Victoria boasts over 604,000 small businesses. As British Columbia’s capital, it has so many industries it’s hard to keep track! But where there are countless business opportunities, there are also countless risks. Therefore, it’s vital to acquire the relevant insurance policies to keep your company thriving for years to come.
Luckily, you’ve found LiabilityCover — we specialize in connecting business owners in Victoria with the country’s leading brokers and agents.
In the following guide, you’ll learn more about business liability insurance and the wealth of coverages available in the city.
Commercial Insurance Coverage for All Business in Victoria
Business liability insurance financially covers your Victoria-based business from losses due to unexpected circumstances that can happen during day-to-day operations.
There are many insurance coverage options to choose from property damage to bodily injuries to negligence claims. Our team at LiabilityCover can help you uncover exactly which policies are right for you.
What Does Business Liability Insurance in Victoria Cover?
Technically, business liability insurance isn’t a single coverage type. Instead, it’s a term used to describe a multitude of policy kinds, including the following:
- Product liability insurance coverage — Product liability insurance covers claims made against you alleging bodily injury or property damage caused by a product you sell, make, design, or distribute.
- Professional liability insurance coverage — Often called errors and omissions insurance, it’s similar to product liability insurance. However, it covers your services and advice instead. Web developers, yoga instructors, and any other professional offering services or advice must acquire this policy to protect their business against negligence claims, failure to deliver, and more.
- Commercial general liability insurance coverage — CGL insurance protects you against claims alleging property damage or bodily injury caused by your day-to-day operations. Almost all businesses benefit from this policy. It pays the legal and medical costs associated with covered claims (e.g., a customer slips and falls on your wet store floor, spraining their wrist).
- Directors and officers insurance coverage — This policy personally protects your executive-level board members and their assets. It covers misconduct allegations, wrongful dismissals, breach of fiduciary duties, employee discrimination and more.
- Cyber liability insurance coverage — It financially covers the costs associated with cyberattacks like data breaches or system infiltration. The coverage pays for notification costs, response fees, restoration expenses, and other related charges.
- Commercial property insurance coverage — If you have a commercial or office space, you need this policy. It protects you against loss or damage to your building and its contents (including documents, inventory, and stock). There are multiple deductible types to choose from to keep your premium down.
Who Needs Business Liability Insurance Coverage in Victoria?
Whether you run a for-profit, not-for-profit, large, or small business in Victoria, you need a comprehensive business liability insurance package. With the right policies, you don’t need to worry about the financial costs related to unforeseen circumstances like property damage, allegations of professional negligence, or bodily injury.
We’ve helped hundreds of businesses in Victoria find their perfect insurance policies from the country’s leading insurance providers. Some of our specialties include:
- Home and office professionals
- Construction contractors
- Retail businesses
- Health professionals
How Much Does Business Liability Insurance Coverage Cost in Victoria?
You should anticipate spending around $650 per year for a basic commercial general liability insurance policy with a $2 million limit as a small business.
With that said, several factors affect the exact cost of your premium, including:
- Your industry — All businesses carry risks, but some have more than others. For example, construction is much riskier than advertising. Therefore, you’ll pay more for insurance as a construction worker than an advertiser.
- The number of employees — A large business receives higher insurance quotes because the likelihood of being named in a lawsuit is higher than smaller companies. Thus, as your business grows, so will your insurance premiums.
- Your years of experience — The more experience you have in your industry, the cheaper your insurance will become. Why? Because you aren’t as likely to make mistakes.
- Your business revenue — While a high income is a great indicator of commercial success, it can increase the costs of your insurance policies. Victoria-based insurers know that third parties will likely request more compensation when they know your revenue can take the hit.
- Your insurance claims history — A track record of making consistent insurance claims raises your premium price as insurers assume you’ll claim again. Keeping your record clean is a fantastic way to lower your insurance costs.
- Your company’s location — Some neighbourhoods in Victoria have a higher crime rate than others. If you conduct business from one of the areas below, you may experience more expensive commercial insurance prices:
- Harris Green
- Rock Bay
- North Park
- Burnside Gorge
- Douglas Corridor
Why Choose LiabilityCover?
You can venture into a Victoria-based brokerage and chat with an agent. But it’s highly probably you’ll end up with a load of quotes, each of them containing different coverage levels and prices. After all, the insurance world can be convoluted and confusing.
So, we’re here to help make your life easier!
We connect you with Canada’s leading licensed brokers and agents. All you need to do is complete an online request, and we find industry-specific insurers to suit your business. Insurance doesn’t have to be scary; our team at LiabilityCover is excited to make that fear a thing of the past.
Using our straightforward service means you’ll never have to deal with non-specialist or inexperienced insurers again.