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Trip Transit Coverage
To be liable mean simply that you are found to be legally responsible. If you are liable for injury to someone or found responsible for damage to another’s property, you can be sued for damages. No one likes to imagine being sued. But accidents happen, and if one does occur and you’re deemed negligent, you could find yourself with a hefty settlement. This type of insurance is essential for business owners because it helps protect them from financial losses that may occur due to a lawsuit. Liability automatically comes with your business insurance, but reviewing your coverage with an advisor to ensure you’re appropriately protected is essential.
While Canada may not be known for outrageous personal liability settlements, the cost of these claims is rising. A five-million-dollar case may have been rare ten years ago, but not so much anymore. With inflation on the rise, the compensatory awards awarded to plaintiffs are also increasing. Keep in mind no lawsuit is a quick fix. Some take years for the court to settle, which all adds to the bottom line.
This coverage is essential if your business stores sensitive client information, bank records, or any other vital information on its computer systems. As a business owner, being realistic about cybercrime risks is important. To protect yourself fully, you’ll want to talk to one of our advisors, who can help assess your situation.
Every business, regardless of size, should have a Group Benefits plan. It benefits your employees to get coverage at a reduced cost compared to most personal plans. Help reduce financial stress if something happens to protect your employee’s and their family’s health.