Affordable Business Insurance for Peace of Mind
Quality Commercial General Liability Insurance for Ontario Businesses
Commercial general liability insurance (also known as slip and fall insurance) is an insurance policy designed to cover businesses if they are held liable for bodily injury or property damage because of their business operations. Many businesses that interact with clients require commercial general liability insurance.
At Sharp Insurance, we are dedicated to improving your insurance journey. We believe in the capabilities and the hard work of business owners in Ontario, just as much as we believe in the importance of finding the protection they need. Above all else, Sharp Insurance values innovation, connection, empowerment and exceptionalism — just like the business owners we protect.
If you are ready to begin looking after your business’ bottom line, begin with a free commercial general liability insurance quote today.
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Who Needs Commercial General Liability Insurance in Ontario
As a business owner, you are aware of the risks your business can face daily. Any legal claims your business may face has the potential to damage your reputation, operations or both. One of the most vital forms of coverage any business can purchase, no matter what you do or on what scale, is commercial general liability insurance (CGL).
While it is not mandatory, you may be required to carry some form of CGL insurance. Commercial general liability insurance in Ontario will not cover your employees for their faulty advice, services or negligence. For that, you will need a professional liability insurance policy.
How to Get a Commercial General Liability Insurance Quote in Ontario
So many businesses need commercial general liability insurance. If you or your employees do any of the following, CGL is a must-have purchase:
- You use or have access to equipment
- You represent your clients’ business
- You use a third-party location for business activities
- You interact with clients on any scale
Get a commercial general liability insurance quote from Sharp Insurance or give us a call for more information. Our Ontario brokers are excellent at finding you the right coverage at the right price.
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What Does General Liability Insurance Cover for Ontario Businesses?
Our professionals are industry experts and know liability insurance in Canada like no one else. We get to know you and your business’ unique risks. Chat with one of our award-winning insurance brokers about coverage options and risk prevention. We’re happy to find you a solution.
Commercial general liability insurance in Ontario is designed to cover businesses from incidents resulting in property damage or bodily injury to a third-party. These risks have the potential to affect multiple stakeholders, including:
- Visitors
- Employees
- Vendors
- Customers
CGL falls under the definition of comprehensive insurance, but it does have its limitations and may not cover every risk that your business could face. There are numerous types of business liability insurance designed to enhance your business’ existing protection, all of which you can discuss with the assistance of a broker.
As for liability insurance in Ontario, CGL offers coverage in the event of damages or injuries caused by your operations or products, or if the incident takes place on your property. CGL policies come in two different forms: occurrence policies and claims-made policies. Claims-made policies offer coverage no matter when the event took place and occurrence policies only cover events that take place during a set period.
Commercial general liability can cover legal costs as well as the cost of accidental damages that may be involved with defending one’s business in a court of law. Below are several examples of liability insurance in Ontario:
- An employee is visiting a client’s home to do repairs. They accidentally drop a hammer, cracking the client’s floor. The client sues for the damages.
- You create a new advertisement for a product you are selling, but a competitor claims that it contains libel or slander, harming their reputation.
- Your retail store is a popular visit for window shoppers. After mopping the floor, an employee forgets to put up a wet floor sign and a passerby slips, falls and breaks their elbow.
As with any policy, there’s some special considerations with a liability insurance policy. If your business has certain requirements, it might work to name other people, or even a company as additional insured under your commercial general liability insurance policy. This is more common than you might think, especially when a business enters a contract with another entity.
Commercial General Liability Insurance in Ontario: What Does It Cost?
The cost of commercial liability insurance in Ontario can vary widely from one business to the next. Commercial general liability insurance may cost a business as little as $300 per year to $1,500 for mid to large-sized businesses, and ones with higher risk and limits.
Commercial general liability insurance is considered the most basic form of business insurance. The factors below may impact your rates:
- Business history: If you have an older business, you may see lower rates. Statistically, businesses with more experience in their industry are perceived as less risky.
- Business location: If you are near risk factors, such as an urban area with a high volume of pedestrians or a high crime area, your rates may be higher.
- Insurance history: Some industries are perceived as riskier than others. Retail businesses are more likely to interact with visitors, versus an e-commerce website.
- Coverage limits: How much or how little coverage you purchase will impact the cost of your insurance.
- Condition of your business: If your equipment, tools or property is old and showing signs of wear and tear, the odds of injury are much higher and thus puts your business in the higher risk category.
If you want an assessment of how much you’ll pay for your commercial general liability insurance in Ontario, get a free quote today. Premiums are only applicable for paid policies — liability insurance quotes in Ontario are free.
Ontario Liability Insurance FAQ
See our FAQ section below.
It depends on the industry you are in and what activities you do daily. Technically CGL is not mandatory but is recommended for many businesses. Professional liability insurance may be mandatory if your business works in law, healthcare or finance. Additionally, commercial auto insurance is a necessity if you have more than five company vehicles.
Because commercial liability insurance is designed to cover financial costs related to your businesses causing property damage and accidental injury to third parties, it does not cover intentional actions or errors and omissions if you offer professional services or advise.
CGL also will also not cover physical damages to your own business property, and it will not cover damages or injuries due to intoxication and pollution. However, additional policies may cover these damages.
CGL won’t cover the following situations, but those marked with an asterisk (*) may be covered with the purchase of supplementary coverage:
- Intentional damages
- Property damage*
- Cyberattacks*
- Wear and tear damages
- Professional services*
- Motor vehicles*
- Patent infringement*
- Intentional criminal actions
- Loss of revenue during a period of shutdown*
- Acts of war
- Civil unrest
Simple. All you need to do is go fill out Sharp Insurance’s quote form and you’ll be presented with quote options from top-rated insurance markets and carriers that we trust. If you like what you see, you can choose to purchase.
If you are selling a product or service, you’ll require CGL insurance. However, if you provide advice or services on a professional scale, you’ll need E&O (errors and omissions) on top of CGL to protect yourself from the broader range of risks you could face. Contractors, retail businesses, fitness centres, wholesalers and distributors are examples of what types of businesses need CGL insurance.
There are a few ways to get lower insurance rates. First and foremost, work with a broker from Sharp Insurance. Our Ontario-based commercial general liability insurance brokers are experts in insurance and will get to know you and your industry so they can give you exceptional service.
Here are some tips to get a lower premium:
- Practice proper risk management. The fewer claims you make, the less your insurance rates will rise. Examples of risk management include employee training, avoiding situations where a risk is definite or likely to occur and identifying/mitigating risks.
- Ask your broker about potential discounts. Discounts may be available to loyal customers, business owners who are part of a certain group or business owners who have multiple policies through one insurer.
- Lastly, shop around! A Sharp insurance broker can help you today.
CGL insurance protects you if you use equipment, interact with clients or represent a client’s business. It’s a necessity, even if it isn’t mandatory, because lawsuits can cost up to the tens of thousands, if not millions of dollars. It’s always better to be safe than sorry.
There’s a whole range of available liability insurance coverage for your business. Assess the benefits of the following list with a broker:
- Product liability insurance
- Pollution liability insurance
- Crime insurance
- Cyber liability insurance
- Liquor liability insurance
- Errors and omissions insurance
- Commercial auto liability insurance
- Contractor liability insurance
These are just a few of the potential liability coverages your business may be eligible for. No matter what industry you’re in and what you do, it’s best to consult with a broker to chat about your needs.