General liability insurance coverage pays for the accidental damage done by you or your employees to your customers or their property. Some examples would be:
- Faulty installation
- Gas leaks or explosions
- Pipe damage
- Water damage
Commercial auto insurance carries more components than the personal auto insurance mandated by law. In addition to the coverages that make up personal auto insurance, commercial auto insurance includes:
- Coverage for you, your employees, and passengers
- Loading and unloading liability
- Replacement rental
Business owner coverage is a suite of different coverages tailored to suit the needs of your specific business. Some of them are:
- Errors and omissions – damage caused by professional carelessness
- Directors’ and officers’ liability – damage caused by executive actions that do not comply with regulations or laws
- Business interruption – covers business lost when a natural disaster disrupts work
- Home business – covers losses at home due to work-related causes. Homeowners insurance will not cover.
Workers compensation insurance covers the losses of employees and contractors that happen due to incidents relating to work such as medical expenses and lost wages.
General liability, also known as commercial general liability, pays for the losses incurred by third parties caused by the inadvertent actions of you, your employees, or your contractors. The damage must be done in relation to job-related activities. General liability covers both personal injury and property damage. Policies generally start at 1 million dollars of coverage and can be generated for higher amounts.
Commercial auto insurance includes the coverages mandated for personal auto insurance, namely third-party liability, statutory benefits, and uninsured motorist coverage. In addition, commercial auto insurance covers losses suffered by you, your employees, or your passengers in an accident, namely the people in your car. Third party liability covers the people in the other car. Commercial auto insurance includes coverage for damage incident to loading and unloading cargo. Finally, commercial auto insurance includes rental replacement if a vehicle is in the shop or so damaged that a new one is needed.
Business owner coverage comprises differing sets of insurances relating to potential losses that a business can incur. Commonly included policies are:
- Errors and omissions – different from damages arising from faulty installation, errors and omissions insurance covers damages resulting from professional carelessness, such as the wrong recommendation on how to re-install plumbing in a house.
- Directors’ and officers’ liability – covers the damages resulting from non-compliance with the law by the people in charge of the business. Some examples would be lawsuits due to discrimination, wrongful termination, incorrect wages, injuries suffered due to an unsafe work environment, etc.
- Business interruption – covers the losses to a business suffered due to a disruption of operations. Some examples would be loss of business due to floods, earthquakes, long-term disruption of the power grid, and fire. Business interruption insurance comes in two types: limited and extended. Both are subject to a time limit, called an indemnification period, that you determine. Limited business interruption coverage pays until you can resume business, regardless of if your level of business is the same. Extended business interruption coverage will continue paying until your level of business is the same as before the incident. Again, the indemnification period is the maximum time your business interruption coverage will pay.
- Home business – if you run a business out of your home, any damage relating to your business is probably not covered by homeowners insurance. This would include damage to valuable work equipment stored in your home. Also, damage suffered at your home from work-related visitors, be they employees or customers would not be covered by homeowners insurance. For these contingencies, home business coverage needs to be taken.
Commercial property coverage covers losses due to damage to your work-related property, such as structures, equipment, etc. For instance, on the way to a job, you are in an accident, and the tools in your truck are damaged. Tool coverage, by contrast, will cover not only damage to tools, but also loss or theft of tools.
Additionally, plumbing businesses should consider some coverage specific to the industry:
- Commercial property
- Tool coverage
We at Duliban Insurance have served the Ontario region since 1976. Our goal is to find you the best price and coverage, and we strive to provide you with the best service possible. We serve the community with offices in Pelham, Beamsville, and Dunnville, and have built up a reputation for excellence and quality as one of the highest rated brokerages in our communities. Here are some things that our clients have shared with us in the past:
“I would surely recommend these guys as they are really helpful. Just tell them what you want and they will make every effort to meet your needs. I was comparing insurance policies everywhere, and they gave me the best price. Surely recommended!” – Vishal K