If you have been following us for a while, you already know that we posted an article on Medicine Hat commercial insurance policies not long ago. In this article—which you can read here—we briefly touched upon a kind of insurance policy known as a liability commercial insurance policy. In today's article, we would like to go into more details about what this kind of insurance policy can entail.
What is it?
A commercial liability insurance policy, in its simplest definition, protects your business from financial loss in the event of a lawsuit against you.
What types of lawsuit does it protect you against?
Usually, a commercial liability insurance will cover your company against lawsuits related to property damage caused by employees, injuries to customers or employees on your company's property, and death. It also covers injuries caused by your employees outside of your premises.
How does it work?
It works just like any other type of insurance policy. If you are found liable, then your insurance company will cover the damage fees and the cost of your legal defence. However, keep in mind that the amount of money you will receive will depend on what kind of policy you have.
Why do you need it?
Lawsuits have been known to cause companies to go bankrupt on more than a few occasions. The damage a lawsuit has the potential to inflict upon your company is unimaginable. A liability insurance policy can help make the difference between a simple headache and a nightmare that could possibly shut down your business.
Where can you get an insurance quote?
If you live in Medicine Hat, Sharp Insurance offers free commercial insurance quotes.