All small business owners should consider protecting their business with the right small business insurance. Axis small business insurance products available in BC include:
General Liability Insurance known as Commercial General Liability Insurance (CGL) protects your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. Some examples of what could be covered are below:
• Bodily Injury: An event planner is setting up some booth’s for a client’s demonstration. A customer comes to look at booth and trips over some wires the event planner left out. The event planner’s general liability insurance policy could cover the customer’s medical costs, that result from the injury.
• Property damage and data loss: A consultant spills coffee on an architect’s server causing damage. General liability insurance coverage could cover the subsequent claim up to general liability policy limits.
• Personal injury: An assistant at a hair salon is overheard speaking negatively about one of the salon’s customers on her lunch break to other customers. Word gets back to the customer who then sues the salon for slander. A general liability insurance policy could cover defense costs as well as any settlement or judgement.
Business Owners Policy combines general liability and business property insurance. BOP insurance is often used to provided balanced coverage for small businesses who also want to protect their own business equipment. Some examples of what could be covered are below:
• Office insurance for fire and business interruption.
• Electronic data loss insurance.
• Hired or non-owned vehicle liability insurance.
• Commercial crime insurance to cover the dishonesty of employees.
Professional Liability Insurance, sometimes called errors and omissions insurance (E&O insurance) which is coverage for another person’s claims against businesses that provide professional and personal services.
Errors and Omissions Insurance offers your small business protection against accusations of negligence of the failure to perform your professional services that any professional services can be sued for, even if it hasn’t made a mistake. You should seriously consider errors and omissions coverage if your business:
• Provides a professional service
• Regularly gives advice
• Is required by its clients to have E&O insurance