As the third-largest city in Ontario, Mississauga is home to Fortune 500 companies, national headquarters’ for large multi-nationals and countless small and medium-sized businesses spanning all types of industries including pharmaceuticals, banking and finance, electronics and computers, aerospace, transportation parts and more.
No matter size or type of business you have, Insurance Hero has the perfect insurance options to keep your business protected from the risks and liabilities that could put it and you out of business. Below are some of the more common coverages you may need as part of your commercial protection coverage.
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Commercial General Liability Insurance
As a business owner in Mississauga, protecting your business from potential lawsuits is an essential part of making sure it survives over the long haul. Those lawsuits could come from any number of incidents related to your business practices, products, services or advertising. And as you well know, businesses have to answer frivolous lawsuits on a regular basis, driving up operating costs. Commercial General Liability policy can give your business the protection it needs by covering:
- Lawyer’s fees and legal costs
- Settlement payments negotiated in relation to a lawsuit
- Damages awarded by a court if a judgement is made against your company
That way if you’re served with a lawsuit alleging that your business caused personal injury, property damage or used false advertising, you don’t have to worry about going bankrupt just to defend your business against that lawsuit.
Commercial Property Insurance
Another essential protection for your business is coverage in case of a disaster. Similar to how home insurance protects homeowners in case of:
- Burst pipes
- Sewage backups
- Gas leaks and explosions
- Ice storms
Commercial property insurance protects business owners from having to pay out of pocket to repair or replace: buildings or structures, upgrades made to your leased property, machinery, equipment, office equipment, supplies, inventory and office furniture, to name a few of your business’s assets that can be damaged or destroyed in a peril and that your business can’t do without.
Your company may also need may also need Business Interruption coverage to help you pay your bills in case disaster strikes. Business interruption coverage can help you pay expenses like payroll, utilities, taxes and other business expenses that need to be paid while your business works to repair the damage and get back on its feet after a peril.