Do your new years’ resolutions include starting a business or buying your first car? If so, start your new year by talking to us about insurance and what kind of coverage is available to you depending on your needs. This blog will discuss the different liability insurance types, what liability coverage is, and how it can help you! 


What is a liability? 

To be held liable means being responsible for something, especially by law; a liability refers to what you’re being held responsible for and is called a liability due to its financial impact. A liability can apply to a wide range of scenarios such as a car accident, negligence on the part of your business that causes calculable harm, or someone hurting themselves at your home. These are all cases where someone might sue either you or your company for damages or losses.

In some cases, it will be mandatory for you to have home or business insurance as a condition of buying or opening. However, you can choose the level of coverage appropriate for your needs with your broker. 


How does liability insurance help me? 

Liability insurance offsets your fiscal responsibility in cases where you are sued or found to be legally liable. While these instances do not necessarily imply maliciousness, they are your responsibility. Liability coverage helps you with legal defence costs and to pay damages you owe. With coverage, you can feel secure knowing that you are covered if an accident does occur, whether in your home, business, or car.

Liability insurance is important because it can provide much-needed funds to the innocent victim of another person’s actions. For example, if someone slips and falls in your home or business, they could sustain severe injuries rendering them unable to support themselves or their families financially. If you are found negligent for the fall and have appropriate liability insurance, the victim may receive the funds required to assist them. 

Another important example is auto insurance coverage. In Saskatchewan, we have no-fault coverage to protect you in case of an accident. However, t is still critical to carry enough liability insurance, as you can still be sued for economic losses the victim incurs that are over the amount the no-fault plan covers. With mySGI, or by coming into our office, you can renew your coverage easily. We can help you increase your liability limit with an Auto Extension Policy. Your expert broker at Kessler can help determine the type of liability coverage that will be appropriate for your needs and walk you through adding them to your existing policies.


The 3 main types of liability insurance

While there are more types of liability insurance out there, and different policies will contain different types of liability coverage styles, these are the main types of insurance available in Saskatchewan:

  1. Personal Liability

    Personal liability insurance is exactly that –it covers you for your personal actions as well as incidents that occur in your personal residence or on your personal property. Personal auto liability covers your actions while operating a personal vehicle.  This coverage is built into most basic insurance packages such as car and home/tenant insurance!

  2. Commercial General Liability

    Whether you are a non-profit or a small retail boutique, you will, very likely, be required to have commercial general liability insurance before you open. General liability coverage will help you in cases such as a customer slipping on a wet floor, accidental damages, and more.

  3. Professional Liability

    Professional liability insurance can be added to your commercial general liability insurance or purchased separately. It is important for anyone who offers professional services such as doctors, lawyers, barbers, or self-employed individuals, and it will often be required in many of these professions. Professional liability insurance covers you when you are sued for something specific to your professional area, from a bad haircut to medical misconduct or simply giving bad advice. It’s important to have insurance in these cases because even if the claimant does not have a strong case against you, you will still be responsible for the legal fees you acquire in the process of their claim. 

Talk to us today to learn more about liability coverage.

Our brokers have both expert advice and the utmost care for our valued community. We are here to walk you through everything you need to keep you protected. Request a quote online, send us a message, or talk to us in-person today, in either Warman or Osler. We can’t wait to start the New Year with you.