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This part of the insurance policy pays the costs to defend you if you or your employees are sued for allegedly causing damage or injury to a third party while engaging in your business operation.
If you, or you employee is found negligent, the insurance company will also pay the third party whatever amounts you are responsible for (up to the policy limit). You only pay your deductible if you are found negligent.
Fact: The cost to defend you (i.e. legal costs) does not reduce your coverage limit.
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Found under the Commercial General Liability section of your insurance policy, this coverage pays the costs to defend you if you are sued for allegations that an independent contractor working for you and under your general supervision caused damage or injury to a third party.
If your independent contractor is found negligent, the insurance company will also pay the third party whatever amounts you (or your contractor on your behalf) are responsible for (up to the policy limit). You only pay your deductible if you are found negligent.
TIP: Reduce this risk by asking for Certificate of Insurance from all sub-contractors who work for you.
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Protects your rented or leased business premises from damage caused by your operation (negligence by you or your employees)
Also found under your policy’s Commercial General Liability section, Tenant Legal Liability pays the costs to defend you if you or your employees are sued for allegedly causing damage to premises you rent or lease.
If you, or your employee is found negligent, the insurance company will also pay the third party whatever amounts you are responsible for (up to the policy limit). You only pay your deductible if you are found negligent.
Fact: Tenant Legal Liability includes temporarily rented location like a hotel room during a business trip.
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This part of your policy protects loss or damage to tangible contents (i.e. furniture, stock, equipment, tenant improvements etc), while on your premises. Coverage limits are outlined on your policy’s declaration page, and are subject to a deductible.
Fact: Covered events are called “perils”. An “All Risk” policy will provide a list of perils not covered – anything not listed as excluded is covered.
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This coverage can be purchased to pay for losses or damage to your tools when they are on the work site or away from the office.
Fact: Lock your vehicle! If tools are taken from your vehicle, the vehicle must have been locked for the policy to pay .
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This coverage can be purchased to pay for losses or damage covered under the policy for your product materials used at a job site including labour costs.
Fact: This coverage includes your product materials while being loaded, unloaded and installed. Coverage continues until the job is complete.
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Protects your product while being delivered, either to job site or to customer.
Fact - This coverage includes items as: your equipment, stock or valuable papers while being delivered, loaded or unloaded.
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Pays for losses or damage to your computer hardware, software and media owned, used or leased by you.
Fact: The coverage will also pay the extra expense to reinstall software.
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If you purchase this coverage, your insurance company will pay for the loss or damage to equipment you rent, lease or borrow for a job. Generally for no more than 30 days.
Fact: With this coverage you do not need to purchase additional insurance from the rental company for short- term rentals.
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Provides money to keep your business operating following an insured loss.
Fact: This coverage is typically used to pay the costs to temporarily relocate your business.
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Generally an add on at an extra cost, this section of coverage pays for the loss or damage to the breakdown of electrical machinery including heating, air conditioning units, refrigeration units, compressors, generators and transformers including piping.
Fact: This is an important coverage that will include payment for damages to electronic equipment resulting from a power surge. Coverage is required under many leases.
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Pays the cost to remove and replace your products sold to your customer that are shown to be defective.
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Pays to defend you for allegations of damage or injury a third party from your operation of a crane or hoist you own or lease during the course of a job. If you are responsible, the insurance company will pay for the damages awarded to the third party (up to your policy’s limits)
Fact: The insurer will hire a lawyer to defend you if you are sued by a third party.
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This section of the policy under your insurance plan pays you up to the policy limits for theft or loss of monies due to criminal activities. It also includes protection for cheque forgery or money orders drawn on your account. Theft of property by employees can also be added.
Fact: For a claim to be responded too, you must report any theft to the police.
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Generally after a loss, you will only get in dollars what the tool(s) was worth at the time of the loss. If you have replacement cost, (generally tools 3-5 years old or newer) then you would get replacement using the value of what a new tool(s) is worth today.
Fact: After 3-5 years, coverage changes to Actual Cash Value – this will pay for the depreciated value of the tools at the time of loss.
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Generally after a loss, you will only get in dollars what material was worth at the time of the loss. If you have replacement cost, (generally materials 3 years old or newer) then you would get the new current price or replace with materials with new current values of today.
Fact: After 3 years, coverage changes to Actual Cash Value – this will pay for the depreciated value of the property at the time of loss.
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Following a covered loss, the deductible is the amount deducted from the insurance company’s payments. You are responsible to pay the amount of the deductible. Deductible will vary from policy to policy and between coverage on the same policy.
Fact: Higher deductible can reduce your premiums.
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