Business liability insurance (also referred to as general liability insurance) protects businesses from expensive lawsuits. The claims may be a result of injuries, personal or property damage. Business liability insurance (also referred to as general liability insurance) protects businesses from expensive lawsuits. The claims may be a result of injuries, personal or property damage.
The cost of business liability insurance in Alberta depends on the nature of business, location of the business, and the number of employees. Here is a list of benefits rendered by the business liability insurance.
Saves Unexpected Business Expenses
Accidents can happen during any typical day. For instance, when your janitor forgets to place the “wet floor” sign, and one of your customers slips on your floor, you will be liable for his medical expenses. If your marketing team violates the copyrights of another company, you will be forced to face an expensive legal battle.
Business liability insurance protects you from such unexpected monetary losses.
Increases the Trust of Your Clients
Clients do not want to end up paying for your unintended mistakes. When you carry relevant coverage, clients feel a sense of safety. They do not think twice about associating themselves with you and your company.
Liability insurance increases the trust factor and paves the way for new business opportunities. Also, some clients request business liability insurance while signing a contract.
When you invest in business liability insurance in Alberta, it implies that you are prepared to take responsibility for your actions. It indicates your awareness of potential risks and that you are already prepared to handle them.
Leads to Long Term Relationships
Imagine that your employee has caused some damage in your client’s workplace. Suppose you have invested in business liability insurance; you can cover the damage comfortably. Your client is now most likely to let go of the damage and continue to do business with you.
Protection Against Cyber Attacks
Data breaches and security attacks can lead to irreversible damage for your company as well as for your clients. Sometimes, the impact can be so bad that the affected company goes out of business permanently. Therefore, IT consultants and network security companies need cyber liability insurance to prevent such drastic situations.
Who Needs Business Liability Insurance Coverage?
Every business is prone to a certain degree of liability risk. Here are some examples of business types that will primarily benefit from liability insurance.
• Landscaping companies
• Services like snow clearance, home renovation, roofing, etc. (risk of property damage is high in these businesses).
• Real estate agents.
• Logistics and transportation.
• People-oriented businesses like janitorial services, medical services, etc.
• Start-ups and small businesses.
• IT contractors.
Contrary to popular belief, home-based businesses can also benefit from liability insurance.
Get a Free Quote Today
Is your business exposed to potential threats and risks? Do you believe you need business liability insurance in Alberta?
We understand the different business risks you are exposed to between your customers, employees, and business operations. We help you to mitigate the risks and put you back on your path to growth and prosperity.
Contact us for a free quote now.