You and your business may, at times, have disputes with your clients and other third parties who are saying that your services or products did not meet the legal standard or their expectations. In these circumstances, you will have to pay for a defence against this which may harm your cash flow. That is where liability insurance comes in.
What is Liability Insurance?
Liability insurance is a policy that covers business owners or self-employed professionals from losses that stem from unforeseen events that may happen during operation hours like injuries or damage to property.
There are a variety of types that protect businesses dependent on their industry, revenue and overall size.
Who is Liability Insurance in Toronto For?
Regardless of what industry you are in or what your business specializes in, liability insurance in Toronto is essential to ensure your company stands tall long term. It could also make sure you can cover the monetary costs that come along with events like lawsuits or litigations.
To be a responsible business person, you should buy insurance — ideally, it will be in your plan right from the start. There is nothing worse than being caught off guard by unplanned circumstances when you could have bought a policy that protects your personal assets, business, employee’s welfare and earnings and your clients. Of course, different insurances cover different aspects so you may need multiple to be fully safe.
Types of Liability Insurance in Toronto
General Liability Insurance
This kind of liability insurance is there for you should you become legally liable for injuries or property damage due to the products you sell or the services you provide to your customers. It even protects you and any employees should you/they be operating offsite. It will ensure that damage costs (medical bills, etc.) are paid for and it will cover the reputation and process of litigations too.
Sometimes, public liability insurance is included in this one but, otherwise, this is a great policy to use for those businesses who deal with vendors, investors and employees.
Public Liability Insurance
Public liability insurance is similar to the aforementioned commercial general liability but it is far less expensive.
It is mostly for businesses who are open to the public and it covers you for claims made by third parties or customers regarding injuries or damages. However, unlike commercial general liability insurance, it does not protect you from allegations made by vendors, employees or investors. So, if you need to be covered for this, you will have to purchase additional insurances to fulfil this necessity.
Product Liability Insurance
If your business designs, supplies or manufacturers physical products, it is vital that you purchase this coverage since it will cover the monetary costs involved with compensating someone who has been injured by a faulty product.
Even if your business doesn’t make the product, you could still be held responsible should your name be on the product, you repair them or you cannot get hold of the manufacturer.
Our advice is to make sure you are protected straight away. Otherwise, these circumstances could cause your business to close at some stage, depending on the weight of the claim.
Directors’ and Officers’ Liability Insurance
Simply known as “D&O insurance”, this will protect, as the name suggests, directors and officers of a business. Having a discussion with the insurance broker will determine the extent of the cover but it usually covers them (you) for errors or neglect that could lead to lawsuits.
Errors and Omissions Insurance
If your business deals in services, advice or products, then E&O insurance will be a vital coverage to grab hold of. It will enable you to better deal with the monetary responsibilities that will arise following a mistake and subsequent lawsuit.
Liability Insurance in Toronto
The cost of insurance policies differs depending on your industry, revenue, size of operations, previous claims on insurance and your experience within your niche or sector.
At KASE, you can make use of our “Quick Quote” feature to easily calculate an estimate of what your insurance will cost you so you can ensure you have the money to hand. Trust us, it is more than worth it as buying yourself liability insurance in Toronto will save a lot of headaches down the road.
Why Choose KASE Insurance?
We are proud of many years of experience delivering expert advice and policies to our wonderful clients. In fact, we have won awards based on our practices in the specialty commercial insurance categories which keep our clients returning time and time again when it is necessary for an additional policy or a renewal.
We work with every business type from newly set up small companies, all the way to fully formed publicly listed ones. Our expertise ranges across all industries too including construction, media, professional services and manufacturing; we will find you the right insurance cover for you and at the best possible rate.
Don’t hesitate to get in contact with us if you have any queries or want to start the process. We are always happy to hear from you.
Read what clients have to say about KASE
By far the most professional and trustworthy insurance brokerage I have known. We have been working with this firm for number of years now and I have nothing but good to say about their team and services. Stan and his team won't stop until we are fully satisfied. They are always on top of things, super fast in their assistance and very professional. I highly recommend this firm to anyone seeking for great insurance brokerage to work with. Big Thank You to Stan and Kase Insurance for many many years of great service!
Reviewer: Alex K
out of 5 stars
Stan and is team at KASE Insurance have been fantastic in explaining what insurance we needed for our business. Very hands on approach and detailed. I work highly recommend KASE Insurance for any business owner looking for great service.
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5 out of 5 stars
The KASE team is very easy to work with. They answer your questions quickly, walk you through the process patiently, and find you great rates. We've been working with them for a few years and we haven't felt the need to shop elsewhere because of their customer service.
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5 out of 5 stars
I had the pleasure of working with Arian Ebrahimi at KASE Insurance. He was very knowledgable about the industry, was very responsive throughout the whole process. I felt that he acted in my best interest and I would definitely recommend him to anyone!
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