Business and Commercial Insurance - Specialty Commercial Coverage
Specialty Commercial Coverage Overview
Additional coverage options for complex risks and growing businesses across Manitoba, Ontario, Alberta, and Saskatchewan.
Directors & Officers (D&O)
Executive Protection
Protects leadership from personal liability related to business decisions.
Errors & Omissions (E&O) / Professional Liability
Professional Liability
Covers claims arising from professional advice or services.
Cyber Liability Insurance
Cyber Protection
Protection against data breaches, cyberattacks, and digital risks.
Environmental / Pollution Liability
Environmental Coverage
Covers damages related to environmental impact or contamination.
Cargo / Transportation Insurance
Transit Protection
Covers goods in transit, ensuring safe delivery and financial protection.
Builder’s Risk Insurance
Project Protection
Protects construction projects from start to completion.
Wrap-up Liability (Construction Projects)
Project Liability
Provides liability coverage for all parties involved in large construction projects.
FAQ: Specialty Commercial Coverage
Directors & Officers (D&O) Liability Insurance
What is Directors & Officers (D&O) insurance?
Directors & Officers (D&O) insurance helps protect directors, officers, board members, and executives from claims alleging wrongful acts made while managing an organization. It can help cover legal defence costs, settlements, and judgments arising from management decisions.
Who needs D&O insurance?
D&O insurance is valuable for corporations, non-profit organizations, private companies, and boards of directors. Even small organizations can face lawsuits from employees, shareholders, creditors, regulators, or other stakeholders.
Does D&O insurance protect the company or the individual?
Depending on the policy, D&O insurance can protect individual directors and officers, reimburse the company for indemnifying its executives, and in some cases provide coverage for claims made directly against the organization.
Is D&O insurance required by law?
While D&O insurance is generally not legally required, many organizations carry it to help attract qualified board members and protect leadership from potentially significant legal costs.
Errors & Omissions (E&O) / Professional Liability Insurance
What is Errors & Omissions (E&O) insurance?
Errors & Omissions (E&O), also known as Professional Liability insurance, protects businesses and professionals against claims alleging negligence, mistakes, omissions, or failure to deliver professional services as expected.
Who should have Professional Liability insurance?
Professional Liability insurance is recommended for consultants, engineers, architects, accountants, technology providers, healthcare professionals, real estate professionals, and many other businesses that provide advice or professional services.
What’s the difference between Professional Liability and General Liability insurance?
Commercial General Liability insurance covers bodily injury and property damage, while Professional Liability insurance covers financial losses resulting from professional mistakes, advice, or services.
Does E&O insurance cover legal defence costs?
Yes. Most Professional Liability policies help cover legal defence expenses, even if the allegations are ultimately unfounded, subject to the policy’s terms and limits.
Cyber Liability Insurance
What is cyber liability insurance?
Cyber liability insurance helps businesses recover from cyber incidents such as ransomware attacks, data breaches, phishing scams, business email compromise, and other cyber threats.
What does cyber insurance typically cover?
Coverage may include data recovery, legal expenses, customer notification costs, forensic investigations, business interruption, ransomware response, regulatory defence, and cyber extortion, depending on the policy.
Does every business need cyber insurance?
Businesses of all sizes increasingly rely on digital systems and store sensitive information. Even small businesses can become targets of cybercrime, making cyber insurance an important part of a modern risk management strategy.
Does cyber insurance prevent cyber attacks?
No. Cyber insurance doesn’t prevent attacks, but it helps your business recover financially and often provides access to cybersecurity experts who can assist during an incident.
Environmental / Pollution Liability Insurance
What is environmental liability insurance?
Environmental liability insurance helps protect businesses against claims arising from pollution, contamination, hazardous material releases, and environmental cleanup costs.
Which businesses need pollution liability insurance?
Environmental coverage is commonly purchased by contractors, manufacturers, transportation companies, fuel suppliers, property owners, waste management companies, and businesses working with hazardous materials.
Doesn’t my General Liability policy cover pollution?
In many cases, pollution-related claims are excluded or significantly limited under standard Commercial General Liability policies. Environmental liability insurance helps fill that gap.
What types of pollution incidents are covered?
Coverage depends on the policy but may include sudden or gradual pollution events, cleanup costs, third-party bodily injury, property damage, and environmental legal defence.
Builder's Risk Insurance
What is Builder’s Risk insurance?
Builder’s Risk insurance helps protect construction projects against damage while they are being built, renovated, or expanded. It can cover buildings, materials, and equipment during construction.
Who should purchase Builder’s Risk insurance?
Builder’s Risk insurance is commonly purchased by property owners, contractors, developers, and builders involved in new construction or major renovation projects.
What does Builder’s Risk insurance cover?
Coverage often includes damage caused by fire, wind, vandalism, theft of building materials, and certain other covered events that occur during construction.
When does Builder’s Risk insurance end?
Coverage typically ends when construction is completed, the building becomes occupied, ownership transfers, or another condition outlined in the policy is met.
Wrap-Up Liability Insurance
What is Wrap-Up Liability insurance?
Wrap-Up Liability insurance provides liability coverage for multiple contractors and subcontractors working on a single construction project under one coordinated insurance policy.
Who benefits from Wrap-Up insurance?
Owners, developers, general contractors, and subcontractors can all benefit from a Wrap-Up policy by reducing coverage gaps and simplifying claims management across the project.
When is Wrap-Up insurance used?
Wrap-Up policies are commonly used for large commercial, institutional, infrastructure, and multi-phase construction projects involving numerous contractors.
Does every construction project require Wrap-Up insurance?
No. Wrap-Up insurance is generally reserved for larger or more complex projects where consolidated liability coverage offers significant advantages.
Cargo & Transportation Insurance
What is cargo insurance?
Cargo insurance helps protect goods while they’re being transported by truck, rail, air, or ocean against covered risks such as theft, damage, or loss during transit.
Who needs cargo insurance?
Manufacturers, wholesalers, distributors, retailers, importers, exporters, logistics providers, and transportation companies often purchase cargo insurance to protect valuable shipments.
Does cargo insurance cover every shipment?
Coverage depends on the policy and the cause of loss. Your broker can explain any exclusions, coverage limits, and additional options based on the goods you ship.
Is cargo insurance different from commercial auto insurance?
Yes. Commercial auto insurance protects the vehicle, while cargo insurance protects the goods being transported inside the vehicle.
General Specialty Commercial Insurance Questions
What is specialty commercial insurance?
Specialty commercial insurance includes policies designed to address unique risks that aren’t typically covered under standard commercial insurance. These policies help businesses protect against industry-specific exposures and complex liability risks.
How do I know if my business needs specialty insurance?
If your business provides professional advice, handles sensitive data, manages construction projects, transports goods, serves on a board of directors, or works with environmental risks, specialty coverage may be appropriate.
Can specialty insurance policies be combined with my existing commercial insurance?
Yes. Many specialty coverages are designed to complement your existing commercial insurance program and provide protection where standard policies may have limitations or exclusions.
Why choose Garriock Insurance for specialty commercial insurance?
Garriock Insurance works with leading commercial insurers to build customized insurance solutions for businesses with specialized risks. Our experienced brokers take the time to understand your operations and recommend coverage that aligns with your industry, contractual requirements, and long-term business goals.
Coverage varies by policy and operation. Contact us for specifics.