What is the minimum general liability insurance that licensed agencies must carry?

The correct answer reflects the requirement for minimum general liability insurance that licensed security agencies must maintain to ensure they are adequately protected against potential claims arising from their operations.

In Ontario, the general liability insurance coverage is set to safeguard agencies and their clients by providing financial protection in the event of lawsuits for bodily injury, property damage, or other liabilities that may occur while conducting business. The stated amount of $2,000,000 serves as a standard that balances risk management with the need for affordability for most agencies. This coverage amount helps ensure that agencies are equipped to handle claims that may exceed lower coverage limits, thereby promoting a safer and more secure operational environment.

The other options may not align with the regulatory requirements for licensed agencies in Ontario, as they either provide insufficient coverage that may not effectively mitigate risk or require an excessive amount that could impose undue financial strain on smaller agencies. These factors combined highlight the appropriateness of $2,000,000 as the minimum standard for general liability insurance within the industry.