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  • Get the proper coverage for long-term success
  • Have peace of mind while focusing on your business
Complete the form or call 1-800-463-8074 to speak with a licensed broker about Business Insurance today.

Commercial Insurance Ontario Business Owners Can Count On

Business insurance is one of the most important investments you can make for your company, no matter its size. With access to dozens of leading business insurance providers in Canada, our experienced Ontario commercial insurance brokers take the time to shop around for the right business insurance. Ontario business owners reap the benefits by saving money and protecting their financial investment with the necessary insurance coverage. Our professional team also knows how valuable your time can be as a business owner, so we provide you with a competitive business insurance quote as quickly as possible.

When it comes to options and products for commercial insurance, Ontario residents can expect the following and much more from Morison Insurance:

Small Business Insurance Experts

We don't just offer coverage to big businesses; we also help small companies find the right business insurance solutions. Ontario brokers at Morison Insurance care about the success of your business, no matter its size! Whether you employ 100 people or one, we want to cover your business adequately and give you the peace of mind that you're protected. We can find you competitive business insurance options for your small business in Ontario. We can also combine your commercial auto insurance and business contents coverage and provide you with a bundled business insurance quote, leaving you to get on with business—minus the worry.

What Is Ontario Commercial Insurance?

If you own a business of any type or description, it's important to understand commercial insurance. Ontario business insurance is a type of coverage that protects businesses from a range of insured losses that may occur throughout the duration of normal business operations. There are a range of different coverages available, depending on your business insurance provider. However, most business insurance policies include a commercial property insurance policy and a general liability insurance policy at a bare minimum. The former protects your physical space and its contents from perils such as theft or a fire. The latter protects you from being sued if a third party alleges bodily injury occurred on your premises or their property was damaged because of your business operations.

Who Needs Business Insurance in Ontario?

Ontario business owners should understand that it is critical for their company's long-term survival when considering business insurance. Regardless of the size of your business or the industry you belong to, this type of coverage covers financial costs associated with unforeseen events that could otherwise be financially crippling without commercial insurance. Ontario business owners or service providers who wind up in a lawsuit, for instance, because they're accused of professional negligence or misconduct, could face serious legal fees, defence costs and more. Alternatively, if your tools break down because of internal circumstances, replacing them can be a substantial financial burden. This can put your company in the red. But if you have the proper coverage, you don't have to worry about these types of costs.

Why Get Business Insurance In Ontario?

You are not legally obligated to have business insurance. Ontario small business owners sometimes choose to skip out on this crucial step as a result, thinking it will save them a bit of money while they get their business off the ground. But in fact, the opposite is true. If something goes wrong—a fire breaks out at your shop, or you're sued because of a problem with your product—then you're actually paying a lot more for damages out-of-pocket than if you had invested in a business insurance policy.

Not to mention, Ontario commercial insurance is relatively affordable. While the cost varies depending on your business's size, scale and type, some companies offer plans starting from $650.

What Are My Coverage Options?

No matter your niche or type of business, our business insurance brokers have the right types of business insurance to suit your needs. Ontario residents can rely on our experienced brokers to help them get the coverage they need all year round if they need affordable business insurance. That way, it's there when you need it—and even when you don't—because when it comes to commercial insurance, Ontario policyholders never know when they might need it the most! We offer business owners a wide range of commercial coverage options, including the following potential components of business insurance. Ontario business owners can contact Morison Insurance today to get the right answers to their business insurance questions.

Commercial General Liability Insurance

This is one of the most essential coverage types that business owners should consider adding to their policy for business insurance. Ontario commercial general liability insurance is vital to protecting you from two perils: third-party bodily injury or property damage. For instance, say a client walks up to your storefront and slips on ice directly outside your door. They fall and get injured. They could sue you for third-party bodily injury. Alternatively, say you are an interior designer working in a client's home. While working on the house, a priceless piece of art is damaged. Again, you could be found liable for the damage. These legal and settlement costs can be a real strain on entrepreneurs who need the right commercial insurance. Ontario residents with questions about commercial general liability or business insurance quotes can speak with one of our Ontario business insurance experts.

Commercial Automobile And Fleet Protection

This type of business insurance is only sometimes included in a basic insurance policy, but it is essential for anyone who uses a commercial vehicle at work. You may transport tools using your truck, or you may own a fleet of vehicles that are essential to your business operations. You must have the right commercial auto insurance coverage. Often, small business owners who use a personal vehicle for company use need to realize that if something happens during the course of normal business operations, they are not covered under a typical personal automobile insurance policy. This is because the use of the vehicle has changed. So, you must ensure you have a commercial auto insurance policy.

Fleet insurance is beneficial for business owners who have multiple company vehicles. It helps make your business insurance more effective because your vehicles and drivers are rated as a group rather than individually.

Commercial Property Insurance

Commercial property insurance is essential for business owners because it protects the building and/or its contents from various perils, including fire, natural disasters, vandalism and theft. There are many benefits to having commercial property coverage as part of your business insurance. Ontario policyholders will typically be able to recoup repair costs and/or replacements—up to the policy's limits. This can help you save significantly. More than one enterprise has gone out of business because it suffered a significant loss and could not recover financially. Contact Morison Insurance today to get answers to your Ontario business insurance questions.

Professional Liability Insurance

Also known as errors and omissions insurance, professional liability insurance protects your business from lawsuits alleging that a client or third party lost money because of something you did or did not do. Usually, these suits allege misconduct, poor professional advice, negligence, failure to deliver goods as promised or reneging on a contract. Lawsuits are painfully expensive and stressful. Facing one on your own can be exceptionally costly, both financially and emotionally, without the support of the right commercial insurance. Ontario business owners who invest in a business insurance policy can get the protection they need to avoid long, drawn-out and financially taxing lawsuits.

Business Interruption Coverage

If your company experiences a loss that inhibits your usual operations, having business interruption coverage on your business insurance is very useful. Ontario policyholders with this type of coverage can get help to stay afloat financially while unable to run their business as usual. While different Ontario commercial insurance companies offer different policies, business interruption insurance can help cover rent, utilities and payroll expenses.

Product Liability Insurance

Do you sell products or parts that manufacture products? Then, you should have product liability insurance. This coverage helps protect you from lawsuits alleging a third party experienced damages because of your product. An example of this could be if you make beauty products and a client has an allergic reaction to an ingredient you forgot to disclose. Or, if you sell parts that are eventually used to manufacture another item—like a car or computer—and there is a problem with the features you manufacture, resulting in issues with the final product, you could end up in severe legal and financial trouble. But with product liability coverage on their commercial insurance, Ontario business owners are financially protected from paying out-of-pocket for legal costs and fees.

Farm Business Insurance

Farmers typically have particular needs for their personal and business insurance. Ontario brokers at Morison Insurance understand these needs and can help you find the best coverage possible. Farm insurance protects a farm's assets, including farm buildings, machinery and equipment, livestock, produce and more. It's important to note that a farm policy includes homeowners insurance.

Equipment Breakdown Protection

You should invest in equipment breakdown insurance to support your business. This business insurance coverage protects your equipment from sudden and accidental damage that occurs because of an internal issue. It's essential to be aware that equipment breakdown insurance does not cover damage that occurs from general wear and tear or poor maintenance. It's meant to replace your tools and equipment cost should they malfunction.

Cyber Liability Coverage

Do you have a customer database, handle confidential personal information or deal with private financial information? Commercial cyber insurance is essential if any valuable information is stored in your computer systems. Ontario business owners could land in serious trouble if a hacker stole all that confidential client information. You could be sued, and the hacker might hold that information for ransom and try to extort you. With cyber liability coverage as part of their commercial insurance, Ontario business owners are financially protected from cyber risks.

Pollution Liability Insurance

Suppose you work with materials that have the potential to cause a polluting event. In that case, whether it's slow damage over time or a sudden occurrence, it's highly recommended that you include environmental or pollution liability coverage with your commercial insurance. Ontario business owners often don't realize that the materials they interact with regularly have the potential to cause environmental pollution. Still, it's essential to understand that even something that seems benign, like gravel or food products, could result in pollution if they end up in the wrong place in a large quantity. Not to mention that most business properties and operations use at least some toxic substances, even if they're just refrigerant in a commercial air conditioning system. Suppose your business is found liable for causing environmental pollution. In that case, you can be forced to pay steep fines along with litigation costs; pollution liability insurance can help. 

Party Alcohol Liability Insurance

Most companies will occasionally host a party for their employees around the holiday season or for a big milestone that the business has passed, and it's common for alcohol to be a part of those events. There's nothing wrong with that, and it can foster good morale and camaraderie among all levels of the business. Still, it exposes the company to liability issues that can be addressed with party alcohol liability coverage. Suppose the company has a lawsuit brought against them that is related to something that occurred at the party by someone under the influence of alcohol. In that case, this type of commercial insurance in Ontario protects you against the cost of litigation and may cover other expenses such as property damage restoration.

Directors and Officers Insurance

This business insurance is a type of liability coverage that is designed to protect members of your board of directors against allegations of wrongful acts such as alleged or actual errors, omissions, neglect of duty, and misleading statements. Also known as directors & officers insurance, it provides funds for the legal defence of the board itself or individual members should they be required to defend themselves in court against such allegations. It applies to the board members of both for-profit and non-profit boards. Generally, it doesn't apply to situations related to criminal acts, breach of fiduciary duties, or employment discrimination issues, among other exclusions. If your company has a board of directors, including directors and officers, Directors & Officers Liability insurance in Ontario is worth considering.

Is General Liability Insurance For My Ontario Business Enough To Cover Me?

Usually, more than a general liability policy is required to cover your Ontario business because it only covers third-party bodily injury and property damage. There are many other risks that business owners are exposed to, including a fire breaking out in their place of business, lawsuits alleging financial damages due to negligence, financial losses because of equipment breaking down and more. You have invested a lot into your business. You should be able to sleep at night knowing you're protected from the worst-case scenario with the right commercial insurance. Ontario business owners should always make sure they work with a qualified business insurance broker, such as the team at Morison Insurance, to find coverage and expert advice for their specific business insurance needs.

How Much Ontario Commercial Insurance Do I Need?

How much coverage you need depends on your business size, the nature of your operations,  and how much protection you feel comfortable with. The more coverage you have, the better prepared you'll be for unforeseen risks. When it comes to determining the necessary coverage limits for business insurance, Ontario business owners should start by speaking with a qualified broker such as the ones at Morison Insurance. We'll work with you to establish your needs and demonstrate the different coverage options that are available to you. The choice is ultimately yours. Our job is to provide you with as much information as possible so that you can make an educated decision about your business insurance.

Does Business Insurance Cover Personal Use?

Typically, business insurance does not cover personal use. This means that you can't replace home insurance with commercial insurance. Ontario residents who operate their business from home still need a home-based business insurance policy to protect their property, inventory and more. Even your personal vehicle needs a commercial auto insurance policy if you're using it for work-related purposes. Knowing where the line is drawn can be confusing, so we suggest you speak with one of the experienced brokers at Morison Insurance to learn more and to begin a business insurance quote.

Do I Need Business Insurance If I Work From Home?

No. With more and more Canadians working from home, many wonder if they need business insurance. Ontario residents do not need commercial insurance in Ontario if they are company employees and complete their work in their own homes, as the company they work for is the party that needs the right commercial insurance. Ontario professionals only need business insurance if a business is registered to their home as the sole business location. In this case, you should get a home-based business insurance policy. If your company simply offers the opportunity to work from home, you do not need additional coverage.

Looking To Get The Right Commercial Insurance, Ontario?

Get your business covered with our affordable options for business insurance. Ontario brokers at Morison Insurance can offer you a competitive business insurance quote quicker than you may think! Give us a call today at 1-800-463-8074 or fill out the form on this page to get started with Ontario commercial insurance tailored to your needs. You'll be happy you did!

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