For many years, Alberta held the highest growth in economic output in all of Canada. Albertans pride themselves on creating a pro-enterprise environment. The local government of this province has successfully reduced red tape or bureaucratic hindrances. For many years, Alberta held the highest growth in economic output in all of Canada. Albertans pride themselves on creating a pro-enterprise environment. The local government of this province has successfully reduced red tape or bureaucratic hindrances.
Moreover, they have deliberately decreased job burdens for entrepreneurs by lowering taxes. When you own a business in this province, securing your investments is of prime concern. Enlisting professional help from an accountant, financial advisor, real estate agent or business insurance broker, Alberta experts will ensure your investments’ safety.
General liability is a typical coverage for commercial insurance of small businesses. This policy protects you from accidents or mishaps that can ensue third-party damage or injuries. Comprehending your policy’s coverage is as important as knowing its exclusions. An exclusion is a clause that restricts the scope for certain factors. Here are the general liability insurance exclusions to be familiar with:
1. Intended or expected injury
You policy does not cover intentional action which results in injury or property damage from the standpoint of your insurer.
2. Contractual Liability
Your CGL policy does not cover risks of bodily injuries or property damage accepted by you as part of a legal agreement or contract with another party.
3. Liquor Liability
Commercial general liability policy does not include liquor liability. Businesses involved in selling, manufacturing or serving alcohol to their customers must procure a specialized policy for this risk.
Anything that contaminates a substance is considered a pollutant. Even though a standard CGL policy eliminates coverage for bodily injuries and property damage due to business-related pollution, there are instances where endorsements are made. A local business insurance broker Alberta companies liaise with can explain these particular situations to you.
5. Aircraft, auto or watercraft
If you own any vehicles used in your business operations, you will need additional policies bundled with your CGL to supply coverage to trucks, cars, aircraft or watercraft.
6. Damage to business property
Your office building, warehouse, equipment or inventory is not included in a usual CGL coverage. Purchasing a commercial property policy is recommended if you want this type of protection for your assets.
7. Damage to your products
Your CGL does not offer coverage for any injury or property damage arising from your faulty work. Construction workers or contractors are commonly at risk of being sued for such reasons. Therefore it is recommended to protect yourself from claims related to job errors by acquiring a professional liability policy.
Hostile acts of war or catastrophic events such as earthquakes and floods are not included in basic business insurance. However, specialized endorsements or riders can insure specific catastrophic threats.
9. Wear and tear
Damage to physical property due to the normal and inevitable deterioration of an insured item is not in your policy. Damage such as rust or corrosion, which are avoidable with proper maintenance, will not be paid for by your CGL insurance.
10. Electronic data loss
Anything you can store electronically, such as software, digital documents, and client or employee records which are not considered tangible property, is not protected by a CGL policy. Instead, data liability coverage is required to cover the loss of such electronic data.
Although CGL offers extensive coverage, it does not encompass all your commercial insurance needs. In addition, each business demands unique requirements; therefore, it is necessary to go through your exclusions so you can find additional policies to fill in the gaps in your CGL coverage.