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Business & Commercial Insurance Information
Moose Jaw SK Business & Commercial Insurance
Also serving Regina and surrounding areas in Saskatchewan
Saskatchewan business owners have many responsibilities, including protecting their company against a wide range of risks. Anything from injuries in the workplace to damage to business vehicles can be quite costly for businesses. That's why the coverages provided by a comprehensive business insurance policy can be a lifesaver for business owners and managers in Moose Jaw
and everywhere in between.
Here's more on the coverages generally featured in a business insurance policy.
As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the "principal insured" rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.
Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.
While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options.
If you have a personal umbrella liability policy, there's generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage.
Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. The Hartford's liability programs extend far beyond the provisions of typical policies, with broadened coverage and increased limits in over 30 areas.
Broad Range of General Liability Protection
- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
- Property Damage coverage for the physical damage to property of others or the loss of use of that property
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy's limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts
- Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types
Workers Compensation Insurance laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many provinces limit the amount an injured employee can recover from an employer.
Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most provinces require that employers carry some form of Workers Compensation Insurance. All federally-regulated employers are required this coverage as well. Workers Compensation is designed specifically for injuries sustained on the job.
In most provinces, if you have employees, you are required to carry Workers Compensation coverage. Even if it's not required, it can be a very good idea to have, particularly if you have many employees, or if they are engaged in hazardous activities.
Do I Need Workers Compensation Insurance?
Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken.
To protect employers from lawsuits resulting from workplace accidents and to provide compensation for lost income to employees hurt in workplace accidents, businesses are generally required to buy workers compensation insurance. Workers compensation insurance covers workers injured on the job, whether they're hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses.
Workers Compensation Insurance provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for rehabilitation. It can also provide death benefits to surviving spouses and dependents.
Each province has different laws governing the amount and duration of lost income benefits and how the system is administered. For example, in most provinces there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries and how disputes about benefits are resolved.
Workers Compensation Insurance must be bought as a separate policy. Although in-home business and business owners policies (BOPs) are sold as package policies, they don't include coverage for workers' injuries.