Examples of these types of losses are as simple as someone injuring themselves on a product you make or sell, or eating food you prepare. We all remember the story of the person spilling a too hot cup of coffee in their lap and suing McDonalds for millions. Many of these losses are frivolous, but in most cases, liability insurance pays for both the legal defence and the damages awarded, protecting the business from financial ruin.

As insurance brokers, we cannot tell you how much or how little insurance to buy. Our recommendation is always to buy as much as you can reasonably afford. One of our clients, a lawyer, felt for his needs that he wanted to assess what was the biggest loss he could be faced with, and then insure for 50% of that number. In his case, he felt that was an acceptable risk. That risk will be different for everyone.

As a minimum today, most businesses buy $2,000,000 of liability coverage, while many buy up to $5,000,000 and some buy much more than that. We would never recommend buying less than $2,000,000. A member of our Business Solutions Team  will be pleased to discuss your specific needs with you.

For many businesses, an umbrella liability policy may be a consideration. An umbrella policy extends higher limits of coverage to not just your business and its operation but also to your vehicles and other property you may use in the course of your business. Sometimes insuring the high values of liability insurance on your vehicles through this manner is a better option than buying all your coverages through ICBC or other auto insurers. Ask us for a quotation today.

Click on the Locations and Contact bar for a location near you, and a member of our Business Solutions Team will be pleased to assist you.