Third-party bodily injury or property damage; legal defence, medical bills, settlements. Examples: client slips on ice at storefront; art damaged during interior design work.
Building and contents; fire, natural disasters, vandalism, theft; recoup repair/replacement costs up to policy limits.
Also known as E&O; protects from lawsuits alleging client lost money due to negligence, poor advice, failure to deliver, breach of contract.
Replaces lost income during covered shutdown; covers rent, utilities, payroll.
Protects from lawsuits alleging third-party damages caused by product (e.g., undisclosed ingredient causing allergic reaction; defective part in manufactured product).
Commercial vehicle liability, collision, comprehensive; fleet policies cover bulk vehicles; personal auto does not cover commercial use.
Sudden and accidental damage from internal breakdown (not wear and tear); covers computers, production machinery.
Protection against hacker theft of customer/financial data; ransomware; data breach costs.
For businesses using materials that could cause environmental pollution; covers fines and litigation costs.
Liability for board members against allegations of wrongful acts, errors, omissions, misleading statements.
Protects from personal defamation/slander; covers legal fees to clear reputational damage.
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What Is Ontario 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 that their property was damaged because of your business operations.
Who Needs Business Insurance in Ontario?
Some common professions that require the protection of business insurance include:
Do I need Business Insurance?
In Ontario, you are not legally obligated to have business insurance. Ontario business owners sometimes skip out on this important coverage, thinking it will save some money while getting a 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 paying a lot more for damages out-of-pocket than if you had invested in a business insurance policy. Your hard-earned money goes into your business, so it makes sense to ensure it is properly protected.
Is General Liability Insurance For My Ontario Business Enough To Cover Me?
No, usually a general liability policy will not be enough 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 in Ontario. You should always make sure to work with a qualified business insurance broker, such as the team at Morison Insurance, to find coverage that best suits your specific business insurance needs.
How Much Ontario Commercial Insurance Do I Need?
How much coverage you need depends on the size and nature of your business and how much protection you feel comfortable with. The more coverage you have, the better prepared you'll be from 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. If you operate your business from home, you need a home-based business insurance policy to protect your 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 that you speak with one of the experienced brokers at Morison Insurance to learn more.
Do I Need Business Insurance If I Work From Home?
Ontario residents do not need commercial insurance in Ontario if they are employees of a company and simply complete their work in their own home, as the company they work for is the party that needs the right commercial insurance. However, Ontario professionals need business insurance if they have a business registered to their home as the sole business location. In this case, you should look into getting a home-based business insurance policy. If your company simply offers the opportunity to work from home, you do not need additional coverage.
