Hamilton Business Insurance

Commercial Insurance Hamilton Business Owners Can Trust

Commercial insurance is one of the most important investments you can make for your company, no matter its size. With access to dozens of leading insurance providers in Canada, our experienced Hamilton Insurance Brokers take the time to shop around for the right business and commercial insurance coverage to suit your business, allowing you to save. Our professional team also knows how valuable your time can be as a business owner, so we provide you with a competitive quote as quickly as possible.

Small Business Insurance Experts

We don't just offer insurance to big businesses; we help small companies too. Your business matters to us at Morison Insurance, no matter its size! Whether you employ 100 people or one, we want to ensure your business is covered correctly. We can find you competitive business insurance options for your small business in Hamilton to ensure your company is completely covered. We can also provide you with an additional bundle quote that takes care of your commercial auto insurance and business contents insurance, leaving you to get on with business without worry.

Hamilton Business Insurance Coverage Options

We offer Hamilton business owners a full range of commercial insurance options. No matter your niche or business type, we have the right Hamilton business insurance to suit you. We offer affordable business insurance coverage for Hamilton business owners. We can help you get the coverage you need for when you need it the most—because when it comes to commercial insurance for your Hamilton business, you never know when you might need it the most!

There's a wide variety of potential coverage types that you may need for your specific Hamilton business insurance policy. Every business is different, so your commercial insurance package can be designed to reflect your business's unique needs and risk exposures. That ranges from basic types of property and liability coverage, such as commercial property insurance and commercial general liability (CGL) insurance, to more specialized coverages that may be necessary depending on factors such as the type of business you operate and how you operate your business.

Commercial General Liability Insurance

Commercial general liability coverage is necessary for every business, regardless of its products or services. It is designed to protect you from financial losses of a third-party liability claim due to you or your employees being accused of causing third-party bodily injury or third-party property damage.

A typical example of a commercial general liability claim is if a customer or client visited your commercial property and tripped over something or slipped on a wet floor and injured themselves. But it can also apply to property damage scenarios, such as a contractor accidentally destroying a piece of artwork in a client's home or a server spilling red wine on a designer outfit. In those types of situations, the aggrieved third party could choose to sue. A business owner with commercial general liability provides protection.

Commercial Automobile and Fleet Insurance

There needs to be clarity about who needs commercial auto insurance and for which vehicles. Suppose you have specialized company vehicles that exist for a specific commercial function, such as a cement truck or some other type of utility vehicle. In that case, you already know that it needs to be covered by commercial vehicles and fleet insurance to be legally driven in Ontario. But many people use their personal vehicles for business purposes, and that's where it can sometimes get confusing.

If you use your personal vehicle for a business reason one time, your personal auto insurance will still cover you. But suppose you regularly use your personal car or truck for commercial reasons, such as delivering a product you manufacture to retailers or transporting a work crew and their tools or equipment between job sites. A personally rated auto insurance policy does not cover that usage in these cases. It's necessary to have commercial coverage when the vehicle is being used for business purposes. Contact your Hamilton Insurance Broker to discuss commercial auto insurance.

Commercial Property Insurance

Basic commercial insurance policies almost always include some form of commercial property insurance coverage. Most businesses operate out of a commercial location that is designed to accommodate their business operations. If it was suddenly rendered unusable, the business would be forced to find a new location or restore the old one before it could continue producing goods or providing services. At the same time, the costs of restoration, not to mention repair and replacement of essential equipment, tools or items, can be very high, and most business owners couldn't absorb those expenses without experiencing severe financial setbacks.

That's where commercial property insurance comes in. If your business property or its contents are lost, damaged or destroyed due to insured perils such as fire, theft or vandalism, the commercial property coverage on your Hamilton business insurance policy can help you get back to work as soon as possible.

Professional Liability Insurance

Professional Liability Insurance, also known as Errors & Omissions Insurance, is a critical addition to a Hamilton business insurance package for anyone who provides professional advice and recommendations, designs products or solutions, or represents and advocates for the needs of others. That includes medical professionals, consultants, accountants, designers, engineers, architects, financial planners and many other professions. Professional Liability insurance can offer protection from unexpected expenses that arise when a policyholder is sued for negligence, bad advice, failure to deliver promised services, breach of contract, conflicts of interest or wrongful business practices. It covers associated lawsuit costs and settlement costs, should you be found liable, up to the limits on your Hamilton business insurance policy.

Business Interruption Insurance

If your commercial property is damaged, the restoration process will take some time. Depending on how extensive the damage is, it could be several months before the property can be restored to a condition that will allow you to use it for business purposes again. Commercial property coverage on your Hamilton business insurance policy will afford you the insurance compensation necessary to deal with the cost of restoration and replacement. However, you'll still have to deal with the fact that you'll suffer loss of income when your business is unable to operate.

Even though you cannot bring in revenue during that time, that doesn't mean you can stop paying for large expenses such as your lease payments or employee payroll. The best way to deal with the unexpected cost of business interruptions is to ensure you have business interruption coverage on your Hamilton business insurance policy. Business Interruption insurance will afford you the financial help necessary to recover from your loss of income and manage other expenses, such as operational costs and employee wages, so you're able to get back on your feet quickly and get revenue rolling in again. Keep in mind that this type of coverage does not usually apply to government-mandated closures for infectious disease control.  

Additional Coverages for Hamilton Business Insurance

• Cyber Risk Insurance
• Event Insurance
• Directors and Officers Insurance
• Environmental Pollution Liability Insurance
• Legal Expense Insurance
• Excess Liability Insurance
• Cargo Insurance
• Product Recall Insurance
• Installation Floater
• Builders Risk Insurance
• Equipment Breakdown Insurance

Which Types of Businesses Need Hamilton Business Insurance?

The short answer is all of them. If you're operating a business in Hamilton, Ontario, ensuring you have the right commercial insurance is crucial. Hamilton business owners will need different types of coverage depending on their type of business and numerous other factors. Still, every business needs protection against financial loss that is afforded by a robust Hamilton business insurance package that includes both property and liability coverage.

Is Hamilton Business Insurance Necessary for Home-Based Businesses?

Yes, it is. Many assume that they don't need commercial insurance if they run their business from home, whether they're a consultant, an artisan or any other type of professional. Hamilton insurance experts and business professionals will tell you unequivocally that's not the case. Home-based businesses are exposed to many or most of the same liability concerns as businesses that are based out of a commercial property location, so the right liability coverage is a must-have for home-based business insurance. 

Property insurance is also necessary for home-based businesses. Many business owners assume that since they are working out of their home and their home is covered by homeowners insurance, there's nothing to worry about. The reality is, if your business equipment is damaged or destroyed, or even a part of your home that you've dedicated to business purposes suffers damage in a fire, natural disaster or other types of insured peril, the cost of repair, replacement and restoration will likely not be covered by your home insurance policy.

How Are the Costs of Hamilton Business Insurance Premiums Calculated?

Most business owners want to know upfront how much Hamilton business insurance costs, and that's understandable—but it's impossible to give an accurate quote without knowing much more about your particular business and your risk exposures. Many variables can affect the cost of your insurance premiums. When you apply for Ontario store insurance, the insurance provider completes a risk assessment to determine which risks are most likely to occur to your business. Based on that assessment, they choose how they will provide you with a store insurance quote. Some of the factors that go into determining business insurance premiums they evaluate are:

• Business location
• Necessary or desired coverage limits
• Building details and configuration
• Type of services or products offered
• Number of employees
• Annual revenue
• Business practices
• Safety standards and practices in place
• Level of experience with operating this type of business
• Insurance claims history

Looking To Get The Right Hamilton Business Insurance?

Get your business covered with our affordable Hamilton business insurance options. We can offer you a competitive business insurance quote quicker than you may think! Call us today at 1-800-463-807 or fill out the form on this page to get started. You'll be happy you did!

This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.