Safeguard businesses against legal action & lawsuits
Running a business is no cakewalk. There are certain risks all business owners assume by virtue of operating a business. There are certain duties of care Ontario and Canadian courts have prescribed.
When an unrelated third party claims they have suffered bodily injury or property damage as a result of your alleged negligence is when your liability insurance kicks in.
This is where Reith & Associates helps.
Through a unique discovery process, we learn about your business and understand the pain points and likely events that can come back on you. With this knowledge, we can craft a liability insurance plan that responds to defend the legal action against you, and pay out any court award or negotiated settlement thereby keeping your business intact. Legal defense alone can cost millions, often more than the actual court settlement.
We partner with leading Canadian liability insurers to craft the policies we provide you.
Why Partner with Reith & Associates
We have 100+ years of industry experience in protecting your business interests. You can trust us with your business insurance needs.
Qualified, Professional & Works with Registered Insurance Brokers of Ontario (RIBO). Get fair, independent & impartial advice every single time.
We’re the most award winning insurance broker in St. Thomas & London region. & We refuse to stop working towards excellence and earning industry appreciation.
Quick, Easy & Convenient. We plan and execute every project with meticulous attention to details and the urgency of the situation.
Reach out to us anytime, anywhere via our web based portal and mobile app. Available to answer your questions 24*7.
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Who gets protection cover under liability insurance in Ontario
Businesses are comparatively more likely to face liability claims than individuals. Whether running a small business or large enterprise, owning business liability insurance in Ontario protects a wider coverage that includes
- Employees who are charged with claims of causing bodily harm or personal injury to customers or unknown people and or property
- Customers who are fairly compensated for medical bills and hospital expenses if the liability claims are proven right
- your business that is protected from premature closure and is allowed to continue working during the entire process
Business liability insurance does more than you can think of at the start. It generally covers the cost of:
- hiring a defence lawyer for legal representation
- The settlement with the prosecution: in or out-of-court
- Court fees and allowance for daily hearings
Get the best protection cover for your business with Reith & Associates. We have many big insurance brands working with us yet our loyalty remains with the clients. We help you discover multiple liability insurance options Ontario offers to SMEs in IT, consulting, healthcare, media, entertainment and many other industries.
Types of liability insurance Ontario businesses need
Depending on the nature of your business, geographical location, business risks, and the market, you can choose the best liability insurance in Ontario.
General Liability Insurance
Covers personal and property expenses incurred against your business products/services
Directors’ and Officers’ Liability Insurance
Protects company directors and officers if in case their name is mentioned in the lawsuits.
Product liability insurance
Compensates for the physical harm or bodily injuries caused due to faulty product
Professional liability insurance
Intended for doctors, accountants, lawyers against professionals negligence/malpractices
Tenant legal liability
Compensates for the damage caused to the owner’s assets or property.
Cyber liability insurance
Covers damages business data breach or cyber theft causes like credit card details, etc.
Frequently asked questions
Who needs general liability insurance in Ontario?
Any induvial running a sole proprietorship and/or any business corporation, limited partnership, or professional services practice operating in Ontario.
What type of professional liability insurance do I need?
Professional liability insurance provides comprehensive coverage to all independent professionals like doctors, physiotherapists, accountants, lawyers, architects, builders, contractors, engineers and IT consultants.
As the stakes are high in the case of professionals like these, there are some types one can consider:
Errors & Omissions (E&O) insurance: A mistake made on a piece of paper makes a big difference if that’s made by professionals. For instance, if the builder failed to meet the safety construction guidelines, then he or she is liable to pay the damages due to non-performance.
Malpractice insurance typically covers medical and health professionals. For instance, if a doctor by mistake prescribed a wrong medicine that on consumption worsened the condition of the patient. Such mistakes can prove to be costly but liability insurance saves you big legal money in the entire process.
Is business general liability insurance mandated by law in Ontario?
Currently, there is no specific law in Ontario requiring businesses to carry liability insurance. In cases of professionals, lawyer, doctors, insurance brokers, accountants, are required by virtue of their professional regulators to carry errors & omissions insurance.
In the case of other sort of business entities it is often required as a condition of lease or lending obligation as it satisfies third parties that should your business by sued for any act alleged to cause bodily injury or property damage to an unrelated third party there is sufficient financial resources to cover the claim and keep the business in operations.
What is the cost of business Liability Insurance in Ontario?
The actual cost depends on a number of factors including
- Business nature and risk profile
- The market worth of the business
- Geographical location and neighbourhood
- Number of Employees
- Insurance Claims History
How is business general liability insurance different from commercial property insurance?
Commercial property insurance responds to repair or replace real property owned or leased by you, after is it lost to an insured peril.
Commercial or business general liability responds to defend any action brought against the business, its owners and/or employees for any allegations of bodily injury or property damage caused by the alleged negligence of the business, its owners and/or employees and/or as a result of any faulty product sold by the business
Every Question Is Answered—Ask 24*7 Support
If your question is not listed here, we are happy to answer over a phone call. Give us a call at (519) 631-3862, Monday–Friday, 8:30 am – 4:30 pm or by appointment after the office hours time.