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Types of Liability Insurance for Alberta Businesses

Business Insurance

By Samantha Lemna | October 22, 2019

Liability insurance helps Alberta’s businesses cover expenses related to lawsuits. Generally liability insurance will help cover legal expenses including defence costs awards and settlements in certain circumstances. Each type of liability insurance covers a different set of circumstances. We’ll review some of the most common types of liability insurance for Alberta businesses below. This includes:

  • Commercial general liability
  • Professional liability
  • Product liability
  • Cyber liability
  • Director & officer’s liability

Commercial General Liability Insurance for Business in Alberta

This coverage protects your business if someone gets hurt or has their property damaged while visiting your company’s premises or as a result of an accident while undergoing normal business operations. For example if someone slips falls and breaks an arm while in your store they could sue you.

This type of protection is standard for any business in Alberta regardless of the industry. It’s often sold as a package with property insurance.

Professional Liability Insurance for Professional Service Providers in Alberta

This protection is also known as errors & omissions liability insurance. If you offer a service or professional advice your clients can sue you if your service or advice (or failure to provide it) causes them financial loss. This coverage can help protect you if that happens.

Product Liability Insurance for Alberta’s Manufacturers and Retailers

If a product you manufacture or sell causes injury or property damage this coverage can help cover your business. Some policies also provide product recall coverage.

Cyber Liability Insurance for Alberta Businesses

If your company is the victim of a cyber-attack or data breach this protection helps you navigate recovery including helping to cover recovery expenses as well as resulting lawsuits. This may include:

  • Loss or damage to electronic data
  • Ransom or extortion fees
  • Costs associated with notification of data breach
  • Marketing and public relation image rehabilitation
  • Legal expenses from lawsuits relating to damages caused by the cyber-attack or data breach
  • Business interruption – helps cover expenses while your company’s operations are interrupted after a cyber-attack or data breach

Keep in mind that each cyber liability insurance policy is different and you can often choose different levels of protection.

Director & Officer’s Liability Insurance for Alberta’s Business Leaders

If a director or officer is accused of a wrongful act this coverage can help cover the legal expenses. This policy can be purchased for an individual or on the behalf of a company to protect its leadership.

Limits of Liability Insurance

Every policy has its limits – literally. This is the maximum amount you’ll receive in the event of a claim. For liability insurance this is often a per term (or per year) limit not a per claim limit. You choose your policy limit when you purchase the policy.

Work with one of our liability insurance brokers to ensure you have the right amount of protection for your needs.

What Isn’t Covered by Liability Insurance

Alberta businesses aren’t covered for every situation with liability insurance. First of all it depends on which liability protection you have. For example if you only have a commercial general liability policy you would be covered for a slip and fall claim but you wouldn’t have protection if a client sued you because they think your professional advice cost them money. You’d need professional liability insurance for that!

Intentional acts (criminal or otherwise) that caused damage are also not normally covered by liability insurance.

Every policy is different so it’s important totalk to one of our liability insurance brokersto help your Alberta business protect itself from lawsuits and other risks.

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