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How much does a commercial general liability policy cost?
Great question but too broad to answer unless we have all your details to quote. However, generally speaking, I have issued insurance policies up to a minimum of $700. Again, you will need to contact an insurance broker or agent to know the total cost as there is a different risk associated with each type of business.
What is general liability?
General liability provides a company or individual coverage and protection against damages resulting from lawsuits. The policy covers defense costs for the allegations made in the lawsuit, including attorney’s fees, investigation costs, and other legal expenses. General liability will cover a company or sole proprietor for damages caused to a third party in the event of injury or damage for which the company or the insured becomes legally responsible, including claims for loss of use of property .
What is Additional Named Insured?
In many cases construction contractors often require additional contractors to complete various phases of projects and will add the subcontractor to their general liability policies as an additional named insured. This is a precaution in case the subcontractor becomes legally liable for charges made for his own workmanship or for the result of injury to a third party. An example is an unsafe work place where a person is injured because the area was not safe. Insurance companies need to know about all subcontractors and their experience for contractual indemnity agreements, whether or not they have their own insurance policies.
What do I do if I have a claim?
In case of a claim, you need to contact your agent, broker or insurance company immediately. You will then need to provide all the relevant details about how the claim happened and provide the time, date and place along with witness information. Try to gather as much information as possible to make it easier for you and the insurance adjuster.
What is a hold harmless agreement?
Maintain the harmless agreement, promise to indemnify or defend, the other party involved in the agreement against legal liability lawsuits or claims brought by third parties. Having a hold harmless agreement will transfer the risk of financial loss from one party (the insured) to the other party (the defendant). These types of agreements are common enough, however, that the underwriter will usually want to see a copy of all hold harmless agreements before offering a commercial liability quote.
What is Workers’ Compensation of Ontario (Workplace Safety Insurance Board)?
Workers’ Compensation (WSIB) insurance provides certain payments to an employee who is injured on the job due to an accident or occupational disease.
Do I need Workers’ Compensation (WSIB) if I’m a Sole Proprietor?
This is a good question and is often asked. You do not need to purchase workers compensation WSIB insurance if you work alone or have no employees. You can exclude yourself from workers compensation by obtaining an exemption of substitution.
what happens when an employee injures himself or herself at work or in the workplace; Does general liability cover them?
Employees are excluded from lawsuits and there is no coverage in respect of injuries sustained by the named insured, its partners or members, or any other employee or volunteer. This would be a workers’ compensation issue.
What is Certificate of Insurance?
Insurance certificates are issued as proof of insurance for contracting a project. Contractors may have multiple certificates issued for different projects. The certificate is a document providing the insured’s name, liability limits, effective dates of the policy, as well as the name and address of the broker.
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