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Commercial Insurance FAQ

What is a Commercial General Liability policy and what does it cover?

Commercial General Liability covers your business and all the employees (other than professionals who must carry their own liability insurance), for any damage that may be caused to a Third Party’s property, or any bodily injury that may be caused to a Third Party for which you are found legally liable. If a legal action is brought against you with respect to the above, this coverage also pays for defense costs.

Why do you need to know my annual revenues for Commercial General Liability?

The rates of your Commercial General Liability insurance are determined by the amount of your annual revenues. The higher your revenues, the more work you will be performing, which means there is more exposure or more chances of a loss occurring.

Why is it important to advise your broker of any material change, such as change in ownership, loss payable/lessor, operations and use of equipment/vehicles?

If there is a material change to the risk that is within the control and/or knowledge of the insured and is not reported to the insurer/broker, a loss to that particular object or due to that operation is deniable by the insurer. To properly rate your risk, an insurer must know the exact operations and be able to rate/charge premium accordingly.

How is the liability determined in a commercial auto accident (Intercompany Settlement Agreement versus Highway Traffic Act)?

Accidents are adjusted according to Tort Liability (whomever is negligent is at fault), unless both parties to the accident are insured by companies that are signatory to the Intercompany Settlement Agreement, which is an agreement that specifies how claims would be adjusted given the particular scenario.

The company I work for wants me to list them as an Additional Insured. What does this mean?

They are asking to be protected under your Commercial General Liability in the event they also get named in an action as a result of the work you are performing on their behalf. This is a standard request, and your broker will advise the insurance company to amend the policy accordingly.

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