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What Is Business Liability Insurance and Who Needs It?

Running a business smoothly is extremely difficult, and there are always many risks and liabilities that come with it. Getting business liability insurance is thus crucial if you are a business owner, as it safeguards you from unprecedented risks.

It is a type of insurance policy that covers your organization for property damages, injuries occurring on your premises, or if a third party sues you.

Many businesses opt for commercial general liability insurance plans to protect their company from any third-party claims, damage repair costs, medical fees, or costs for legal proceedings.

It is an affordable and smart way to guard your business during unfortunate incidents like defending your company in court.

However, depending on the type of business you have and the risks associated with it, you may want to consider various types of claims that are best suited for it.

Understanding the kind of risks that your business is exposed to goes a long way in securing the right type of plan for you.

Why do I need business liability insurance?

Getting the right insurance plan will provide peace of mind knowing that you are covered and prepared for any unprecedented risks associated with running your business successfully. Many entrepreneurs often wonder if their company needs commercial liability insurance at all.

The answer, however, is yes. If you are running a business, small or big, and it has visitors, employees, advertising, or simply sells products that may unintentionally cause harm; then you should get business liability insurance to protect yourself.

As a business owner, no matter how careful you are, accidents can happen. Customers can get injured during a visit, or there may be faulty products that can lead to customers taking legal action against you.

Getting liability insurance will ensure that you are covered when it comes to handling legal proceedings or paying settlement fees to the injured party. This ensures you don’t have to spend on additional costs if your policy covers you.

Business General Liability Insurance Coverage

Most commonly abbreviated as CGL insurance, commercial general liability insurance covers your legal expenses if your business is sued for alleged negligent acts that lead to bodily injuries for staff or customers or property damage.

At Marathon Insurance, we strive to reduce business risks and prevent losses for all our clients. Our policies are designed to safeguard you from most business risks and protect your company from incurring additional losses in case of any commercial disaster.

It is also important to understand the types of claims covered under this policy, which include the following:

  1. Bodily injury. This aspect covers anyone who is physically hurt (negligent or not) while they are on your premises.

    If customers, staff, maintenance personnel, vendors and other visitors are physically injured in your premises or while you were conducting regular business operations, they may be inclined to file a liability claim for pain/suffering, lost wages, and medical bills.

  2. Property damage. Any damages to the property of a third party due to negligent acts are covered under the property damage clause. This covers all properties that are linked to your business, be it a car, equipment, inventory, or even raw materials.

  3. Medical expenses. This covers any medical expenses incurred after bodily injuries and hospital bills of staff who are employed by your business.

  4. Legal expenses. Legal expenses include lawyer fees, settlements, and judgment awards that can be incurred if your business requires a legal proceeding after a customer has sued your company.

  5. Cyber liability. Most businesses today operate on some type of digital platform. With the cyber liability claim, you can protect your business from getting hacked or from other malware attacks.
  6. Advertising injury. It is common for businesses to run ads. Many companies also hire digital marketing agencies or freelancers to manage their ads.

    Therefore, it’s wise to protect yourself in case of libel, copyright infringement, or false advertising claims.

Businesses can also consider going for an umbrella liability coverage that provides additional liability protection, which extends beyond the general policy.

This claim applies when you have reached the upper cap of your liability limit and require additional coverage depending on the type of damage or risk your business has incurred.

It offers a broader definition of the bodily injury claim and guarantees global/international coverage so that you do not have to pay out of your pocket for any additional expenses that are more than what the general liability policy offers.

How do I get the right business liability insurance?

At Marathon Insurance, our insurance brokers work closely with major insurance providers to understand every business type and need.

We strive to provide your company with comprehensive general liability insurance that is designed to protect your business function.

Our goal is to curate a CGL insurance policy that is customized according to your business type, size, and function. We also evaluate the different kinds of risk levels it endures and the kind of industry it operates in to curate the best policy for you.

Our service is designed in such a way that in case of a mishap, the insurance we provide covers the damages instantly without you having to pay anything out of pocket.

We have designed our policies and plans into our in-house app so that they can be accessed at any time. You can upgrade your policy coverage limit, file a claim, or seek 24/7 customer support to guide you through the fine print if needed.

Our focus is providing the best insurance benefits to our customers by offering financial protection against any kind of risks and liabilities. Our goal is to equip every business with a solid backup plan so that they can focus on building successful and long-term customer relationships.

For more information about getting the right kind of small business insurance in Toronto for you, call Marathon Insurance Group at 844-429-0837 or contact us here.

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