business insurance ontario Business Insurance in Ontario

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If you own a business in Ontario, it is essential to keep it protected with business insurance. Your business is an extremely important part of your life keeping your family supported, safe and secure. So, if something unforeseen were to occur, you need to know that your coverage will provide a reliable safety net.

Small and large businesses, regardless of type, all face risks. Let help you manage your risk and insurance cost by conducting a full commercial insurance policy review. As commercial insurance is not one-size-fits-all, we will take the time to understand you and your business so that we can help you determine the level of coverage best suited to what you do.

We work with all industries, including:
• Construction
• Retail/Wholesale
• Hospitality
• Offices
• Manufacturing
• Real Estate
• Many More

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Types of Commercial and Business Insurance Products

There are several different insurance products available to businesses in Ontario. No matter how large or small your business may be, or what type of industry you may work in, can help you find the right coverage. Here are a few of the different insurance products that we can offer:

  • Commercial General Liability (CGL)
  • Business Property Coverage
  • Equipment Breakdown Coverage (boiler and machinery insurance)
  • Small Business Insurance (home based business)

What does Commercial General Liability (CGL) insurance cover?

General business liability insurance protects you in cases where your business has been deemed legally responsible for injuries caused to another person, or damage to their property. While you certainly don’t intend for anyone to become injured on your property, accidents do happen. Let us make sure that you’re protected.

What does Business Property insurance cover?

There are several different levels of protection for business owners who own or rent. Building owners can opt for protection that covers the building structure, while renters can obtain coverage for any improvements you make as a tenant. Your business property insurance might also keep you covered in the event of flooding, sewer backup, consequential loss, and more.

What does Equipment Breakdown insurance cover?

We offer this type of coverage for pressure, electrical and mechanical equipment necessary to the day-to-day management of your business. Items covered by this type of policy may include: hot water heaters, heating and cooling systems, telecommunications equipment, ovens, copiers, cash registers, and more.

What does Small Business insurance for home based businesses cover?

If you run a small business from your home, it may surprise you to learn that your home insurance will not offer coverage, should the need arise. While you do need to have a separate Small business insurance policy for your home based business, you might not require a traditional commercial policy. Talk to about selecting a small home run business package, which can be added to your existing home insurance.

How much does insurance cost for a small business in Ontario?

The cost of insurance for a small business in Ontario can vary widely depending on several factors, such as the type of business, the size of the business, the location, the risks associated with the business, and the coverage limits required. 

Generally, small businesses in Ontario can expect to pay anywhere from a few hundred dollars to several thousand dollars per year for insurance coverage. Some factors that may affect the cost of insurance for a small business in Ontario include:

  • Business type: Different types of businesses have different risks, which can affect the cost of insurance. For example, a business that involves hazardous materials may require more expensive insurance coverage than a business that provides consulting services.
  • Business size: Larger businesses typically require more coverage and may pay higher premiums than smaller businesses.
  • Location: The location of the business can affect the cost of insurance due to factors such as crime rates, weather risks, and other local risks.
  • Claims history: Businesses with a history of insurance claims may pay higher premiums than businesses with a clean claims record.
  • Coverage limits: The more coverage a business requires, the higher the premium will be.

It’s recommended that small business owners in Ontario speak with a licensed insurance advisor to get a personalized quote for insurance coverage based on their specific business needs and risks.

What kind of insurance do I need for my business in Ontario?

The type of insurance your Ontario small business needs will depend on your business’s nature and the associated risks. It may also vary depending on your industry, size, location, and other factors. However, some common types of insurance coverage that small businesses generally need are:

Commercial General Liability Insurance

This insurance provides coverage for legal liability arising from bodily injury, property damage, or personal injury claims made by third parties. It can also cover legal fees associated with defending against such claims.

Commercial Property Insurance

This insurance covers damage to the business’s physical assets, such as buildings, equipment, inventory, and furniture. It can also cover loss of income due to property damage that results in the temporary closure of the business.

Business Interruption Coverage

This insurance covers lost income and additional expenses that arise if your business operations are interrupted by a covered peril such as fire or water damage.

Professional Liability Insurance

This insurance covers businesses that provide consulting, legal, or accounting services. It can protect against claims made by clients alleging negligence or errors and omissions in the services provided.

Cyber Liability Insurance

This insurance covers data breaches, cyber-attacks, and other cyber-related risks that may impact the business. This coverage can include expenses related to notifying customers, credit monitoring services, and other related costs.

Commercial Auto Insurance

This insurance provides coverage for vehicles owned or leased by your business.

What is the most common type of business insurance?

Ontario’s most common type of business insurance is commercial general liability insurance (CGL). This insurance provides coverage for claims of bodily injury, property damage, and personal injury arising from your business operations.

CGL insurance is important for small businesses in Ontario because it protects against lawsuits and other legal liabilities that could arise from accidents or injuries on your business premises or as a result of your business operations. For example, if a customer slips and falls in your store, CGL insurance can cover medical treatment costs and legal fees if the customer decides to sue.

What are some of the risks a business owner faces?

Business owners face a wide range of risks that can vary depending on the industry, size, location, and other business factors. Here are eight common risks that a business owner may face:

  1. Property damage: Damage to business property caused by perils such as fire, flood, theft, or vandalism.
  2. Liability claims: Claims of bodily injury, property damage, or personal injury from your business operations.
  3. Business interruption: Loss of income and additional expenses that arise if your business operations are interrupted by a covered peril such as fire or water damage.
  4. Cybersecurity threats: Risks associated with data breaches, hacking, or other cyber-related attacks.
  5. Professional negligence: Claims of negligence or errors and omissions related to professional services provided by the business.
  6. Employment risks: Risks associated with employee lawsuits, discrimination claims, and other employment-related liabilities.
  7. Natural disasters: Risks associated with natural disasters such as earthquakes, hurricanes, or tornadoes.
  8. Supply chain disruptions: Risks associated with supply chain disruptions due to transportation issues, supplier bankruptcies, or raw material shortages.

These are just a few examples of the risks that business owners may face. Business owners need to assess their specific risks and work with an insurance broker to develop a risk management plan that includes appropriate insurance coverage to protect their business.

Do business insurance rates vary depending on the business line?

Yes, business insurance rates can vary depending on the type of business. The risk associated with each business type varies based on the nature of the business, and as such, the cost of insurance coverage will differ. For instance, a business that operates in a high-risk industry, such as construction or transportation, will generally require more insurance coverage and will likely pay higher premiums than a business that operates in a lower-risk industry, such as consulting or retail.

The cost of insurance coverage for a business will also depend on the specific risks associated with that business. For example, a restaurant may require coverage for food-borne illnesses, while a technology company may need coverage for intellectual property theft. Therefore, insurance coverage premiums will vary depending on the type of risks a business faces.

It is essential to note that the insurance rates can also vary based on the size of the business, the location of the business, and other factors such as the business’s claims history. It is, therefore, essential to work with an insurance agent to determine the appropriate coverage for your specific business needs and to obtain a personalized quote for the cost of insurance coverage.

If you’re looking for reliable, affordable Ontario business insurance, please request a quote online or give us call at 1-855-777-4376.

** It is imperative that you inform your insurance provider about any business run from your home in order to prevent voiding your home insurance. **

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