Understanding Commercial Property and General Liability Insurance

Building a successful Alberta business means putting in countless hours of hard work. You want to be able to protect what you have should the unexpected happen, which requires having the right type of commercial insurance with adequate amount of coverage.

Bow Valley Insurance of Calgary helps area business owners obtain affordable commercial insurance tailored to their circumstances. Our independent insurance brokers will perform an individual assessment to provide you the protection you deserve.

The Four Major Facets of Commercial Insurance

Commercial Property Insurance: This coverage is fairly straightforward in that it primarily protects against unforseen accidents within the physical location or on the property of your business. Generally speaking, if a fire breaks out in your place of business, this coverage will allow your business to be rehabilitated or reconstructed.

Commercial General Liability Insurance: This type of coverage is insurance against third party accident claims for bodily injury or property damage caused on your business’ premises, or by your operations or products. Without general liability insurance, third party damages claims have the potential to compromise the operating funds of your business, and in some extreme cases, the lack of insurance, or carrying inadequate coverage to meet your potential liability in the event of an accident, can give rise to an effort by the injured party’s attorney to hold you or your corporation liable, depending on the your unique situation.  

General commercial liability insurance also usually offers protection against advertising liability, product liability, and personal injury to third parties, as well as legal defence costs.

Errors & Omissions: This is coverage for professionals or employees who have exposure to financial damages due to mistakes made when applying, or misapplying, their professional knowledge. For medical and legal professionals this coverage is commonly called malpractice insurance. However, other business people face exposure for their errors and omissions, including architects, accountants, funeral directors, real estate agents etc.

Commercial Liability Umbrella Coverage: The “umbrella” aspect is key to this type of coverage. These types of policies serve two primary purposes: gap coverage and excessive liability coverage. If the damage limits under your commercial property & commercial liability policy prove to be inadequate, umbrella coverage kicks in. It also covers many situations not foreseen by the more standard policies. Because of its coverage of highly unusual accidents and the fact that it is secondary, a commercial liability umbrella policy is usually reasonably affordable, especially if you have a limited commercial claims made history.

Contact Bow Valley Insurance 

At Bow Valley Insurance of Calgary we have been serving the insurance needs of Canadians for over 36 years. We independently offer insurance products from a number of nationally recognized insurance companies, and we use the power of market competition to drive the best bargain for coverage that you can get under your unique circumstances. Our dedicated brokers are experienced in all types of insurance for every situation, and all policy-holders will have an account manager that you can call directly with any questions, requests for changes, claim counselling or general inquires.

We offer free, no obligation quotes on every insurance product line we offer. If you need help understanding your existing policies, or to see what coverage gaps you may have, contact us today.