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Sunday, 3 July 2011

Commercial Insurance 101

Commercial insurance is a vital aspect of any business venture. Whether you own a restaurant, consulting firm, law practice, or even insurance brokerage, it is imperative that you are covered in the event that your business is damaged or you are sued. Your business is usually the biggest investment you'll make in your life, and it's often your livelihood as well; be sure that you know you're covered for anything.

Commercial Property Insurance
Commercial Property Insurance covers loss or damage to your business' physical space and contents. This means that your storefront, stock, and equipment are covered in case of fire, theft or other physical damage or loss. Property insurance is particularly important for businesses that have considerable real estate investments and valuable equipment.

Commercial General Liability Insurance 
Commercial General Liability Insurance covers you in the event that someone takes legal action against your business. In most cases, this refers to personal injury cases where someone hurts themselves on your property and sues for damages. As medical costs can be in the millions of dollars, it is essential that your business be covered for such an event.

Professional Liability Insurance
Also known as Errors and Omissions, Professional Liability Insurance is primarily geared towards consulting firms and professional practices that work directly with clients. For instance, clients of law firms who feel that their case was not dealt with properly can sue for damages. Alternately, a consulting firm can be sued if a client believes the firm's advice caused them harm.

As a business owner, it is incumbent upon you to be sure you're covered. Don't throw away your life's work because you don't think anything will happen to you. If you're in Alberta, talk to the insurance experts at Sharp Broker Services about commercial insurance. For a free quote, click here.

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