Understanding the Terminology for Your Calgary Commercial Insurance Policy

Understanding the Terminology for Your Calgary Commercial Insurance PolicyWhen it comes to protecting your business and your livelihood it is very important to understand the terminology behind your policy and the security it provides. At Bow Valley Insurance we have 35 years of experience finding entrepreneurial Albertans quality commercial insurance coverage at excellent rates, including protection for your auto fleet, business property, contractors and farm machinery and buildings.

Commercial Insurance Terms and Terminology

You have enough on your mind running your Calgary business. So we at Bow Valley make it our own business to keep you apprised of everything you need to know about your insurance policy. We offer several informational resources to help you save on your premiums and to keep on top of changes in the industry that may affect you

Liability Insurance Terms

General Liability: This type of policy protects you should someone injure themselves while on your property. Although general liability covers a wide range of risks as well as potential court costs, it may not cover all liabilities associated with your industry.

Professional Liability: This type of liability is specifically designed to protect professionals against negligence or errors made when carrying out their business. Errors and Omissions is a common type of this insurance. 

Personal Injury: A personal injury is not physical but rather results from libel, slander or any defamation for which your company could be deemed responsible.  

Product Liability: This protects your business against any injury, harm or damage that may be caused by a product your company produces.

Premises Liability: Premises liability covers negligence claims that have resulted from occurrences on your property or at your place of business. 

Employment Practices Liability: This type of coverage protects business owners from unfortunate workplace incidences such as discrimination, wrongful termination, harassment and more.

Property Insurance Terms

Property Insurance: This all-encompassing term refers to a commercial insurance policy that protects your property and everything that is used or operated on those premises.

Business Property: Everything that is kept in the buildings your company owns and operates is referred to as business property, and it includes everything from lights to garbage cans.

Commercial Auto Insurance Terms

Commercial Crime Coverage: A very useful type of protection, commercial crime coverage protects business owners from damages caused by possible crimes that their employees may have committed.

Boiler & Machinery Coverage: This type of coverage will take care of all damages caused by a boiler breaking down or any other kind of machinery falling out of use.

Business Income Coverage: This type of professional coverage can assist in covering losses incurred from damage, theft or any other named liability.

Bow Valley Insurance for Your Commercial Needs

The brokers at Bow Valley Insurance are experts and finding the very best coverage at the most exceptional rates for our clients. As brokers, we work for you and your business, not for the insurance companies, and have the knowledge necessary to ensure your livelihood is protected at all times. Please contact us to learn more!