With its position right in the middle of the Golden Horseshoe, Burlington’s economy is both diverse and growing. Having access to the Port of Hamilton, it’s proximity to both Toronto and the border at Niagara Falls and its role as an integral part of southern Ontario, Canada’s largest consumer market, Burlington is a vibrant hub of commerce and industry.
Insurance Hero has the commercial liability insurance solutions your business needs to keep it protected from the risks and liabilities that threaten your success. Below are some common coverages that may be found in insurance plans for your business.
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Commercial General Liability Insurance
This is a standard coverage for almost every business. Commercial general liability insurance protects your Burlington business from lawsuits alleging that your business caused personal injury or property damage. Those claims could be based on your products, services, business practices or advertising. Consider the following scenarios:
- Someone slips anywhere on your business’s property due to ice or liquid on the floor and breaks a bone or is otherwise injured
- You run a restaurant in Burlington and one of your staff unknowingly prepares or serves food that causes your customers to suffer food poisoning
- You sell products that contain a design flaw, choking hazard or a material that can cause illness or irritation in some people and are unaware of the hazard until your customers are injured or start experiencing symptoms
- You or an employee of your Burlington home reno business accidentally damages your client’s, or their neighbour’s, property
- You are accused of false advertising
The last point illustrates the importance of having general liability insurance: an accusation alone, whether it has merit or not, still needs to be defended. The value of a commercial general liability policy is that it can protect your business in case of a lawsuit by covering lawyer’s fees, legal costs, settlements and awards for damages stemming from a lawsuit against your business.
Commercial Property Insurance
This is another basic coverage that no business should be without. There are businesses everywhere in Ontario that experience losses due to fires, floods, gas leaks, windstorms, burglaries and other perils. Burlington businesses are no different. The difference between the businesses that recover after a disaster, natural or otherwise, and those that are closed down permanently after a catastrophic event is usually a commercial property insurance policy.
The coverage your business gets from a business property insurance policy can include:
- Buildings or business structures whether owned or leased
- Upgrades made to your leased property
- Machinery, equipment and tools
- Office equipment such as phones, computers, tablets
- Furniture, desks, filing cabinets
- Business records
- Cash, financial instruments and other assets
- Stock or inventory
- Office supplies
Without commercial property insurance, your Burlington-based business is completely unprotected in case of a disaster and just like you wouldn’t leave your home unprotected, insuring your business only makes sense. As a business owner, you should also consider Business Interruption coverage that can help you pay your expenses in case a peril closes your business down and you aren’t able to generate revenue until the repairs are completed.
