Insurance for Halifax Ocean Technology Businesses
Halifax ocean technology businesses face risks that are specific to their sector. Is your ocean technology company adequately protected with business liability insurance?
Lawsuits related to the professional services that your ocean tech business has provided, client injury, product issues, and cyber-attacks all can be astronomical in cost. Ocean technology companies in Halifax need business liability insurance that’s specifically tailored to their needs and risks.
Is your ocean technology business located in Halifax or elsewhere in Nova Scotia? Your Western Financial Group business insurance broker will get you commercial coverage that uniquely protects your ocean technology company.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance. We work with our insurance partners to find the best coverage for your needs.
We make the process easy by getting insurance quotes for you and giving you policy coverage options that you can choose for your Halifax ocean technology firm’s specific needs.
Halifax’s ocean tech sector
Halifax is Canada’s largest centre for ocean research and has about 60 innovators of high-tech ocean products and services. There are over 500 ocean sector companies in Nova Scotia, including the most ocean tech startups in Canada.
Liability insurance is an essential part of your ocean technology business insurance package. Here are the liability coverages that you need to help protect your Halifax ocean technology company from lawsuits.
Professional liability insurance
Professional liability insurance helps protect Halifax ocean technology businesses from claims of negligence when they are performing their duties. It’s also called errors and omissions insurance.
Errors and omissions insurance can protect against claims alleging financial loss due to a service you provided, as well as lawsuits alleging negligence, misconduct, and failure to deliver services as promised.
For example, in the case of a negligence claim, for example, a Halifax ocean technology company’s E&O insurance would pay for some or all of the claim costs.
Note: It’s important to understand the specifics of your professional liability coverage to ensure adequate protection for your Halifax ocean tech company.
Commercial general liability insurance
This is necessary liability insurance for ocean technology businesses in Halifax. Without commercial general liability insurance, you will pay costs related to third-party (customer/supplier) injuries or damage to their property out of your own pocket.
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your Halifax ocean tech company, as well as costs to cover damages to compensate third parties whether you win or lose your case.
What kind of risks does commercial general liability insurance cover?
- Injury to a third party who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
Should a client visiting your Halifax ocean technology company slip, fall, and get injured, CGL insurance would help cover legal fees and medical costs.
Cyber liability insurance
Do you keep sensitive financial information belonging to your clients? Cyber liability insurance will help protect your Halifax ocean technology firm financially should there be a cyber-attack.
Depending on the size of the data breach and the information that was taken, the customers who are affected can hold you liable and sue you for damages.
Commercial umbrella insurance
You may want to consider commercial umbrella insurance for your Halifax ocean tech business. Commercial umbrella insurance, also known as just umbrella insurance, addresses liability coverage gaps. It’s used when the primary liability coverage, for example on your commercial general liability insurance, has reached its coverage limit. It’s important to note that umbrella insurance applies only to expenses related to liability such as legal fees, court fees, and legal settlements.
What other insurance coverages do Halifax ocean technology companies need?
Commercial property insurance
Commercial property insurance provides financial support to replace or cover repairs to your Halifax ocean technology company if it is damaged by a flood, fire, or severe weather. It also covers vandalism and theft.
Commercial property insurance also covers the firm’s contents such as computers, furniture, tools, equipment, and inventory. Commercial property coverage also extends to protect others’ property that is under your care.
Legal expense insurance
Legal expense insurance provides access to general legal advice with a lawyer, as well as coverage for legal expenses resulting from the legal process. This type of insurance policy may cover legal costs associated with defending your legal rights relating to employment disputes, debt recovery, contract disputes, or tax protection.
Business interruption insurance
This type of insurance supports you when your Halifax ocean tech firm can’t operate due to a covered loss.
There are a number of losses that can force your ocean technology business firm to shut down. Some examples are:
- Damage to your equipment from fire or vandalism
- A major reduction in revenue due to a client/supplier facing losses of their own
- A disruption in your supply chain
Business interruption insurance can help with these expenses:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Commercial auto insurance
If you are using your car for your ocean tech job in the ocean technology business services industry, it won’t be covered by your personal car insurance policy. You will need commercial coverage as part of your insurance package.
How much does Halifax ocean tech business insurance cost?
The following factors are usually considered when determining the cost of your business insurance: Location(s), services provided, number of employees, years of experience, annual revenue, and any past claims.
What do I do if I have a claim against my Halifax ocean technology business?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist:
- Do you have the best Halifax business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right insurance coverage for your Halifax ocean technology business. Our experts are available now to help you navigate the business insurance journey to protect your Halifax business.
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