Commercial liability insurance, also known as commercial general liability insurance, is a comprehensive type of insurance policy that is taken by businesses in order to get protection against liabilities of business risks. It is an insurance policy that provides coverage to businesses from bodily injuries and damages caused to the people in the business premises and operational damages. Since this policy is a comprehensive one, there are different types of coverage for a business to choose from.
Talking more about the coverage of commercial liability insurance there are two major types of coverage. The first includes the claims for the regular business operations at the physical business location. The second is the coverage for bodily injuries and damages caused by the business property. Apart from these, if a business requires any additional coverage, it can be purchased, barring the exclusions of commercial liability insurance.
Life is full of uncertainties, and so is a business. But what if such an uncertainty strikes your personal life and affects your business? When you run a business, you consider all the risk factors except for the fact of something happening to you. But there is a solution to help you in such a situation, the business overhead expense insurance. This insurance is devised to take care of the expenses of a business in case the owner of the business meets with an accident and becomes disabled. Here are some reasons why your business needs a business overhead expense insurance.
You must have heard your fellow business owners discussing that a commercial property insurance is crucial if you want to secure your space financially. But do you know what does that concept mean? If no, then let’s look at the commercial property insurance in detail.
Commercial property insurance is a type of coverage or policy for business owners that covers various business-related, as well as other natural and man-made risks, and protects a business by paying for all or part of costs when a covered loss occurs. It is a common type of business insurance that all the business owners should have in their list of insurances.
A box truck is a chassis cab truck that has an enclosed cuboid-shaped cargo area attached to it. These trucks are useful for businesses that require regular transportation of bulk cargo, heavy equipment, couriers, etc. Any damage or breakdown of these trucks can significantly lead to delays in transportation and affect the smooth functioning of a company’s operations. Therefore, to ensure your operations are not affected and you do not bear the expense of damage to your cargo, you can opt for box truck insurance. With box truck insurance, your truck and freight are protected when you’re on the road. But not all kinds of trucks can be covered by this insurance type. Therefore, in this article, we have mentioned a few types of trucks that can be included in the box truck insurance.
Trying to find the best insurance for yourself or your assets such as your house and vehicle can be overwhelming and time-consuming. Working with multiple insurance agents to decide on the right plan can be confusing too. The solution to these issues is hiring a professional broker. Choosing a broker can be one of the best decisions that you will realize in the long run. Here are some reasons why you must consider hiring a broker.
They Help in Making the Right Decisions
If you are new to the concept of insurance and coverage, you might not know what type of policy would give you the maximum protection for your life and assets. With countless insurance providers and attractive policy schemes, buying the right kind of coverage can become tricky. Choosing a professional broker can make the process of policy selection easier as he or she can compare various policy options and explain which one will provide best returns for your investment. These professionals can not only tell which policy would provide the most benefits but also help you pick the right insurance provider or firm.
They Have More Access
Brokers are known for having numerous connections with people in different fields of finance and insurance. While insurance agents only work for one company, brokers work with multiple companies but not for them. Brokers have a broader knowledge of the insurance market as they work with a range of insurance providers and firms. This way, they have more access to better insurance offers in the market. They can utilize their connections and help you find the most advantageous policy as per your requirement.
They Act as the Middlemen
Another benefit of hiring a professional broker is that he or she acts as the middleman between you and the insurance provider or firm. Brokers communicate your requirements and details on your behalf to the provider. Not only this, they explain each and every term and condition mentioned in the policy so that you are led in the right direction while making a decision. They explain you every insurance-related jargon and sentences that you might not understand and clear all your doubts. In other words, brokers can answer the questions you might have that an insurance agent may not know or refrain from telling you.
Hiring a professional broker might seem like an extra task as well as expense to bear. But by hiring one, you’re able to outsource a significant amount of work to an expert in the industry and expect quick and quality service for all your insurance-related tasks. So, if you are planning to hire a broker to make your insurance-related tasks easier, you can get in touch with us. We have more than 20 years of experience in providing brokerage services to small and big organizations in various business functions.
Vehicle insurance is a contract between the policyholder and the vehicle insurance company, whereby the policyholder pays the premium, and the vehicle insurance company agrees to pay for any automobile-related losses that may occur as mentioned in the policy. Basic vehicle insurance is mandatory throughout Canada, and all vehicles by law have to be insured for third-party liabilities. Each Canadian province government determines which benefits are included as the minimum. Every state offers various optional benefits that people can opt for additional coverage of their vehicles. Let us understand the different types of vehicle insurance that are available.
Liability insurance protects you in the event you damage someone else’s property or if you injure or kill someone. In other words, this type of vehicle insurance covers the medical costs of injury to others or their vehicle and the cost of their vehicle repairs in the case of an accident where you are found liable.
Collision coverage insurance covers not only the costs of a second party in the case of liability issues but also pays for the vehicle repairs and medical costs of the policy owner even in the case of being found liable. This coverage pays for damage to your vehicle caused due to a collision with another object such as vehicle flipping over on the damaged road or losing balance and hitting a tree or guardrail. Collision insurance policy is more costly than the liability coverage, but undoubtedly offers more benefits for damages.
A comprehensive insurance policy is useful when you are looking for different types of policy features or customized policy options based on individual needs and assessment substantially. Comprehensive coverage includes natural calamities and man-made problems such as explosions, riots, etc. This type of vehicle insurance doesn’t include damages caused due to collisions or faults in the vehicle.
This vehicle insurance type pays only for losses caused by perils specifically listed in your policy. Some of the most common specified perils include fire breakout, theft or attempted theft, lightning, hailstorms, heavy rainfall, earthquake, windstorm, explosion, riots, etc.
This coverage will provide financial protection if you are injured or killed by an uninsured driver. For instance, you have hired a driver for driving your vehicle. Suppose he isn’t insured, and the accident happens because of his mistake, you will still be covered. It also applies to a driver that is unidentified, such as in the case of many hit-and-run incidents.
Where you live in Canada, the type of vehicle you drive or own, and driver history are just a few of the different factors that can affect either the amount of coverage available or the premium of the insurance policy. Talk to your insurance professional to get a quote for your vehicle insurance.
We often take the house we live in for granted and don’t think about securing it. But if you don’t secure and insure your house, you will have to face huge expenses in case there’s an accident or a natural calamity. Covering your house with the right insurance can help you manage your expenses caused due to damages. If you are new to the concept of home insurance, we will help you understand everything about house insurance in Canada.
House insurance, also known as the homeowner’s insurance is a form of property insurance that covers losses and damages to your house and also to assets in the home. The house insurance covers different types of perils depending on which type of policy you buy. Most house insurance policies don’t cover damages such as loss to property due to war, and damages to property that is unoccupied for more than a certain specified period.
House Insurance Policies can be of two types:
The Building Policy covers the entire structure of the building. The policy will cover the damages caused to the home structure only. This type of cover is useful for the homeowners and tenants living in the insured structure.
Package Policy covers the contents within the home structure such as the household goods, furniture, appliances, gadgets, jewelry, etc. along with the structure of the building.
The first and most obvious benefit of taking house insurance is to cover yourself from any damage or loss that may take place in the future. House insurance provides liability coverage which covers you against personal injuries, property damage to guests which might have happened while residing in the insured house.
A comprehensive house insurance policy covers your house against losses and damages caused due to natural calamities such as earthquakes, floods, lightning, storms, typhoons, etc. The policy also covers your house from man-made hazards such as anti-social activities, vandalism, thefts, strikes, etc.
Some banks give preference to those individuals who plan to buy or rent an insured home. For certain moneylenders and loan-providers, house insurance is one of the major eligibility criteria for availing a home loan. So, if you are planning to apply for a loan, having house insurance can be helpful.
A house insurance policy that mentions public liability coverage will protect you from any legal liability or third party liability which may arise, in case any third person suffers an injury while they are in or around your insured house.
Although not mandated by law, insuring your house can give you peace of mind. House insurance might be an additional expense, but it is an investment that will help you when a difficult situation arrives. Therefore, get in touch with our insurance advisor to cover your home today.
Call Us today for expert insurance adviceContact Us