing your business’s reputation, or compensating for your loss of income. Most losses resulting from a cyberattack or data breach would be covered if you have a cyber liability insurance policy.
Of course, these are just a few of the many commercial liability insurance policies that are out there. If you are uncertain whether any of the above policies may be necessary for your business or if you want to learn more about any coverages, please contact our office to discuss and review your options.
Why Choose James Campbell Insurance for Commercial Insurance?
If your business has any kind of commercial liability insurance needs, James Campbell Insurance has your back. We offer a wide array of liability insurance policies, including all of the policy options mentioned above, to ensure our clients are taken care of no matter what size or type of business they have.
We would love to help you put together a comprehensive commercial insurance policy that will help protect you in the event of damage to your property, as well as liability coverage for any potential claims.
For over forty years, James Campbell Insurance and our dedicated team of experienced brokers have been doing everything in our power to protect our client’s businesses at all costs. Our advisors will gladly take the time to discuss the details of your business and its day-to-day operations to get a better idea of the coverage best suited to your needs. As you explore the intricacies of Commercial Property and Commercial Liability Insurance, don’t overlook the importance of protecting your primary residence. Discover our comprehensive Home Insurance solutions in Ontario, providing tailored coverage for both commercial and personal properties.
For more information about the commercial liability insurance policies we offer, or to get a quote on a policy, call James Campbell Insurance at 1-833-459-1065 or contact us here.