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Ottawa Business Insurance

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Business Insurance In Ottawa

Every business owner knows how exciting, liberating, challenging and risky it is to start your own company. You get all the freedom of choosing how the company is run, which means you get to make the hours, choose what the rules are, and decide what the company does in the first place.

However, you give up the safety net of not having to be the one who has to pay when things go south. Even worse, you must pay a lot out of pocket if the company faces legal action or if the equipment gets damaged. Since many of these costs can single-handedly destroy a business, putting you in a position to start over, you're probably wondering if there's a way to mitigate that risk. Luckily, our Ottawa insurance brokers can help you with Ottawa business insurance.

What Is Ottawa Business Insurance?

Ottawa business insurance protects your business from devastating financial losses that could cripple or end it entirely. If, for example, the building your office is in catches fire, causing property damage, your company vehicle is heavily damaged in a collision, or some of your most expensive specialist equipment is stolen or damaged and needs to be replaced, you could wind up having to pay thousands of dollars out of pocket if you are uninsured. Paying so much money is a real setback for any company and could end a smaller business entirely. However, an Ottawa business insurance policy can cover you in these cases and many more, ensuring you can rest easy and focus on growing your dream business.

Which Types Of Businesses Need Ottawa Business Insurance?

Every business in the city should be protected by Ottawa business insurance. All companies in Ottawa, Ontario are vulnerable to something going wrong, and they must protect themselves. Whether from lawsuits or simple accidents, there is a long list of ways your business could be on the hook for a large amount of money, which will at least cause major hardship. Ottawa business insurance is your best defence against being blindsided by such a catastrophe. 

Does Ottawa Business Insurance Cover Both Large And Small Businesses?

Yes. Ottawa business insurance covers both small and large businesses, as well as everything in between. Anything from a side hustle consulting job that demands just a handful of hours a week to a large corporation with multiple franchises can use the protection provided by Ottawa business insurance. Speak to a broker to learn how your business could benefit from this type of coverage.

Ottawa Business Insurance Coverage Options

Ottawa business insurance is designed to protect your business from many unexpected expenses. Every company is different, meaning each commercial insurance policy will be different. Our Ottawa business insurance brokers will work with you to create the possible insurance plan based on the type of business you run, the risks your business is exposed to, and your company's needs. We will find the best insurance coverage and insurance provider for your needs.

Commercial General Liability Insurance

Commercial general liability insurance protects your business from a wide variety of legal fees and claims that all businesses are vulnerable to. This could include things such as having to pay court fees and charges to a client who suffers bodily harm after suffering a slip and fall on your premises or a third party who suffers property damage from some of your equipment, among many other common legal costs.

Commercial Automobile And Fleet Insurance

You might think that personal car insurance will protect your work vehicle against damages and liabilities. While this might be true in some cases, it is only sometimes accurate. Suppose you have a work-specific vehicle for moving around equipment and employees or performing a specialized function. In that case, you may require commercial auto insurance or fleet insurance if something happens to your company vehicle. Speak with your commercial insurance broker to find out if you require specialized commercial vehicle insurance.

Commercial Property Insurance

Just as your company vehicle will likely require specialized insurance, your business office or headquarters will almost certainly need commercial property insurance to protect you from unexpected expenses. There are plenty of things that can do severe damage to a commercial building. These include a fire, a natural disaster, a robbery and more. Commercial property insurance will financially protect you against these terrifying scenarios, ensuring that your business will not be financially destroyed by a single incident.

Professional Liability Insurance

Professional liability insurance protects your business from clients suing for mistakes made by yourself or your employees. At the same time, you may think that you and your employees wouldn't have huge oversights, but it's important to note that even small mistakes could snowball into a large lawsuit. This could include situations like a financial planner giving advice that lead to heavy losses for a customer, a personal trainer giving a client poor instructions that result in injury, or an engineer who creates a poorly functioning machine that causes bodily injury to its operator.

Business Interruption Insurance

There are many reasons a business may have to shut down temporarily. This includes damage to the property, making it unusable, and more. Business interruption insurance covers many of your expenses, including rent for the building and employee wages that you will still be required to pay while your business cannot operate.

Product Liability Insurance

Product liability coverage ensures that your company is safe in the case of one of your products or parts causing damage. This generally includes lawsuits dealing with a customer being hurt by using your product in ways that could have been prevented with warning labels. It also protects you if a part that you sell causes a manufacturer's product to fail.

Equipment Breakdown Insurance

Equipment breakdown insurance protects you in case a tool, machinery or other complex piece of equipment you are using breaks down due to mechanical problems, usually caused by internal means. This includes mechanical failure due to the manufacturer's fault, as well as problems like a power overload caused by third parties. Please note, however, that it does not cover problems caused by general wear and tear or user error.

Cyber Liability Insurance

An emerging problem in business is vulnerability to cybercrime, as highly confidential information is often stored in online databases. Although business owners who understand these risks tend to be cautious enough to place as many layers of protection as possible, it's always possible for this information to get somehow released. If your clients' confidential information gets out there, you could be in real hot water. Cyber insurance would offer protection if this dreaded situation were to occur.

Additional Coverages For Ottawa Business Insurance

The above forms of Ottawa business insurance will certainly provide you with plenty of protection, but they won't cover everything. Below are some additional optional add-ons that could give you extra coverage if you require it. Speak to a broker, and they will let you know if any of these optional types of insurance are recommended for you.

Does Business Insurance Ottawa Cover Personal Use?

Ottawa business insurance does not cover personal use. If you have a home office, the odds are that the aspects used for your business will be covered by business insurance, while those used purely for personal reasons will be covered by home insurance. Similarly, with auto insurance, it is possible that if you use your private vehicle for business purposes, it will need coverage for a vehicle being used for personal and commercial purposes.

Is Business Insurance Ottawa Necessary For Home-Based Businesses?

Yes, a home-based business does require Ottawa business insurance. Although those employed by someone else and working from home don't require special insurance, you need Ottawa business insurance to ensure you are fully protected if you run a registered business in your name. We recommend that you speak with a broker to get an understanding of your insurance needs. 

Is General Liability Insurance Enough To Cover My Ottawa Business?

It depends. General liability coverage will grant you a certain level of protection from many threats, most of which deal with legal responsibilities and vulnerabilities. However, there are many situations in which it won't cover you. Although it may provide adequate protection against slips and falls and other similar accidents, it won't reimburse you if your property gets damaged or if your vehicle is involved in an accident.

There are also many legal cases in which it won't protect you, such as if you give a client advice that causes them disproportionate amounts of undue harm, as that would instead require professional liability insurance.

If you are curious as to which protections provided by Ottawa business insurance you require for your business and which ones you don't, it's best to speak with your Ottawa Insurance broker and let their expertise guide you to make the best decision for you and your company.

How Are The Costs Of Ottawa Business Insurance Premiums Calculated?

Ottawa business insurance costs vary based on the specifics of each situation. There are many factors involved in determining a fair rate. These factors include the following, but please note that this is not an exhaustive list:

  • Risks faced by the particular type of business
  • The claims history of the business and its owner
  • Location of the business within Ottawa
  • The size of the business
  • Desired level of coverage
  • Annual revenue of the business
  • Safety standards and other preventative measures are taken by the business
  • Experience of the business owner within their field

Can A Broker Help Me With Ottawa Business Insurance?

Yes, a broker can help you navigate the complexities of Ottawa business insurance. An experienced broker will understand the specific needs of your business and will guide you while also shopping around with multiple insurance companies to find you the right coverage.

Where to Get An Ottawa Business Insurance Quote?

Getting the right Ottawa business insurance is important. For this reason, you must ensure that you're in good hands. You will be given great coverage if you partner with Morison Insurance Brokers. We are a family-owned business, and we treat all of our clients like an extension of that family. Our friendly brokers know their stuff and will do their best to give you an insurance deal that is suited to your needs. Call us today at 1-800-463-807 or fill out the form on this page to get started.


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.

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