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PROTECTING WHAT MATTERS MOST
It is important to note that Canadian firms have a wide range of insurance needs as well as financial security concerns. Thus, maintaining proper insurance coverage and legal costs is crucial to the continued operation of businesses across the country.
As a result, various forms of business insurance have emerged in Canada, each providing varying levels of risk protection to various kinds of clients and enterprises. Professionals and organizations must identify the unique risks they face to make sure the policies they buy provide the right amount of protection against those risks.
Running a prosperous business requires managing a lot of risks, and we are here to help, of course. We can give your business the security it needs as part of our all-inclusive business insurance policies, freeing you up to concentrate on business growth, customer service, and innovation.
Let Orr Insurance & Investments Linwood assist you in protecting your investments from risk and ensuring long-term success.
If your business causes harm to a third party and they initiate a lawsuit against it, you become liable for the damage as a business owner. Examples of situations where a business owner could be held liable include accidents or injuries that occur on the business owner’s property, products or services that are defective or cause harm, injuries caused by the negligence of employees, and breach of contract or warranty.
Additionally, business owners can also be held liable for damage caused by their actions or omissions, such as false advertising or failure to warn about potential risks. A client or customer may bring an expensive lawsuit against you or the business if the services you supply are flawed. Furthermore, filing a responsibility claim may result in significant legal fees.
Although your enterprise has not committed any illegal acts, you may still be sued for liability. If the business owner fails to take the necessary safety measures to avoid liability, the consequences could be expensive legal actions, fines, and reputational harm.
It can also result in a firm losing revenue since clients may decide to do business with someone else if they believe the company to be unsafe or careless. In some cases, liability can even lead to personal financial loss for the business owner, as they may be held personally responsible for any damages awarded.
Businesses can be shielded from the hefty expenses of lawsuits by purchasing commercial liability insurance. Even if you are not at fault, customers have the right to sue you for an accident that happened at your store or place of business.
For instance, you can be held legally liable for paying a customer’s medical bills if they trip and fall on a wet floor at your service location.
The expenses of medical care and legal defence can force a corporation into bankruptcy, even in situations where you are not to blame for physical harm. This explains why certain insurance policies—commercial, property, and especially general liability insurance—are recommended across most industries.
Business liability insurance might be helpful in cases where a business is sued for product liability or carelessness, like when a customer gets hurt on the property or gets hurt because of a defective product. Additionally, it would offer protection if a business destroys another party’s property or faces legal action from a former employee alleging discrimination or wrongful termination.
Depending on your industry, state, and other factors, your company may require business insurance. There are various situations where having business liability insurance is essential:
A certificate of liability insurance may be requested by your property manager if you are required to sign a commercial lease.
Contracts may contain requests from customers for claims under commercial general liability insurance or professional liability insurance. This would apply if your business is a bigger organization with more staff.
Accountants, dentists, and real estate agents are supposed to carry liability insurance to get a licence for performing their professional services. Similarly, if you sell or serve alcohol, you might need to get liquor liability insurance to get a liquor licence.
Depending on state requirements, business-owned vehicles must be covered with commercial auto insurance, including auto liability coverage.
You can secure your business’s future and guarantee its long-term success by acting now. Potential risks can be avoided by making investments in security measures, putting in place sensible policies, and continually adjusting to the ever-changing business environment.
Or you can use the email form and one of our representatives will reply as soon as possible.