Commercial General Liability Insurance Newfoundland
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Newfoundland and Labrador is seeing a boom in start-up businesses, especially in the tech sphere. This province is seeing a revitalization of business activity and all for the better. However, like any business, start-ups and enterprises in Newfoundland need to have the right insurance.
Commercial general liability (CGL) is an insurance policy that covers third-party bodily injury and property damage resulting from the business’s products or operations. It is considered critical coverage for your business, protecting both yourself and the injured or suffering parties! In Newfoundland, commercial general liability insurance in Newfoundland can help keep your business afloat despite unexpected events or accidents where a third-party is injured or has their property damaged.
Newfoundland Commercial general liability insurance typically covers your business for legal defense costs and compensatory damages. For a small business or a start-up, this can go a long way – and can perhaps be the thing that prevents your business from needing to close its doors prematurely.
Why Get Commercial General Liability Insurance in Newfoundland?
Businesses are not required to have commercial general liability insurance in Newfoundland. It is not mandated, unlike some other forms of coverage, such as errors and omissions (E&O) insurance for certain industry professionals.
Commercial general liability insurance, however, is intended to protect small-business owners from the cost of lawsuits or other claims.
This insurance is not only for large companies. Commercial general liability insurance is a good option for small businesses to protect them from potential lawsuits and other claims. If a company is still working on establishing a solid financial base, it can be the thing that keeps them in business for years to come and can prevent a premature end.
Every business is responsible to its clients as well as the public. Accidents and injuries can happen. You need CGL coverage to protect you in situations where the responsibility of care is owed following an injury.
Slip-and-fall accidents are one of the prime examples of the benefits of CGL coverage. You can be covered in the event of a slip-and-fall accident that occurs on your property due to a poorly shoveled sidewalk or accumulation of ice during winter. You can also be sued if a product is spoiled, and someone becomes ill after purchasing it. While these incidents may seem small, the average slip-and-fall settlement can cost a business hundreds of thousands of dollars.
What Does Commercial General Liability Insurance in Newfoundland Cover?
1. Bodily Injury
If a customer suffers bodily injury due to your business activities or inaction, your business could be sued. This is because it implies that the injury was caused due to your business’s negligence.
Your business might be required to compensate the injured party for medical bills, lost earnings, pain, or suffering.
CGL coverage allows you to file a claim directly with the insurer if you have a third-party claim alleging bodily injury or property damage. If the claim is due to an insurable reason, all legal expenses may be covered.
2. Property Damage
You could be held legally responsible for damage to property owned by third parties leading to costly legal fees.
This could negatively impact on the reputation of your business. CGL insurance protects you and your business against third-party damage to your business or property.
3. Product Liability
A policy with product liability protects you from any injury or property damage claims that are caused by the sale or purchase of a product.
4. Personal and advertising injury liability
Commercial general liability insurance typically covers personal and advertising injuries. This protects the company from claims of libel, slander, privacy violations, intellectual property infringement and damages related to advertisements.
5. Tenant’s legal liability
With tenant’s legal liability, you may be protected against any risks associated with operating in leased premises by the tenant’s legal liability insurance or commercial tenant insurance.
General liability insurance covers damage to rental properties that is caused by you and your employees. Many landlords require this coverage before you rent space to your business.
What is Not Covered by Commercial General Liability Insurance in Newfoundland?
- Intentional criminal activity
- Motor vehicles
- Contractual liability
- Negligence claims unrelated to bodily injury or property damage
- Patent infringement
- The company’s property damage
Every policy is different, of course, and what one policy may cover, another may not. It is also important to be aware of what one type of liability insurance policy covers and where you may need to purchase other options to ensure your business is adequately covered. For example, if you were a professional contractor, it helps to know the difference between commercial general liability insurance and professional liability insurance. In some instances, you need both forms of coverage to be covered.
How Much Commercial General Liability Insurance Do I Need in Newfoundland?
You do not want to make the mistake of overpaying for the coverage your business does not need, nor do you want to risk being underinsured and financially exposed.
Here are some factors you should consider before buying commercial general liability insurance in Newfoundland:
- Frequency of lawsuits in your industry
- Average cost of lawsuits in your industry
- Your annual revenue
- Your clientele base
- Do you operate on worksites?
- How often do clients, vendors, and the public visit your office or business
- The number of employees does your company have
With EasyCover, you can get professional opinion on how much coverage your business needs. Thanks to our quick online quoting tool, you can get a quote for your commercial general liability insurance in Newfoundland faster than ever.
How Much Does Commercial General Liability Insurance Cost in Newfoundland?
The majority of commercial general liability insurance policies cost between $450 and $500 per annum for small or medium businesses in Canada requiring $2 million worth of coverage. For some larger businesses, policies can cost over $1,000 a year.
The cost can vary depending on a variety of factors, including:
- What industry you are in
- The number of employees in your business
- Your revenue
- Years of experience
Ways to Save Money on Your Commercial General Liability Insurance in Newfoundland – From EasyCover
Find A CGL Broker in Newfoundland
It can be difficult to research Newfoundland insurance companies and find the best rates on your own, especially with a whole business to take care of.
Working with a broker is an immense help. They will not only have the information, but they also have years of experience that will allow you to get the best coverage at the most affordable price.
For the best advice and free quotes, call one of our experienced commercial general liability insurance brokers or simply use our quick quoting tool to get options from numerous top-rated insurance carriers.
Review Your Coverage
Every year, your business goals and needs change. Your coverage should also change to reflect your constantly evolving needs.
When it comes time to renew your annual policy, you should review your policy and ensure you are not paying too much for coverage that you do not require.
Look for Discounts
Many business owners do not know that insurance companies may offer a discount if you raise your deductible or if you bundle a commercial auto insurance policy with your CGL policy among countless other discount opportunities.
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