null What is business liability insurance?

Let's take a few moments to demystify it by looking at its advantages and limitations.

What is covered by liability insurance?

Liability insurance can protect you in the case of a claim against your company for bodily injury or property damage.

If your company is judged liable for such damage, this insurance could cover legal costs and could be used to pay the compensation.

This insurance covers civil liability related to the operation of your business, such as its activities, products, services or locations.

Two examples of risks for building owners

The following two scenarios1 demonstrate the risks to which commercial and residential building owners may be exposed.

Electrical fire

An electrical problem in your rental building causes a fire that damages your tenants' personal goods. As the landlord, you may have to assume responsibility. Liability coverage would compensate tenants for property loss or damage.

Bodily injury

A customer or visitor is injured on a staircase in your commercial building and takes legal action against the building owner (you). In such a case, liability insurance could cover legal fees and compensation, if applicable.

Business insurance coverage that fits your business reality

As a building owner, there are a few other types of protection you may need to ensure that your business continues to operate and thrive. To make sure your business is well protected, you may wish to consider the following types of insurance:

  • commercial property (for physical damage to buildings)
  • equipment breakdown (caused by sudden and accidental failure)
  • loss of business income or rent due to temporary closure
  • cyber risk (damage caused by data breaches and cyberattacks
  • earthquake
  • sewer backups
  • water damages

The Personal: your business partner

Regardless of your field of activity, protecting your business requires adequate coverage that considers a wide range of factors.

To help you choose the insurance coverage that suits your business needs best, The Personal invites you to contact a general insurance agent at 1-888 282-6824.

What is business liability insurance?

If you're a business owner, you've probably taken out liability insurance to protect your business against incidents that could compromise its continuity or harm its operations. But what exactly is it for?

1The situations presented are hypothetical examples and are provided for illustrative purposes only. [Back]

The Personal refers to The Personal General Insurance Inc.

Certain conditions, limitations and exclusions may apply. These tips are provided for information and prevention purposes only. They are general in nature, and The Personal cannot be held liable for them. We recommend using caution and consulting an insurance advisor for comprehensive, tailored advice.