Many people are under the impression that all business insurances are one and the same. This is a major misconception, because there are many types business insurance plans that offer different coverage. Many Canadian business owners prefer a customized plan that is specifically designed for their business to a general insurance policy. However, the option is yours to make, so be sure to make your decision with an open mind and only when you are familiar with your options. Below, you will discover the differences in fidelity insurance and commercial liability insurance plans.
Commercial Liability Insurance
Commercial general liability insurance for business covers all claims made against the business by third parties. This basically means if a client who falls and is injured inside your business establishment or outside on the property files a claim against your business, commercial liability insurance will cover the individual’s health care bills and other expenses. Which in turn will protect your business from financial loss.
Commercial liability insurance will also cover injuries from company products. While this type of business insurance appears a little limited, it will play a major role in protecting your company from financial loss.
What Is Fidelity Insurance?
Unfortunately, Fraud in the country is Canada is more common than you might imagine. It was estimated that nearly half of retail and insurance businesses experience some type of fraud yearly. A recent study concluded that 57 percent of retailers experienced fraud, while 45 percent of insurance establishments did so. The good news is that there is insurance that can protect you from fraud. In the country of Canada, it is very wise to invest in fidelity insurance for business.
This is where fidelity insurance enters the picture. Fidelity insurance is a specific type of insurance product that is designed to protect companies against losses that are caused by fraudulent acts. It may also be referred to as crime insurance. Fidelity is far different from business liability insurance. Fidelity will provide your business from losses that have been caused by dishonest acts carried out by your employees. This insurance can also protect from computer systems fraud and acts carried out by outside parties.
Both Are Pertinent
When it comes down to it, both insurance products are absolutely pertinent for modern businesses. The mass majority of business insurance Ontario providers will offer a combination of both. Trisura and Intact usually do. This is definitely not a coincidence. There is a good chance that your company is going to experience serious problems in the future and your employees may be responsible. Analysis suggests that 96% of all companies will encounter some type of employee fraud or theft at some point.
Simultaneously, there is always a chance that your company could become a victim of a frivolous lawsuit. Or you may end up making a mistake and end up getting sued for that mistake. This is why all Canadian companies should consider getting covered by both insurance products. With both insurance policies, you’ll be able to protect your business from anything and everything that comes your way! There is a good chance that you’ll be able to get both from your current insurance provider.