Commercial Liability
Insurance Quotes in Canada

Think BIG

Owning and operating a business is both a fulfilling and complex task. On the one hand, you are your own boss and can use your entrepreneurial instincts to create a product, service or brand that you are proud of. On the other hand, you are the one in charge and are responsible for ensuring that everything runs smoothly. 

As you navigate through this process, you’ll likely have plans for a successful future that involves growth and expansion. As a business owner, protecting your company is a must, which is why purchasing commercial general liability (CGL) insurance should be a priority for you.

What is CGL Insurance and Why do I Need it?

Commercial general liability (CGL) insurance is one of the most important types of insurance coverage for business owners. It is fundamental in protecting your business against a wide range of liabilities and risks and safeguards your business operations.

Having the right commercial liability insurance can help mitigate risk and avoid significant losses that result from unforeseen circumstances. Commercial general liability insurance offers protection for your business against a variety of issues:

• Bodily Injury Coverage: This covers medical expenses, legal fees, and potential settlements or judgments if a third party (e.g., a customer or visitor) suffers bodily injury on the business premises or due to its operations. For example, if a customer slips and falls in a store, this can protect the business from liability.
• Property Damage Coverage: This aspect of the policy provides protection if the insured business is responsible for damaging another person's property, such as a customer's vehicle or personal belongings.
• Personal and Advertising Injury: CGL insurance covers claims of non-physical injuries, including defamation, libel, slander, or copyright infringement, that may occur in advertising or marketing materials.

If your business is found liable for injuries caused to another person or damage to their property, the cost can be substantial and have a severe impact on your operations. With general liability business insurance, you can rest assured that you’re protected from having to pay for any legal defence costs or expenses out of your own pocket.

If you would like to supplement your coverage, there are a number of options available that you can add to your business liability insurance policy, including:

• Non-Owned Automobile Liability: This typically applies to businesses that do not own vehicles but may use vehicles owned by employees, executives, or others for business purposes. It helps protect the business in case an accident occurs while using these vehicles for work-related activities. It can cover bodily injury and property damage claims resulting from such accidents.
• Tenants Legal Liability: This is for businesses that lease or rent commercial space and protects them against damage to the leased premises caused by the tenant's negligence. For example, if a tenant accidentally starts a fire in the rented office space, this coverage could help cover the cost of repairs.
• Privacy Breach Coverage: With the increasing importance of data security and privacy, some businesses add Privacy Breach Coverage to their CGL insurance policy. This provides protection in the event of a data breach or other privacy-related incident. It can cover the costs associated with notifying affected parties, credit monitoring, and legal defence in the event of a lawsuit resulting from a data breach.
• Umbrella Liability: This insurance is not a standalone policy but rather an additional layer of liability coverage that extends the limits of primary policies like CGL. If a CGL insurance policy's limits are exhausted due to a large liability claim, an umbrella policy can provide extra coverage. It offers higher limits and broader protection, and can be a cost-effective way to increase overall liability coverage.
• Directors and Officers Coverage: D&O insurance is designed to protect the personal assets of directors and officers of a company in case they are personally sued for decisions or actions taken in their roles. This coverage is essential for attracting and retaining top talent to serve on a company's board.
• Errors & Omissions: This is important for certain professional service providers, including consultants, lawyers, accountants, and other experts. It protects against claims of professional negligence, errors, or omissions in the services or advice provided.

How Much Does Commercial General Liability Insurance Cost?

The exact cost of your CGL Insurance will depend on a variety of factors. This includes but is not limited to:

• The type of business you run and the industry you work in
• Where you are located and operate
• The size of your business
• Your revenue
• Previous claims 
• Your coverage limits

In some cases, you could pay as little as $300 per year to receive $1,000,000 in liability coverage. It all comes down to how much risk is involved with your business. That said, having the cheapest policy for your business is not always the best decision. Our BIG brokers will take the time to understand your business and source the best rates our providers offer to guarantee that you are covered in the event of a claim. 

What Types of Businesses Should Have CGL Insurance?

CGL insurance is crucial for businesses of all sizes and across various industries. It is not a one-size-fits-all policy, and businesses can customize their CGL insurance coverage to align with their specific needs and industry-related risks. Below is a list of common examples of businesses that may require coverage:

• Retail stores
• Restaurants and cafes
• Contractors 
• Manufacturers
• Professional Service Providers
• Artisan and Craft Businesses
• Technology Companies
• Property Management Companies
• Event Planners and Venues
• Healthcare Providers
• Fitness Centres and Gyms
• Daycare and Educational Centres 
• Nonprofit Organizations
• Distributors of Consumer Products 

How Do I Get Commercial Liability Insurance with Billyard Insurance Group?

Securing your commercial liability insurance is just a few easy steps away. Contact your closest BIG branch to speak to a broker, or request a quote online by providing details about your business. A BIG broker will take the time to understand your needs and will shop your quote with several business liability insurance companies that specialize in your class of business.