Commercial Insurance Scarborough

Located in southeastern Ontario, Scarborough is one of the six boroughs of the GTA. With a population of over 600,000 people, Scarborough is home to busy roads, shopping malls, and tons of business. You can also find the Scarborough bluffs, with its marina, beach, and hiking trails, and the University of Toronto Scarborough Campus.

These days, you’ll find all sorts of businesses and industries serving in the Scarborough area, including:

  • Real estate
  • Beauty and fashion
  • Community centers and public amenities
  • Construction
  • Restaurants and food services
  • Arts and culture
  • Entertainment
  • Biomedical and pharmaceutical
  • Information technology
  • Automotive and aerospace
  • Financial services and estate planning
  • Health, medical, and wellbeing

Regardless of which industries and businesses are doing well in Scarborough, successful ones all have one thing in common – the understanding and plan for careful risk management. Whether you operate a small accounting firm, a local restaurant, a beauty salon, home business, or something else, businesses are always subject to risks and accidents. The successful companies are always the ones that understand the value of commercial insurance protection to cover themselves against liability and litigation that could result in costly repercussions.

If you need a quote for commercial insurance in Scarborough, Insurance Hero can help you shop from over 12 insurance companies to compare insurance policies and rates for your business’ protection.

Business Insurance in Scarborough

Every business is different, with different customers, operations, equipment, and insurance needs. As a result, business insurance for businesses in Scarborough can look quite different depending on who you are, what industry you’re in, and the unique commercial risks you face.

Workplace accidents and injuries can happen at any time, and you don’t want to be caught off-guard and unprepared. When a client is injured on your premises, your equipment suddenly breaks down, or a mistake you made causes the client financial loss, lawsuits and settlements can be costly. It can even cause your business to go bankrupt.

Business insurance is designed to offer businesses in Scarborough with a wide variety of commercial insurance products that could help them stay covered and protected in the event of a third-party claim or litigation. Otherwise, paying out of pocket can be very expensive and it can be hard for your business to recover from the loss. With business insurance, not only are your assets protected against natural disasters and other damages, but you also keep your business safe against injuries and property damage to your clients.

Types of Commercial Insurance Products for Scarborough Businesses

Regardless of the size and industry of your business, Insurance Hero’s commercial insurance products can be tailored to your specific requirements.

Commercial General Liability Insurance (CGL)

CGL insurance offers protection in case of lawsuits alleging injury or property damage to a third-party because of your operations. If your business is found to be liable, your CGL policy can cover legal costs and awards for damages.

Commercial Property Insurance

Another part of life is natural disasters like fires, floods, and storms. Whether you’re leasing or own a property, you will need commercial property coverage to protect your machinery, equipment, office supplies, and other assets.

Equipment Breakdown Insurance/Boiler & Machinery Insurance

For businesses that rely on machinery such as electrical and mechanical equipment, this type of commercial insurance protection can cover their costs in case of that equipment breaking down. Typical equipment that can be covered may include HVAC systems, hot water heaters, cash registers, office equipment, and phone systems to name a few.

Small Business Insurance or Commercial Insurance for your Home Based Business

Your home insurance policy may not cover your home business property in case of peril. In fact, if the worst happens and your home is damaged due to your business activities, your home insurer could very well void your policy, leaving you without coverage when you need it most. Small business insurance is an affordable solution for protecting your home and your business while giving you peace of mind.

Commercial Auto Insurance

Businesses that rely on motor vehicles for commercial activities are required to have commercial auto insurance. The same is true if you’re renting recreational vehicles, working part-time as a delivery driver, or as a driver with a ride-sharing program. If you’re involved in an accident while on the job, your personal automobile insurance policy will not cover you. Commercial auto insurance will cover medical fees, car damages, and other costs.

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Looking for insurance in Scarborough?

If you’re looking for commercial insurance products for your Scarborough business, you’ve come to the right place. Insurance Hero can help you shop for various commercial insurance products depending on your requirements, and find you the best rates available from over 12 insurance companies serving clients in Scarborough. Just fill out this form to get started today.

What type of insurance do I need for my business in Scarborough?

The type of commercial insurance products you need depend on various factors: the industry you’re in and its regulations, the products and services you sell, the types of operations you have, whether you have any equipment, and more.

For example, accountants and consultants can benefit from professional liability insurance to protect themselves against claims of errors in your work. Uber drivers and companies that employ commercial vehicles require commercial auto insurance policies. Retail and department stores should consider product liability insurance to protect against damages from defective products.

What is the average cost for commercial insurance?

Commercial insurance is generally more expensive than individual insurance products since the claims are more expensive. There are many factors that come into play: the size of your business, the industry you’re in, industry regulations, types of products and services you provide, amount of revenue you generate, equipment you use, how much insurance coverage you purchase, if you employ commercial fleets, etc.

It also depends on the type of coverage of commercial insurance you purchase. Getting accurate commercial insurance quotes depend on the variables you input when using a commercial insurance broker or contacting different insurance companies.