Business Insurance Simcoe

Business Insurance Simcoe Business Owners Can Trust 

Simcoe is a beautiful community just a short drive from Lake Erie, surrounded by bountiful farmland. It’s a great place to put down roots and an excellent location to start a business. Whether you already have a business up and running in Simcoe or plan on opening one soon, you need to protect yourself with a robust business insurance package. Simcoe business owners and professionals can rely on the expert Simcoe insurance brokers at Morison Insurance to provide customized coverage. We’ll get you the best coverage for your unique insurance needs, along with expert advice every step of the way. Give our team of brokers a call for comprehensive business insurance solutions at a competitive rate. 

What Is Simcoe Business Insurance? 

As a business owner, you’re already well aware that plenty of risk is involved in running a business. From the possibility that your commercial building could be destroyed by something like a fire to the chance that you could have a lawsuit brought against you for allegedly causing harm to another party, there is lots of opportunity for a disastrous situation that could leave you struggling to deal with unexpected financial setbacks. 

Simcoe business insurance is the best way to protect your business and your assets from financial losses that could occur for various reasons. Business or commercial insurance can be broken down into two general categories: liability coverage, which applies to legal defence and settlement costs if you are sued, and property coverage, which applies to the costs of repairing, replacing and restoring your property and belongings if they are damaged or destroyed by an insured peril. 

In each of those categories, there is a wide range of insurance coverages to consider. Some types, such as commercial general liability, are necessary for almost any business insurance policy, while other types, such as equipment breakdown insurance, are more applicable to certain kinds of businesses than others. No two businesses are exactly alike, so it doesn’t make sense for your commercial insurance to be exactly the same as the next business. Rely on the insurance specialists at Morison Insurance to find proper coverage for your individual needs. 

What Are the Coverage Options for Commercial Insurance in Simcoe? 

There is a wide range of insurance coverage options available for business insurance in Simcoe. Some of the key types of coverage that almost all businesses need include commercial general liability, professional liability, commercial property, equipment breakdown, commercial auto, and farm insurance. There are also a few optional coverages that may be well-suited for your business protection. 

Commercial General Liability (CGL) Insurance

Commercial general liability insurance is designed to protect you from the financial repercussions of being sued for allegedly causing third-party bodily injury or third-party property damage. That means it’s particularly relevant for any customer-facing business, but even businesses that don’t interact with clients or customers still need the protection afforded by CGL insurance, as they still have the potential to be sued by a third party. 

This particular insurance is sometimes called “slip and fall insurance,” for good reason—one of the most common examples is a third party slipping on a wet floor or icy sidewalk and injuring themselves, then choosing to sue the company for third-party bodily injury. In that scenario, you could rely on your commercial general liability to cover expenses such as attorney fees, legal mediation, court fees and settlement costs up to the limits on your Simcoe business insurance policy. 

Professional Liability Insurance 

If you offer professional advice and/or services to your clients, professional liability coverage is a necessary part of your business insurance. Simcoe service providers of all types, ranging from accountants to fitness instructors and beyond, are at risk of being sued for causing harm through bad advice, professional negligence, errors and omissions, misconduct and more. With professional liability insurance as part of your Simcoe business insurance package, you can receive insurance compensation to handle the cost of litigation related to those types of allegations and, should you be found liable in court, professional liability will also cover your settlement costs up to the limits of your policy. 

Commercial Property Insurance 

As a generalized form of property insurance for commercial spaces and contents, commercial property insurance makes you eligible to receive insurance compensation if your building and/or its contents are damaged or destroyed by a natural disaster, fire, theft, vandalism and other perils, depending on how your particular Simcoe business insurance policy is written. You may want or need to add endorsements for extended coverage, such as overland flooding and sewage backup. 

Equipment Breakdown Insurance 

From HVAC systems to specialized machinery necessary to provide your products or services, you likely rely on some important commercial equipment. If it breaks down unexpectedly, suffers a mechanical malfunction or is damaged by user error, you need equipment breakdown coverage as part of your Simcoe business insurance to get financial assistance for repair or replacement. Even if you don’t use specialized equipment in your business, you likely still utilize an HVAC system—just imagine trying to get your employees to come into work on the coldest day in winter when there’s no heat in the building, or enticing customers into your shop when it’s sweltering hot with no air conditioner, and you’ll understand just how crucial equipment breakdown insurance can be. 

Commercial Auto Insurance 

If you have a vehicle you use for work purposes, it must be covered by commercial auto insurance as part of your business insurance. Simcoe residents sometimes assume that if they have a vehicle that is used for both personal and business reasons that is already covered by personal auto insurance, they don’t need commercial car insurance. That is not true. If you get into a collision while using your vehicle for business, you will not be covered under your personal car insurance plan. You need both commercial and personal auto insurance to ensure you have coverage no matter what the vehicle is being used for. 

Farm Insurance 

Farming is a big business around Simcoe, and like any other type of business, farms need the protection of the right insurance coverage. Farm insurance is a commercial insurance package with coverage tailored to the unique business requirements of agricultural operations. Along with basic types of coverage, farm insurance can be augmented with specialized insurance products such as livestock coverage, produce coverage, crop inputs and outputs coverage and much more. Call your Morison Insurance broker to find out more about the various options for farm business insurance in Simcoe. 

Additional Coverage for Business Insurance in Simcoe, Ontario 

You can add additional coverages to your policy to further protect your business. Some common add-ons include:

• Business Interruption Insurance 
• Cyber Liability Insurance 
• Cargo Insurance 

If you are unsure if you require additional coverages, contact the expert brokers at Morison Insurance. We will help ensure that your business is properly protected.

Is It Mandatory to Have Business Insurance in Simcoe? 

Like the rest of Ontario and Canada, local business owners are not required by the government to have business insurance. Simcoe professionals sometimes assume this means they can simply go without commercial insurance coverage, but that’s not the case.  

The biggest reason it’s so important to have business insurance in Simcoe is that no matter how careful you are and how conscientiously you follow every rule and regulation, there is always the possibility that your business could suffer serious damage or be subjected to a lawsuit. Remember that you don’t even have to do anything wrong to find yourself dealing with major destruction or being accused in court and forced to defend yourself. Without small business insurance, Simcoe business owners and professionals are left to pay those sometimes astronomical expenses out of pocket, and the reality is that most people don’t have the capital available to handle those costs on their own without the necessary insurance compensation. 

It’s also very important to understand that there are some parties that will simply refuse to do business with you if you can’t provide proof of the right types and amounts of business insurance. Simcoe commercial leasing companies, for example, will typically require you to have liability and contents coverage before they will lease to you, and some members of the supply chain may refuse to sign contracts with you. In that sense, Simcoe business insurance is doubly important for the success of your company. 

Where Can I Compare Quotes for Business Insurance in Simcoe? 

If you’re interested in seeing some quotes for business insurance, Simcoe insurance brokers at Morison Insurance are ready and willing to track them down for you. Give us a call today at 1-800-463-8074 or fill out the form on this page to speak with an experienced broker. We’re happy to answer any questions you may have about your Simcoe business insurance coverage and find you insurance quotes so you can compare and choose the right options.