Halifax boasts one of the most diverse economies in the country. From the energy industry to oceans technology to financial services to the transportation sector, Nova Scotia’s capital was made for entrepreneurs like you. But a key part of finding success in the area is ensuring your business is covered by the right insurance policies. Luckily, LiabilityCover can connect you with Halifax’s best brokers.
In the following sections, we’ll introduce you to the wealth of business insurance policies that’ll keep your company afloat during claims and lawsuits.
Commercial Insurance For Your Halifax Business
Business liability insurance protects Halifax business owners from third-party claims of property damage, errors, omissions, and injuries.
Commercial insurance comes in many types, allowing you to keep your business safe from every eventuality. The most common types in Halifax are CGL, errors and omissions insurance, and directors and officers coverage.
What Does Business Liability Insurance Cover?
Business liability insurance refers to a myriad of commercial insurance, many of which will apply to your business.
We can help you choose the right coverage for your company. But it’s worth getting a headstart by exploring some of your options here:
Commercial General Liability Insurance Coverage
Commercial general liability coverage (otherwise known as CGL) is essentially your insurance starter kit. It covers your businesses for third-party claims of property damage and bodily injury caused by your day-to-day business operations.
Most policies cover compensatory damages and legal defence costs, even if you don’t win the lawsuit.
You need CGL if one or more of the following applies:
- You visit your clients’ homes or offices.
- You have office space.
- Your clients visit you at home.
- You have staff who conduct business off-site.
Directors and Officers Insurance (D;O) Coverage
If your Halifax business has a board of directors, D;O insurance is essential. The policy protects individuals serving on your board if they are personally named in a lawsuit.
Generally speaking, directors and officers insurance covers the following:
- Breach of legal duties
- Breach of fiduciary duties
- Failure to comply with provincial and federal laws and regulations
- Decisions that cause adverse financial reactions for shareholders
- Wrongful dismissals
- Employee discrimination claims
- Alleged misrepresentation and negligence
- Making misleading statement
- Inaccurate disclosure
- Reporting errors
The policy, sometimes called management liability insurance, covers legal defence costs and protects your directors’ and officers’ assets.
Cyber Liability Insurance Coverage
Cyber liability insurance covers expenses related to cybercrime. For example, if hackers infiltrate your systems, steal information, or hold data hostage, the containment and restoration fees can be astronomical. So, it’s worth having a cyber liability insurance policy to ensure your business can stay afloat.
We suggest purchasing coverage if at least one of the below applies:
- You use a point-of-sale system.
- You store customer/patient data.
- You use the cloud or computer systems to store information.
- You provide hardware- or software-related services to clients.
Professional Liability Insurance Coverage
Professional liability insurance, otherwise known as errors and omissions insurance, protects you from claims alleging financial loss due to your service, negligence, failure to deliver as advertised, and misconduct.
You’ll benefit from the coverage if:
- You provide services or give advice for a fee.
- You develop or provide devices or products.
Product Liability Insurance Coverage
Product liability insurance is similar to professional liability coverage. However, instead of covering services, it protects your products, including food and beverages.
It protects your company from damages due to manufacturing, design, or marketing problems. The most typical claims covered involve insufficient safety warnings and incorrect labelling.
You need product liability insurance if:
- You manufacture and/or distribute products.
- You sell products.
- You design products.
Who Needs Business Insurance Coverage in Halifax?
Comprehensive coverage is vital for the longevity of your business, regardless of its type. Just one claim can cost thousands upon thousands of dollars — enough to close many company’s doors for good.
You can negate the issue by covering the financial costs of unexpected accidents like damage to third parties, defective products, and claims alleging negligence.
How Much Does Business Liability Insurance Coverage Cost in Halifax?
For a standard commercial general liability insurance policy with a $2 million limit, you should anticipate spending roughly $650 per year. But your exact premium cost changes according to several factors:
- Your industry — Some industries carry more risk exposures than others.
- Employees — The more people employed at your company, the higher the chance of mistakes and third-party lawsuits.
- Your claims history — A track record of business insurance claims raises the cost of your new policies.
- Your experience — Experience indicates a lower likelihood of making mistakes, and therefore, claims. So, if you’ve been in the business for a while, you could benefit from significantly lower premiums.
- Your location — Some areas in Halifax are more prone to crime than others. If you conduct business in one of the following neighbourhoods, expect your insurance price to increase:
- Elderbank
- Moser River
- Tangier
- Harrigan Cove
- Upper Musquodoboit
- Popes Harbour
- Sheet Harbour
- Watt Section
- Notting Park
- Imperoyal
- Your revenue — The more money your business makes, the more third parties will ask for during lawsuits. Thus, your insurance premium increases.
Why Choose LiabilityCover?
We’ve established a trusted partnership with the leading insurance providers in the country. Our tight-knit working relationships allow us to connect you seamlessly with your perfect insurer, saving you time and money.
Complete our online inquiry form, and we’ll do the rest!
Frequently Asked Questions
Where Do Small Businesses Thrive in Halifax?
You can make a small business thrive in most places with the right work ethic. However, the areas in Halifax most suited to successful small businesses are as follows:
- Downtown Halifax
- Hydrostone
- Dartmouth Crossing
- Downtown Dartmouth
- Waterfront
- Harbourview
How Do You Get Business Insurance in Halifax?
LiabilityCover makes obtaining Halifax business insurance a breeze. Simply follow these steps:
- Submit our secure inquiry form.
- Then, we analyze your insurance requirements.
- We connect you to a leading licensed brokerage or agency with experience providing commercial insurance to businesses in Halifax.
- Your assigned broker or agent contacts you to help acquire the coverage your company requires.
