As a Halifax business owner, you know you need to protect your business with commercial insurance. With so many providers in the market and a range of policies and coverage options, how do you know when you have enough coverage or too little coverage? General liability insurance is one of the most important layers of protection your business can have. While you may not want to put a dent in your bottom line, you do want to rest assured that your business is adequately protected in the event you are found liable for damages in a lawsuit.
What Does Commercial General Liability Insurance Cover? General liability insurance is a multi-coverage type of commercial insurance. It covers you, someone else on your property, customers away from your property, etc. Although each policy and its terms are different, these are just some of the conditions your coverage may include:
Damages from a lawsuit (whether it is a personal injury or personal property damage)
Injuries if someone is hurt on your property
Damages for slander and libel claims
Liabilities from contracts and breaches of those contracts
How Much General Liability Insurance Do You Need? There is no set amount. When looking for quotes for Nova Scotia commercial insurance, you should consider your risks and unique liabilities. After all, a coverage amount of $1 million may be fine for one business, but another business could require up to $10 million in coverage. The best way to ensure you are not falling short for coverage is to:
Assess Your Risks – Do you deal with consumers in person? If so, you may have a higher liability than a company that does not deal with customers in person or have customers at their place of business. If you sell consumer products, you also may carry a higher liability than those that sell a service.
Consider Your Assets – The more assets a business has, the higher their risk. Halifax insurance companies will consider your assets when creating a general liability insurance policy recommendation, so that those assets are protected in a lawsuit.
Hire a Broker – Assessing your company’s risks takes an outside perspective and years of experience in commercial insurance. A trusted broker can do a risk assessment and even research the average cost of a lawsuit in your industry to make sure you have adequate coverage.
If you are worried you do not have enough coverage or are paying too much for commercial insurance coverage, contact Eisenhauer Insurance today. We offer free insurance quotes in Nova Scotia and can perform a risk assessment for your company. Call us at 902-454-5888 to get started or request a quote online. Return to main blog page