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General Liability Insurance for Your Alberta Business
Most Alberta business owners are aware of the need for General Liability Insurance. When you think of this kind of coverage you may have images of a customer slipping and falling in a local store and then suing the owner. However, there is much more to liability than that, and if you operate a business you may be taking a great deal of risks that you are not currently unaware of. In fact, those risks could be severe enough to jeopardize your entire financial future. Let’s check out an example.
Henry D runs a local hardware store and receives a great deal of competition from another hardware store that recently opened up, just a few kilometers away. Henry heard that his competitor was saying bad things about his store. However, he had no real evidence to back it up. Finally Henry got tired of this problem and decided to do something about it. He posted an ad in the local newspaper declaring that his competitor was guilty of malicious gossip and slander and warned the public not to pay any attention to these matters.
This turned out to be a big mistake, because Henry could not prove his allegations, but his competitor had printed evidence that Henry was guilty of libel. Later, the competitor filed a lawsuit claiming that Henry had damaged his business and caused him a great deal of problems, with the newspaper ad.
When Henry checked his Business Liability Insurance policy, he noted that he did not have coverage for advertising injury. After a long legal battle and a great deal of legal bills, Henry was exhausted and so were his finances.
What Could Henry Have Done Differently?
Naturally, Henry needed coverage for advertising injury claims, but he was unaware of its importance. Also, Henry used an insurance company that specialized in personal auto and home insurance. They were ill equipped to give him what he needed for his business. He should have used a trained and experienced business insurance professional to give him expert advice on his risk factors, and the right kind of insurance coverage. A competent insurance professional would have helped Henry evaluate all of this business liability needs.
What Is Liability Coverage For Business?
Liability means that you are legally responsible for something, and you will be obligated to make good on the damages. It could be a problem with your company, employees, you, your building, or property. As such, if you don’t protect yourself from these risks, you are taking a big chance with your future.
Who Needs Business Liability Coverage?
Just about any kind of business that deals with the public can be open to some kind of lawsuit. Almost every business needs this valuable protection.
What is Standard Liability Policy?
Although there are no “one size fits all” liability policies for business, most will include the following coverage options:
- General Liability Insurance – covers property damage, slips and falls, customer injury
- Product liability – if something you make or sell causes injury or illness you may be responsible
- Advertising Injury – covers slander and libel issues
- Medical payments for injury
Business Liability Insurance Coverage Options
You may need one or several options for you business, such as:
- Copyright infringement protection
- Contractual liability – can cover subcontractors working for you
- On hook liability – covers towing repossessed vehicles
- Environmental liability – covers pollution problems your business may create
- Broad form property damage – this can be added to general liability to negate certain exclusions to the policy.
Why You Need An Insurance Specialist For Your Business
Insurance needs vary from one business to another, and it can be hard to tell what to get and how much coverage you need. That is why many companies in Alberta trust Leibel Insurance Group. When you come to us, you are not doing business with an insurance agency that represents one company. We are an independent brokerage with many insurance partners.
Experience matters a great deal in the insurance industry. We have been in business since 1981 and our people have combined 250 years of experience. Not only that, we have more than 20 years of experience helping people choose the right kind of Business Liability Insurance coverage options for their businesses.
You could check out insurance companies on our own and compare rates and coverage options. You also could audit your business and asses all of the risk factors you face today and in the future. Of course it’s much easier to contact insurance specialists at Leibel Insurance Group, and we can do all that for you.
We do business with more than 20 insurers that provide the coverage you need. This way, you are certain to receive the kind of policy you need, and the most affordable rates.
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