If your premises are visited by members of the public or customers, or if your staff work off-site, protecting against claims in case of injury or accident is critical. In addition to this, if your business manufactures and/or sells products you may be responsible for the quality of these items after sale.
A General Liability Insurance policy will cover you for awards for damages made against you in the event of injury or damage to third parties or third party property arising out of your business activities.
Without a commercial general liability insurance policy, you are leaving yourself and your company vulnerable to lawsuits that could have a devastating impact on your business. It is, unfortunately, a necessary cost of doing business and this is the reason that commercial general liability insurance is one of the most popular business insurance products sought after by business owners.
Product Liability insurance is required by manufactures of product parts and completed products. It is an extension of the third party liability cover now including coverage arising from third party property damage or bodily injury from selling or manufacturing of goods or parts thereof.
If your business is involved with the manufacture or selling of goods, you may be responsible for the quality of these items after sale, and be legally responsible for any damage or physical injury caused by your product. A Products Liability will cover your legal liability for damage or injury caused by the products supplied by you.
When property is damaged the costs can quickly escalate. Besides rebuilding or replacing existing assets your liability could include replacing damaged customer stock, relocation and debris removal, and the resulting loss of profit for your business. All of these costs can be recovered with Property Damage and Business Interruption Insurance.
Property Insurance provides protection for the assets you own, rent or lease for any physical damage sustained caused by an Insured peril. It covers most financial losses you may experience in the event the physical assets of your business – the building, equipment, fixtures or property in your care, custody & control -- are damaged.
Business Interruption Insurance (also known as Business Income Insurance) is designed to put a business in the same financial position it would have been in if no loss had occurred. Business Interruption Insurance responds to a loss resulting from interruption of business conducted by the insured, whether total or partial, and caused by physical loss, damage or destruction of property that is insured under the Property Insurance policy. A property insurance policy only covers the physical damage to the business, while the business interruption policy covers the income that would have been earned.
Injury caused by accidents in the work environment can result in employees making compensation claims against your business. If you employ staff, then you need cover.
A requirement to protect your business
An employer's liability/worker's compensation policy, provides cover for the cost of claims made against your business by your own employees in the event that they suffer an injury at work in the course of their employment, and believe you to be responsible.
Choosing the right cover for your business
Nacora will arrange the most appropriate policy for you depending on the range and type of activities undertaken by your business and the employment laws applicable to where your employees are based.
As with personal vehicles used for travel, a business owner with commercial vehicles needs auto insurance coverage for the cars, trucks or trailers. The the fact is that no matter where you may be driving in Canada, if you plan to drive a vehicle on public roads, it must be covered under an insurance policy with certain minimum compulsory coverages. It is the law in all provinces and territories.