Do You Need Small Business Insurance?

Helping You Get The Right Small Business Insurance

Running a business is often not easy. There is so much to think about and so much to do… always. So many risks to manage. So much dedication and work required. It’s a constant 24/7 commitment.

However, while the concerns and challenges of running a small business can be many, the rewards can be pretty terrific too. A small business owner is like a gardener: With time, careful cultivation and grit, the garden can flourish. There can be personal rewards realized while running your own business. There can also be financial rewards for you, the people you employ and the community in which you operate. There are also substantial rewards realized well beyond our more familiar neighborhoods. The province of Ontario and Canada also ‘win’ when small- and medium-sized businesses thrive.

Our small business insurance provides a wide swath of information about operating a business in Ontario, with special focus on getting the right business insurance to make sure your enterprise is properly protected. In business insurance alone, there is plenty to think about: Are you covered for commercial liabilities, business interruption mishaps, professional liabilities, errors and omissions, cyber-attacks and other risks? Our brokers know the ins and outs of small business insurance and we are here to help. Your business insurance protection is our focus.

How Important Are Small And Medium Sized Businesses?

Small and medium sized businesses in Ontario and Canada are BIG business.  In fact, small and medium sized businesses are the bedrock of Ontario and Canada’s economies. The vast majority of all of Canada’s businesses employ fewer than 500 people, making small and medium sized businesses THE engine that drives our economy.  These companies employ thousands of people and contribute to economic well-being in communities large and small across Ontario and all of Canada.

In Ontario there are 400,000 small businesses, reports the Ontario Chamber of Commerce, an organization that represents businesses and their operators across the province. Small businesses make up 98% of all of the province’s businesses, employ more than 3 million Ontario residents and account for 30% of the province’s gross domestic product, says the chamber.

According to a 2017 Future of Business survey, which is a partnership of The World Bank, Facebook and the Organization for Economic Co-operation and Development, major challenges facing Canadian businesses included increasing revenue and getting more customers, staying profitable, attracting and keeping high-quality employees, financing expansions and developing new products or services.

The Ontario Chamber of Commerce recently identified three main challenges for Ontario’s small business owners: Access to talent, a need for government investment in infrastructure and increased costs of doing business.

But it’s certainly not all gloom and doom. There are many supports and services available to help business owners. The Ontario government provides many online resources which contain a lot of information and acts as a gateway to finding out more about what is available in Ontario to assist business owners.  Another helpful government site is operated by the federal government  where they provide support and connections business owners to useful information including a good list of Canadian business support groups.

Why Do You Need Small Business Insurance?

When there are so many things to keep in mind while running your own company, business owners may ask why insurance is important. In a nugget, the right insurance can protect you from risks big and small that small businesses and their owners face each and every day. Protection can come in the form of insurance coverages such as liability insurance, cyber breach insurance, key employee insurance, business interruption insurance and more. Here is the key point: You should get the right insurance to meet your needs at the most competitive price. And here’s the important take away: Not having of the right business insurance could put your enterprise at serious risk. It could even put you out of business.

The insurance needs of businesses vary greatly from entity to entity. One business may need more liability insurance or cyber insurance than another. Another business may need greater protection for its assets, such as equipment, vehicles, inventory and other items.

It’s critical that you speak to an expert business insurance broker. Insurance Brokers will take the time to find out about your business and to get you the right insurance. Brokers have the ability to shop for your small business insurance from Canada's leading insurance companies and provide you with multiple quotes.

Types Of Small Business Insurance To Consider

Ontario Business Property Insurance

Business Property Insurance, also known as Commercial Property Insurance, protects physical assets of your business. Think equipment, buildings, building contents and inventory.  It provides protection from fire, theft, vandalism, water damage, storms and explosions.

Ontario Commercial General Liability Insurance

Commercial General Liability Insurance protects a business from liability risks such as claims involving bodily injury and property damage to third parties. This type of insurance varies for different businesses and covers general liability risks.  Claims involving liability can seriously impact a business financially.   Ontario Commercial General Liability Insurance is good business insurance coverage to make sure you, as a small business owner, have in place.

Ontario Professional Liability Insurance

Do you give advice to others during the course of running your business? Do you make recommendations, represent others, advise on solutions to problems? Professional Liability Insurance covers professionals such as consultants, lawyers, medical professionals architects, financial planners and others.  It is good to have this type of insurance in case someone claims that you have done something wrong and asserts that the alleged error hurt them financially.

Ontario Construction and Contractors’ Insurance

Construction and Contractors’ Insurance combines several coverages to protect construction companies and contracting companies.  Our team of business insurance brokers can make sure have coverage for your equipment, vehicles, materials at job sites, business interruption and other risks. We will also help you get liability coverage.

Ontario Cyber Insurance

Cyber Insurance is getting a lot of buzz these days, and for good reasons. As the use of technology steadily increases by everyone, the risk of computer hacking, cyber breaches and cyber-attacks continues to escalate. In fact, reports on cyber breaches are in the news almost daily. We are all vulnerable, but as a business owner you may face additional risks. Our business insurance brokers will work with you to ensure you have coverage in case of cyber problems such as cyber privacy breaches.  Additionally, if you are doing business online, e-commerce, or maintain customer records electronically, you should have cyber insurance.

Ontario Manufacturers’ Insurance

If your business is involved in manufacturing, you know that the responsibility for products does not end after an item has been sold. Liability for a product can extend into the use of the product.  Liability coverage is advised and we can help with this.  Further, we are pleased to provide Manufacturers’ Errors and Omissions Liability coverage that is tailored to specific industries.

Ontario Business Interruption Insurance

What if you go to work one morning to find your business premises flooded? There is extensive and expensive damage, and you know you will have to close the business until repairs are done. Or, what if a key piece of equipment breaks down at your business and you can’t operate without it working? A major cyber breach could also means closing your doors until the problem is addressed. It is in these kinds of instances that Business Interruption Insurance can be very, very good to have.  Business Interruption Insurance will cover expenses such as loss of income, earnings or profit during the time when repairs are being completed. You may also obtain protection from financial demands – such as lease payments - that continue during the period when your business is not operating.

Ontario Commercial Fleet and Auto Insurance

Commercial Auto Insurance is coverage for your business vehicles – cars, trucks, fleets of vehicles - and protects them from liability and physical damage. This coverage is useful for business owners whether they run a farming operation or a trucking business, a construction business or if you, as a business owner, drive your own car to deliver products to customers.

Ontario Commercial Umbrella Insurance

Commercial Umbrella Insurance, aka Excess Liability Insurance, is akin to heading out into a cold winter day and putting on an extra sweater under your coat to provide additional protection from the frigid outdoors.  Commercial Umbrella Insurance is that extra sweater. That is to say it is extra protection for your business – an extra layer of liability insurance coverage.  This kind of coverage comes in to play if you exceed the limits of your existing policies. For example, if your policy has already paid $1 million in a claim and there is still an outstanding amount to be paid, Commercial Umbrella Insurance can cover an additional amount. This type of insurance can provide extra peace of mind.

Looking For More Small Business Insurance Information?

While the above may seem like a lot of information, and it is, there is much more to business insurance. Information here has been abridged and is not exhaustive. Our business insurance brokers will be pleased to dig deeper into the details when we discuss your business and your insurance needs. We also want you to know that this blog doesn’t constitute nor should it be considered a substitute for speaking to a licensed insurance broker. Your insurance protection is important to us. Let’s get it right. Contact Morison Insurance. We are here to help you.

Our Morison Insurance Commitment To Business Owners

Your business is your livelihood, your passion, your focus. It’s a round-the-clock 365-day-per-year commitment that can yield a fair share of rewards and challenges. We understand this.  Our business insurance brokers have been insuring businesses small, medium and large for more than a century.  We also do institutional insurance and insurance for not-for profit organizations and charitable groups.

Here’s what we don’t know: The intricacies of businesses that we don’t yet insure. Every business is different just as every owner is different. When you contact us for a business insurance quote, you can be assured of the following:

We get to know you and your business

You know your business inside out.  We will ask questions to become familiar with your business. We get to know the risks faced by your business and advise you on business insurance coverages. We will provide expert full-account service, and competitive premiums and terms to ensure your insurance protection. If you are looking for a review of your current commercial insurance policy, we will be pleased to do a review. Maybe coverages need to be changed due to changing needs or operations. Maybe we can save you some money. A review can be promptly arranged by contacting one of our Morison Insurance brokers.

We know every dollar counts

We will focus on delivering value for your insurance spend. We don’t want to waste your time or your money. We will work for you to find the right risk-management insurance at a cost-effective price.

We know business insurance

Our business insurance brokers are well-trained professionals who work for you. They are well educated, licensed to sell insurance and each member of our team takes part in on-going training to ensure they are at the top of their game. We put our expertise to work for you.

We provide you with personal insurance service every day

Every Morison Insurance client gets personal attention. We are at your service by phone, text, email or by visiting one of our nine offices. If your insurance needs change at any time, we are here to help. Contact us and we will be pleased to look after you. If you have a claim, we will help you through the claims process from the time of making a claim to final resolution. If you have a question or you want to reach us for any other insurance reason, we are always available.

We are Ontario’s best insurance broker

Our Morison Insurance brokers are an award-winning team. We work together to provide the best insurance products and service to our customers. We have been named Ontario #1 Broker by the Insurance Brokers Association of Ontario. Our commitments to providing best-in-class insurance and service to every customer are among the accomplishments that resulted in our team winning this provincial award.

Better small business insurance is one phone call, email or text away. Contact Morison Insurance and we can get your business insurance quote started.

This content is written by our Morison Insurance team. All information posted is merely for educational and informational purposes. It is not intended as a substitute for professional advice. Should you decide to act upon any information in this article, you do so at your own risk. While the information on this website has been verified to the best of our abilities, we cannot guarantee that there are no mistakes or errors.

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At Morison Insurance we represent dozens of Canada’s best insurance companies. We will shop to get you the best insurance for your individual needs.
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