What is liability insurance?

With liability insurance, you’re protected in the event that your business is found legally responsible for injuries caused to another person, or damage to their property. Your advisor can help you choose the best liability coverage for your business, employees and directors.

For more information on liability insurance, including a complete list of occupations eligible for Errors & Omissions coverage, talk to your local Financial Advisor.

General Liability

With general liability coverage, your business is protected if you’re found legally liable for injuries or property damage caused by your product, accidents on your premises, your operation or at your customer’s location.

General Third-Party Liability, included in our commercial policies, cover four types of claims:

• Bodily injury
• Property damage
• Personal and Advertising Injury including slander or libel
• Medical expenses

General liability insurance is an affordable way to protect your business in case you ever have to defend a claim against your business in court. With this coverage, you’ll receive funds up to your policy limits to cover damages assessed by the courts to compensate third parties, and cover legal defense fees and settlement charges.

You can choose from our available endorsements to tailor your coverage to your needs, including such coverage as:

• Non-Owned Automobile Liability
• Tenants Legal Liability
• Cyber Guard Select (includes liability coverage for cyber events and regulatory breaches)

Umbrella Liability

Umbrella liability coverage provides added liability protection above and beyond the limits of your current policy. It applies when you’ve reached the liability limit on your current policies, and protects you if your business is held responsible to another person for injury or property damage, whether it’s at home or abroad.

With umbrella liability coverage, you’ll receive:

• A broader definition of Bodily Injury
• Worldwide coverage
• Coverage for licensed automobiles with a Standard Excess Auto Policy

Directors & Officers Liability

The members of your board of directors are responsible for overseeing your business activities; they’re required to act in good faith and in the best interest of the organization. When something goes wrong and your organization faces a lawsuit, board members and other officers may be held personally responsible, to the point that their resignation or board indemnity may not be enough.

With Directors and Officers coverage, your board members are protected from exposure to lawsuits against your organization, whether it’s a family-owned business, charity group, religious or educational institution or community association. Your policy includes coverage for:

• Financial losses resulting from a wrongful act committed by you or someone on your policy
• Legal defense costs

Directors & Officers may have an exposure to personal liability in addition to exposing the organization to corporate liability.

Errors & Omissions

Originally designed for professionals like lawyers, doctors and engineers, the need for Errors & Omissions (E&O) insurance has grown with the increasing number of new occupations and higher service standards. Also known as Professional Liability insurance, E&O is a necessity for anyone who provides a professional service.

Any person, company or partnership providing professional services for a fee can be described as a professional, especially if their occupation requires:

• A period of technical and practical training
• A commitment to rigorous professional guidelines, principals and service standards
• Provincial or national regulation

Our coverage is designed for those with minor to moderate professional exposure, including travel, real estate or employment agencies, consultants, bookkeepers or other self-employed individuals. Errors & Omissions includes coverage for financial losses caused by:

• Breach of contract
• Defective designs
• Delay in delivery
• Inaccurate advice or information
• Typographical errors
• Incorrect appraisals