Small or medium sized business

Commercial general liability « CGL »

Commercial General Liability (CGL) is the most well-known coverage and most purchased policy issued to businesses to protect them from liability claims resulting from bodily injury and property damage arising from their operations, products or completed operations as well as advertising and personal injury (PI). Liability coverage is intended to protect your business against both legal costs and any claim payments for which you are ultimately held legally responsible.

Property insurance

Whether you are renting a commercial space, operating in a building you own or work from home, commercial property insurance provides protection against loss or damage such as a fire, theft, vandalism, and other perils. This coverage protects against damage to physical assets of your company inside and out such as buildings, inventory, equipment, furniture, and machinery, as well as exterior fixtures like outdoor signs, fencing, landscaping, and debris removal.

Business interruption coverage

This coverage applies when the commercial property is damaged by a loss such as a fire, water damage or other covered perils resulting in the lack of access in or to your business premises as a result of the damage incurred. Business interruption coverage will compensate for the loss of income and other expenses such as rents, relocation cost, employee wages and more. This policy provides the loss of income to secure that a temporary shutdown and prevents the possibility of closure without the revenue stream to keep your business open. The term is 12 months but can be extended to 18 or 24 months with approval from the insurance company.

Equipment breakdown

Whether you are building owner, or a tenant in a leased building, your standard property insurance covers damages to your equipment from perils such as a fire, theft, water damage, windstorm, and others. However, property insurance policies do not cover damage from causes such as mechanical failure of equipment, electrical short circuit, explosion from a boiler or other pressure vessel, change of temperature and mechanical breakdown. Coverage for these types of losses requires an equipment breakdown coverage.

Crime insurance

Employee fraud can happen in any business even the most well-administered ones. Your new or long-time employee, the one you never suspected, may defraud your company for huge amounts of money. Your company may still be at risk despite the fact you are performing screening and background checks and teaching your employees on how to identify fraudulent employees. This coverage is usually excluded from a standard commercial policy and can be specifically added or issued on a separate policy.

Cyber risk and privacy breach

Cyber risk insurance will protect your businesses from losses related to cyber or privacy breaches. If your company data is compromised by hackers, your computer system holding confidential information is breached, or a paper file containing personally identifiable customer information is lost, this policy could help cover the cost of remedial actions. It could also help with the costs of legal claims, substantial notification expenses, network failure, and public relations services to get your business back on track faster. The majority of cyber policies incorporate both first party coverage for expenses your firm directly suffers as cause of the breach and third party coverage apply to claims against your firm by third parties that sustained damages as a result of your actions or failure to act.