Commercial Liability Insurance in Nova Scotia
Protecting Your Business Against Costly Lawsuits
As an entrepreneur, a liability claim could put you out of business. Commercial liability insurance provides peace of mind in these situations for all types of businesses and professions.
What is commercial liability insurance?
Liability refers to who is responsible or negligent, especially in the eyes of the law. When you start a business, you are exposed to a variety of liability risks. Commercial liability insurance protects you in a situation where your business may or may not be responsible for damages to a third party. This is why having the right insurance coverage is important. It can mitigate the losses you experience from liability claims by paying on your behalf and also defending you against law suits.
Commercial Liability Insurance In Nova Scotia
Commercial General Liability
This protects you and your business against claims for bodily or personal injuries, advertising liability, as well as property damage to third parties on your business property.
Professional Liability Insurance
Also known as errors and omissions liability insurance, covers your liability for negligence while providing your insured professional services.
Directors’ and Officers’
This covers damages involving wrongful acts committed in the discharge of your duties including: misconduct, breach of duty, or any other act that could be held against you.
Other Coverage Options To Consider:
- Commercial Property Insurance is designed to protect the property you are responsible for, building contents, equipment, tools, etc.
- Product Liability Insurance is often included in a CGL policy, but not always. It is important to check that your small business insurance policy does protect you from risks associated with product liability claims.
- Cyber Risk and Data Breach Coverage is designed to help small businesses that rely on technology mitigate some of the expenses that may incur as a result of a cyber hack.
- Commercial Vehicle Insurance is important if you or your employees use your vehicle for business purposes because it will protect you in ways your personal auto policy may not be able to.
How Much Does Commercial Liability Insurance Cost In Nova Scotia?
There are many factors that contribute to the premium for a commercial liability insurance policy.
- Claims History
- Industry
- Location
- Number of Employees
- Revenue
- Risk Exposure