Commercial Insurance – What does General

Wang Yan

Global Courant

How much does a business general liability policy cost?

Great question, but it’s too broad to answer unless we have all your data to quote. Generally, however, I’ve issued insurance policies for as little as $700. Again, you’ll need to contact an insurance broker or agent to find out the total cost, as each type of business carries a different level of risk.

What is General Liability?

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General liability provides a company or individual with coverage and protection against losses resulting from a lawsuit. The policy covers defense costs for costs raised in a lawsuit, including attorney’s fees, investigative costs and other legal costs. General liability covers a company or sole proprietorship for damages awarded to a third party in the event of injury or damage for which the company or insured person becomes legally responsible, including claims for loss of use of property.

What is an additional named insured person?

In many cases, construction contractors often require additional contractors to complete various phases of projects and add the subcontractor to their general liability policies as additional named policyholders. It is a precautionary measure in the event that the subcontractor is held legally liable for allegations of its workmanship or the result of injury to a third party. An example is an unsafe workplace where a person is injured because the environment was not safe. Insurance companies should be aware of all subcontractors and their experience for a contractual indemnity agreement, whether they have their own insurance policy or not.

What should I do if I have a claim?

If a claim arises, you should immediately contact your agent, broker or insurance company. You must then provide all relevant details about how the claim happened and provide witness information, as well as time, date and location. Try to collect as much information as possible to make things easier for you and the insurance adjuster.

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What is an Indemnity Agreement?

Release of agreements, promises to indemnify or defend, the other party included in the agreement against legal liability lawsuits or claims against third parties. Harmless contracts transfer the risk of financial loss from one party (the insured) to the other party (the defendant). These types of agreements are quite common, but the insurer usually wants to see a copy of all harmless agreements before offering a commercial liability quote.

What is Workers Compensation (Workplace Safety Insurance Board) of Ontario?

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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 the Sole Proprietor?

This is a good question and is often asked. You are not required to purchase WSIB workers compensation insurance if you work alone or if you have no employees. You can exclude yourself from workers’ compensation by obtaining a subrogation waiver.

What happens if an employee injures himself at the job site or workplace; does general liability cover them?

Employees are excluded from litigation and have no coverage in respect of injury sustained by the named insured, its partners or members, or to any other employee or volunteer. This would be a worker’s compensation issue.

What is a certificate of insurance?

Certificates of Insurance are issued as proof of insurance to take on a project. Contractors may have issued many certificates for individual projects. The certificate is a document that lists the name of the insured, the limits of liability, the effective dates of the policy, as well as the name and address of the broker.

Commercial Insurance – What does General

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