A Business Liability Insurance plan is a must have for all kinds of businesses, industries, or private contractors who wish to save themselves from lawsuits and huge payouts in case of an injury or an accident of an employee or a client. This insurance covers the third-party financial liabilities on the business in case of an accident on the company’s premises.
The insurance not only covers the expenses which the insured is legally liable to pay but also the legal costs in case of lawsuits. All this comes under Risk management which plays a vital role in every business which very much protects a business from such financial rollercoasters.
Let us look at some basic types of business liability insurance in Alberta:
1. Product Liability Insurance
This one is one of the most important policies specifically for companies involved in the production of Tobacco, chemical industry, food or medicinal products, etc. This provides protection in case someone sues for any side-effect or change in form of the product.
2. Employer Liability Insurance
Employers tend to go for this kind of insurance because they want to cover the liabilities of their employees who are prone to accidents or injuries on the company premises or during the company-related job.
3. Third-Party Liability Insurance
As the name suggests, this insurance covers the liabilities of any kind of damage or loss caused to a third-party by a business. Here, the insured is the first party, the insurance provider is the second party and the company suing or filing a lawsuit is the third party who is suffering any loss or damage.
4. Public Liability Cover Insurance
This type of insurance is primarily suitable for companies or industries that have a lot of interaction with the general public in the form of retail stores, shopping malls, clubs, cinemas, etc. It provides protection against unwanted financial liabilities and legal expenses.
5. Professional Indemnity Insurance
Lastly, this policy is best-suited for professionals such as medical practitioners, lawyers, CA, or engineers who can be sued in case of an error or neglect. This policy covers the costs in such cases.
Why do you need Business Liability Insurance?
A liability insurance policy has the potential to protect businesses from all legal expenses. These policies can be tailored as per the business needs and can include what is necessary. A small business can be greatly affected by a single claim and this happens very often. So, such a policy can be greatly helpful and even cover the legal expenses. If you are reading this and have a company of your own, then definitely consider this policy and avoid the unnecessary hits.
Now that you know what you need, the question arises where you could get it from without falling into some money-sucking scheme. Beneficial Insurance is the place to go. One-stop solution to all your policy-related problems. Excellent guidance and constant support. Business-specific schemes and fast and trustworthy services, what else could you need? For all your queries straight away, talk to any of their representatives right here.