What To Know
Being a concierge in Canada is fun because you get to meet so many people. While working in Canada, you’ll be able to meet Canadians, Americans, and tourists from around the world. While serving the public, your clients put their trust in you and your employees. They expect you to help them find the city’s hottest attractions. You’ll want to do your best to help your clients plan amazing trips and visit the city’s best theaters. The unfortunate truth is that your opinion might be different than that of your latest client.
You may suspect that they like watching plays and ballets but they may prefer movie theaters. Will they be upset if you send them to the wrong events? There is a risk that they will be. In addition to this, you may take the client’s belongings to the wrong room. Do this and you can guarantee that your customer is going to get upset with you. Could it lead to a lawsuit being filed against your company? It could. Within this guide, you’re going to learn how concierge service insurance can help protect your business in the long run.
What Is Concierge Service Insurance?
First and foremost, concierges in Canada should learn more about concierge service insurance. Concierges face immense risks. You may think that your job is all fun and games but this couldn’t be further from the truth. In reality, you face many risks. You could make a mistake or you might create problems due to an oversight. Both problems could ruin your client’s trip and make them very angry. You may not always be able to avoid these problems. With that being said, you should find ways to defend your concierge service when something goes awry.
One of the best ways to do that is by acquiring concierge service insurance which is also referred to as professional liability insurance. For Canadian business owners, professional liability insurance is pertinent. It shouldn’t be considered an optional insurance product but it is not. You need this insurance to protect your company from lawsuits stemming from claims of negligence, oversight, and errors. This insurance is sometimes referred to as errors and omissions insurance as well as malpractice insurance.
This insurance could be a staple of your comprehensive insurance policy. You’ll need to combine it with general liability insurance, cyber insurance, and business interruption insurance to ensure that your business is going to be protected to the fullest.
The Importance Of Concierge Service Insurance
Having concierge service insurance is one of the best ways to protect your company’s future. If you don’t have insurance, a lawsuit could cripple and ruin your business. Professional liability insurance offers numerous benefits and could prove to be a lifesaver in the future. Once you’ve obtained this insurance, you can rest assured knowing you’ll be able to hire top-class lawyers. In all likelihood, the insurance company will take over once you’ve been sued. The insurance company will likely appoint their lawyers to defend you and your company.
You’ll have access to the best lawyers so you’ll have a much better chance of winning your lawsuit. Lawsuits are immensely expensive. You’ll have to pay out of pocket for lawyers and court fees. In addition to this, you have to worry about paying a hefty settlement. The lawsuit could lead to future bankruptcy. Once you’ve obtained concierge service insurance, you can minimize the risks. With this insurance, you’ll be far less likely to file for bankruptcy and lose a lot of money.
Also, this insurance ensures that you’ll be able to meet the liability insurance requirements of your contract. Your clients will see that you have insurance and they’ll believe that you’re more respectable than other companies. Finally, you can defend yourself against accusations of breach regulations. Suffice to say, professional liability insurance is well worth the price.
When Should I Get Concierge Service Insurance?
You should never wait to get insurance. Once you’ve decided to start a concierge service, you should sign up for insurance. You have to understand that most insurance policies are not retroactive. This means that the policy will start protecting your business immediately after the policy is activated. If you serve the public without having insurance and you get sued, you won’t have a chance. While there are some exceptions to the rule, you likely won’t be able to sign up for insurance and use it to defend your company.
You might be able to sign up for a retroactive policy though. This is a good idea but it’ll be harder to find a retroactive policy when you have a lawsuit hanging over your head. It is best to sign up for insurance before problems occur.
What Should I Know About Concierge Service Insurance Limits?
When signing up for concierge service insurance, you’ll face certain limits. This is something you’ll need to consider since it can make a big difference. In addition to this, you have to remember that your insurance is going to have two limits. You’ll have a per occurrence limit and an aggregate limit. Both are very important. The per occurrence limit is the amount the insurance company will offer for one claim. The aggregate limit is the amount the insurance company will offer for all claims filed against your concierge business.
How much professional liability insurance do you need? Ultimately, it depends on several factors including your risks, location, and contracts. Most clients will require you to get a certain amount. Be cautious and make sure you have enough coverage to defend your company to the fullest.
Is Concierge Service Insurance Enough?
While concierge service insurance is a step in the right direction, it is not enough on its own. You’ll need additional insurance products to protect your company from all risks. While signing up for insurance, you’ll want to work with a qualified insurance broker so you can find out exactly what you need. Besides professional liability insurance, you’ll also need to sign up for general liability insurance, business interruption insurance, workers’ compensation insurance, and business contents insurance. In some cases, you might need cyber insurance as well.
Below, you’ll learn more about the other insurance products that you need.
General Liability Insurance
Whether you’re running a concierge business or a daycare, your Canadian business needs general liability insurance. It should be one of the first products you add to your policy. General liability insurance of GLI is designed to protect your business from claims of bodily injury and property damage. This insurance is also known as commercial general liability insurance. While you can obtain GLI as a standalone product, it is best to add it to your Business Owner’s Policy.
Since you’re running a concierge business, you know that your clients are going to be visiting you. You’re going to interact with them daily. This increases the risk that you’re going to hurt someone or damage their property. To minimize the risk that something bad is going to happen, you should obtain general liability insurance.
Does your company use the Internet somehow? You might use the Internet to store information about your past clients. Or, you may store information about city attractions, employees, and more. Since you’re using an online database, you need to make sure that you have cyber insurance. In Canada, cyber security is becoming more important than ever. Cyber breaches are more common so it is pertinent to protect your business from issues stemming from hacks. There is a risk that your database is going to be breached and this would lead to your client’s data being leaked.
You can’t let this happen because it would ruin your company’s reputation. To avoid such problems, you need to purchase cyber liability insurance. With this insurance, you’ll be able to defend your concierge business after a cyber breach.
Business Interruption Insurance
At some point, a storm could impact your city. If the store is severe, there is a chance that your company’s property and assets are going to be destroyed. What happens if your place of business is damaged due to a storm? For concierges, this normally isn’t an issue but it could be for your business. Business interruption insurance helps because it can help you reclaim the wages you’ve lost. Do you need business interruption insurance? You should find a broker by contacting ProfessionalsCoverage. A broker can help you determine what insurance is pertinent to your company.
Business Contents Insurance
Most businesses have equipment that they use daily. Your concierge business relies heavily on this equipment and you wouldn’t be able to satisfy your customers without it. For instance, your employees may use digital devices to keep track of the city’s hottest attractions. You can use this information to give your clients recommendations. If something goes wrong, there is a risk that this equipment is going to be destroyed, lost, or stolen. Then, your workers wouldn’t be able to give your clients reliable recommendations.
Business contents insurance helps you reclaim the lost equipment. If the equipment is stolen, you can file a claim with your insurance company. Then, the insurance company will help you pay to replace the items in question.
How Can I Get Concierge Service Insurance?
Concierge service providers cannot wait to get insurance. Doing so could leave you exposed to a crippling lawsuit in the near future. To avoid risks, you should find a good insurance broker in your area as soon as possible. A broker will help you sign up for insurance quickly. Alternatively, you can request quotes and apply online. If you’re looking for a good broker in your area, you should contact ProfessionalsCoverage. Their professionals can help you pinpoint the best insurance broker in your area.
Concierge Services Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing Concierge Services Liability Insurance
- How much concierge services professional liability insurance do I need?
- How do I get a concierge insurance policy?
- What does concierge services professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as a concierge?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for concierge services
- How does the claims process work if I get sued because of my concierge services?
- What is the cost of concierge liability insurance?
- How do I apply for a concierge professional liability insurance policy?
- How do I qualify for coverage as a concierge service provider?
- What is the purpose of getting insured as a concierge?
- How long will it take to get an insurance quote for my concierge services business?