Commercial General Liability Insurance in Edmonton
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Reliable Edmonton Business Liability Insurance
Business insurance, also known as commercial general liability (CGL) insurance, is the insurance your business needs. Whether it’s a small business or a big corporation, all Edmonton business owners need protection against any unexpected events. You cannot predict the obstacles your business operations might face, but you can safeguard your livelihood against them with the right business insurance policy.
At EasyCover, we specialize in different types of commercial insurance. Our job is to help you worry less and focus more on growing your business. With EasyCover, you don’t need to speak to insurance brokers to get a quote. Call now to get a free CGL quote in Edmonton!
Who Needs Business Liability Insurance in Edmonton?
In the majority of Canada, all businesses are owed a duty of care under common law. That means that they are obligated not to cause any harm to anyone. If your business harms anyone in any way, you are susceptible to an expensive and reputation-damaging lawsuit. Not all companies and businesses can afford to pay for the legal expenses of a lawsuit. Fortunately, if you have business insurance, these expenses are covered by your insurance company.
Protect your business in Edmonton. Call now for a free quote on Commercial general liability insurance from Easy Cover!
What Does Edmonton Commercial Liability Insurance Cover?
Bodily injury Coverage
This doesn’t have to be direct physical harm. If someone gets injured from slipping on a wet floor inside or outside your business property, or if a faulty sign you put falls on someone walking down the streets, the injured person can file a lawsuit. Anyone, including customers, vendors, employees, delivery and maintenance personnel, or guests, can file such a claim. If you have bodily personal injury coverage, you may get covered for legal fees, medical expenses, lost wages, and more.
Property Damage Coverage
Third-party property damage covers repair costs for any damage your business causes to any other property, like a client property or a neighbouring property. For example, if an employee spills paint on a client’s floor, they might file a claim to get you to pay for the damage.
Product Liability Insurance Coverage
A coverage made for claims related to your product or service. For example, if your product proves faulty or harmful in any way, your customers might file a lawsuit. Similarly, if you provide a service, like landscaping or cleaning, damage that happens during the service can lead to a lawsuit. This coverage pays for the legal expenses and repair costs.
Personal and Advertising Injury Liability Coverage
This liability insurance coverage protects you if a client or customer accuses you of inflicting non-physical damage upon them. Reasons for filing a lawsuit might include accusations of slander, libel, false arrest, malicious prosecution, wrongful eviction, violation of privacy rights, copyright infringement, or any non-physical harm or damage.
Tenant’s Legal Liability
Simply known as tenant insurance, this type of insurance is for you if you lease your business property. Most landlords will require you to get this CGL insurance coverage to financially cover any accidental damage you or your employees cause to the rental property.
Get the coverage you need for your business. Call now and get a free quote on Commercial general liability insurance in Edmonton from Easy Cover Insurance!
Edmonton Commercial General Liability Quote
What other insurance coverage options does your Edmonton business require besides CGL?
Commercial Auto Insurance
This insurance is for businesses that include operating vehicles for business purposes, like product or employee transportation. If the number of vehicles your business uses is five or more, you have to get fleet insurance.
Commercial Property Insurance
A crucial type of insurance that covers your commercial property, its contents, and physical assets. This insurance pays for losses of inventory, as well as business interruption, recovery time, and repair and replacement costs.
Data breach/cyber risk Insurance
A much-needed insurance coverage in this day and age, cyber liability insurance covers risks, such as computer hacks, data breaches and other cyber risks. Most businesses need this coverage as there’s a rise in cybercriminal activity. There are different types of cyber liability insurance.
Professional Liability Insurance
Errors and Omissions Insurance Coverage (E&O), known as professional liability insurance, pays for legal expenses if a customer or client files a lawsuit because they believe you’ve given them bad advice that cost them money.
Directors and Officers Liability Insurance
If your business has a board of directors, this D&O insurance protects you in case you or any board member’s decision leads to a lawsuit.
Equipment Breakdown Insurance
If the equipment you and your employees use gets damaged accidentally, this insurance covers the repair costs.
Employment Practices liability insurance
This coverage is for lawsuits filed by your employees against you for claims of harassment, wrongful termination, or discrimination.
What Isn’t Covered by Commercial Liability Insurance in Edmonton?
These types of lawsuits are not covered by any type of insurance:
- Intentional criminal acts
- Patent infringement
- Contractual liability
How Much Does Commercial General Liability Insurance Cost in Edmonton?
A basic commercial general liability insurance policy with a 2M limit costs $450 per year. Below are some factors that affect the cost of Edmonton CGL insurance.
- Industry and Risk Exposure: Some industries pose more risks than others. For example, a contractor’s business is more likely to cause damage or injuries than a marketing firm. Checkout: Contractor Liability Insurance
- Location: The location you choose for your business might lower or increase the cost of insurance, depending on crime rates, claims statistics, weather conditions, and more.
- Number of Employees: A big business with a large number of employees is more prone to accidents, and the insurance rates might be higher than a small local business.
- Claims History: Businesses with previous claims are at more risk of making more claims in the future. That’s why the more claims you make, the higher your insurance premium is.
- Revenue: Revenue is also a factor. With more at stake, companies that generate high revenue pay more in insurance premiums.
How Do I Get Cheaper Edmonton CGL Insurance?
- Explore different options before settling on a quote – You might find that some companies offer good coverage at more affordable prices than others.
- Implement risk management strategies – Devise strategies that lower the risk of accidents. For example, training your employees on safety measures will make them less likely to make costly mistakes.
- Get expert help – Consult the EasyCover brokers, and ask about the best deals and ways to save money. They would be happy to help.
- Make fewer claims – If possible, avoid making a claim if you can cover the costs associated with a lawsuit or damaged equipment.
How Do I Avoid Making Edmonton Commercial Insurance Claims?
While accidents can’t always be avoided, there are ways you can prevent a handful of them with good care and risk management strategies. Here are some tips:
- Train employees on safety standards
- Adhere to safety regulations
- Ensure you’re using the right equipment
- Train employees on brand image to avoid libel or slander accusations from other brands
- Give the employees proper training on how to handle client equipment, belongings, and property with care
- Ensure you have proper quality control practices to avoid customers filing lawsuits related to your product
Ensure your projects have adequate coverage. Call now to get a free quote for Commercial general liability insurance with Easy Cover Insurance.
FAQs: CGL Insurance in Edmonton
CGL insurance coverage includes these:
- Individual: Named individual or partner.
- Partnership: Known as partnerships, joint formed partnerships between partners and spouses.
- LLC members and directors.
- Organisms: Listed entities.
No, it’s not mandatory to have CGL insurance in Edmonton. However, it’s recommended to have it as it serves as financial protection against expenses that might be an obstacle to your business operations.
General liability insurance costs $450 on average for basic coverage with a limit of $2 million.
Umbrella liability insurance is an extension of CGL insurance. It provides extra coverage for payments that exceed the limits of your CGL insurance. You need to have CGL to be able to add umbrella insurance as an extension.
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