Business Insurance

Key Types of

Business Insurance in Ontario

General Liability Insurance

Protects your business from claims of bodily injury, property damage, and advertising injury to third parties. This is often considered the most crucial type of business insurance.  

Commercial Property Insurance

Covers your business property, including buildings, equipment, inventory, and other assets, against various perils like fire, theft, vandalism, and natural disasters.  

Business Interruption Insuranc

Provides financial protection if your business operations are disrupted due to a covered event (e.g., fire, flood), covering lost income and ongoing expenses.  

Professional Liability Insurance (E&O)

Protects professionals (like doctors, lawyers, consultants) from claims of negligence or errors in their services.

Product Liability Insurance

Protects businesses that manufacture or sell products from claims of injury or damage caused by their products.  

Cyber Liability Insurance

Protects businesses from cyber threats like data breaches, hacking, and ransomware attacks.  

Employment Practices Liability Insurance (EPLI)

Protects businesses from claims related to employment issues, such as discrimination, harassment, and wrongful termination.  

Commercial Auto Insuranc

Covers vehicles used for business purposes.

Factors Affecting

Business Insurance Rates

Industry

Businesses in higher-risk industries (e.g., construction, manufacturing) generally pay higher premiums.

Business Size and Revenue

Larger businesses with higher revenues typically pay more for insurance.  

Location

Businesses in high-risk areas (e.g., areas with high crime rates) may face higher premiums.  

Claims History

Past claims can significantly increase your insurance rates.  

Safety Measures

Implementing safety measures (e.g., security systems, employee training) can help reduce premiums.

Tips for

Saving on Business Insurance

  • Shop Around and Compare Quotes: Get quotes from multiple insurers to find the best rates.
  • Bundle Policies: Combining multiple policies (e.g., property and liability) with the same insurer can often result in discounts.  
  • Improve Your Business’s Safety Record: Implement safety measures to reduce the risk of accidents and claims.
  • Maintain Good Credit: Good credit can sometimes qualify you for lower premiums.  
  • Consider Increasing Your Deductibles: Higher deductibles generally result in lower premiums.
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