No matter how careful you are or how much you plan, the unexpected is always there and you never know when it is going to happen to you or someone else. If an unexpected event occurs and it result to a loss, damage, or injury to a third party, a claim might be made against you.

Liability insurances policy gives protection against such claim made by third party who has been injured or has acquired a loss or damage to property because of negligence by the insured. The policy covers for any legal cost an insured party may be responsible for, however, intentional damages are not covered. The significant difference between liability insurance and other types of insurance is that liability insurance policy indemnifies the affected third party and not the policyholders.

In this article, we will be looking at the types of liability insurance in Alberta, Canada, and top insurance companies to purchase liability insurance policy.

What is Liability Insurance?

Like we defined earlier, Liability insurance is a type of insurance policy that covers for third party damages, loss, or injury. There are several types of liability insurance, and the major types are as follows.

Types of Liability Insurance

1. Business Liability Insurance

Business owners are exposed to different business risk based on the size of their operation, industry, or profession. A business liability insurance aims to provides coverage to these risks including bodily injury, property damage, or monetary loss due to the business operations. Most business owners in Alberta are aware of the need for business Liability Insurance and as such, it prompts their need for a business liability insurance coverage.

2. Auto Liability Insurance

Auto insurance is one of the most important insurance policies that every car owner should have. It is an essential type of liability insurance that pays for damage caused to others while driving. Also, It is required that anyone who owns a car should have purchased an Auto liability insurance policy or a comprehensive cover .

3. Property Liability Insurance

Property liability insurance is a type of insurance that, along with bodily injury liability, ensures that drivers can pay for losses when they are at fault in an accident. This policy aims to protects your properties from the unknown and the unexpected.

4. Cyber Liability Insurance

Cyber liability insurance covers the damage that your business suffers because of a cyber security breach. These costs include things like investigative services, data recovery and identity recovery. Cyber liability insurance covers the costs of recovering your data following a breach along with the costs associated with recovering from a cybercrime involving your technology systems and customer data.

5. Copyright Infringement Liability Insurance

Copyright infringement is the use or production of copyright-protected (owned by an original person) material without the permission of the copyright holder. The copyright infringement liability insurance give protection to Individuals and companies who develop new works register for copyright protection to ensure that they can profit from their efforts.

6. Contractual Liability Insurance

Contractual liability insurance covers third-party bodily injury or property damage for which your business has assumed liability under an indemnity agreement in a contract. It protects the policyholder against liabilities that they assumed when entering a contract of any type.

7. Environmental Liability Insurance

Environmental liability is the term used to describe prospective environmental expenses that a buyer can face when leasing or buying an asset. When a buyer is performing due diligence on a property, liabilities become apparent. After the asset has been acquired, the buyer will be obligated to assume ownership of the asset and all obligations related to it. Environmental liability insurance aims to cover any expenses or damage that may result from environmental liability.

8. Rental/Tenant liability Insurance

Renters’ liability insurance is a type of liability insurance policy that covers you if you cause injuries to other people or damage to their property through an accident or act of negligence.

9. Homeowner liability insurance

This insurance protects you if a visitor gets injured on your property, or if you or a family member living in your home accidentally hurts another person or damages their belongings. For example, if your children break a neighbour’s windscreen while playing, home liability insurance can pay for it.

Liability Insurance Companies in Alberta, Canada

1. Leibel Insurance

Leibel Insurance Group is a second-generation family owned and operated insurance brokerage suited in Alberta and Ontario, Canada. They offer a variety of insurance options including Personal, Commercial, Life, Health, and Group Insurance. Leibel Insurance is also an award-winning brokerage with access to many insurance companies, they make sure to find the best coverage and price that covers their client’s insurance needs.

Leibel Insurance Options

• Commercial Liability Insurance
• Transportation Insurance
• Oil and Gas Insurance
• Commercial Property Insurance
• Contractors Insurance
• Personal Vehicle Insurance
• Personal Property Insurance
• Recreational Vehicle Insurance
• Additional Personal Insurance

2. Intact Insurance

Intact Insurance is Canada’s largest home of auto and business insurance company, the choice of more than four million consumers. The company’s outstanding service, comfort and continuity customers satisfaction builds its’ coast-to-coast presence and its strong relationship with insurance brokers. Intact Insurance is a member company of Intact Financial Corporation – the largest provider of property and casualty insurance in Canada and a leading provider of specialty insurance in North America.

Intact Liability Insurance Options

• Commercial General Liability
• Umbrella Liability
• Errors and Omissions
• Directors and Officers Liability Insurance
• Crime Insurance

3. Westland Insurance

Westland Insurance is one of the largest independent Canadian-owned brokerages in the country. When it comes to finding the right coverage or navigating a claim, they keep things simple and use the language that everyone can understand. Westland advisors are local, so they understand the unique needs of the community and they are easy to contact in person, over the phone, or on email.

Westland Insurance Options

• Auto Insurance
• Tenant Insurance
• Farm Insurance
• Motorcycle Insurance
• Private Client Insurance
• Home Insurance
• Marine and Boat Insurance
• Business Insurance
• Travel Insurance
• Pet Insurance etc.

4. Zensurance

Zensurance was founded in 2016 as a Toronto-based technology company and leading source for small business insurance in Canada. Through their partner network of more than fifty insurance providers, and their highly regarded licensed brokers and client support team, the company provide customers with the protection they need, giving their customers the confidence, they need to thrive in today’s market. Their mission is to empower small businesses across Canada to thrive by offering an honest, simplified, and modern approach to insurance.

Westland Insurance Options

• Business Liability Insurance including commercial general liability, professional liability, errors and omissions insurance, directors’ and officers’ liability insurance, cyber liability insurance
• Product Liability
• General Liability
• Professional Liability

5. Reliance Insurance Agencies

Reliance Insurance is a full-service insurance agency with specialized support in all lines of insurance related to small business, commercial, home, car, and employee benefits programs. They are a global broker network that places coverage for clients anywhere in the world and have many clients with USA operations.

Westland Insurance Options

• Commercial Insurance
• Home Insurance
• Auto Insurance
• Business Insurance

How to Purchase liability insurance

There are a lot of insurance companies offering liability insurance coverage in Alberta, Canada. These companies have made purchasing liability insurance a quick and straightforward process. With their simple-to-use online platforms, you can get a free, customized insurance quote in under thirty minutes. All you need to do is, select the one that meets your insurance need and request a quote.

Frequently Asked Questions: Liability Insurance in Alberta, Canada

1. How much does liability insurance cost in Alberta, Canada?

The cost of liability insurance depends on the amount of coverage required for you. However, a basic General Liability Insurance policy starts at $450 per year with a $2 million coverage limit.

2. How do I file a claim for a liability insurance policy?

a.       Reporting the claim    

When there is injury or property damage to a third party caused by you, call your broker, and discuss reporting the claim. The broker will then contact the claims advocate to discuss the situation with you. However, make sure to report this claim promptly!

b.      After the report of a claim

When your claim has been reported, your adjusters will immediately start an investigation to find out everything they can about you, the injured, loss property, or damaged party, and the exact details of what happened. This will aid the work done by your adjusters after the initial investigation takes place.

3. Are intentional damage and contractual liabilities covered in liability insurance?

Intentional damage and contractual liabilities are not covered in liability insurance policies.

4. Is general liability insurance required by law?

Although you are not required by law to purchase general liability insurance, many of your business partners will have general liability insurance requirements written into contracts. That means you may need a policy if you want to sign a commercial lease or a client contract. Also, to apply for certain professional licences, you need a proof of general liability coverage.

Do you need more information about insurance coverages or policies that are best for you? Please check out more interesting and informative articles on insurance below.

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