Comprehensive Business Insurance, Oakville

What Are the Commercial Insurance Coverage Options in Oakville? 

• Commercial General Liability Insurance in Ontario  

Commercial general liability (CGL) or business liability insurance is the most common type of business insurance in Oakville. It protects your business from instances of physical harm to clients or third parties, like bodily injury or property damage. It also covers advertising injury, like libel, slander, or defamation. 

An example of a commercial general liability claim is a client getting injured on your property or a client’s property getting damaged by you or an employee. In these cases, the clients may file a lawsuit against your business, which incurs legal fees, and if won, a hefty settlement. If you have CGL coverage, the insurance company pays the legal costs and the settlement up to the coverage limits. 

• Commercial Property Insurance  

Your commercial property has all the tools and equipment that keep your business running. Commercial property covers the property itself and its contents from property damage. Usually, covered risks include fire, wind, theft, burglary, and some natural disasters. Both owned and rented property can make use of commercial property insurance coverage. 

• Business Interruption Insurance  

At any point, your business may face extenuating circumstances forcing a temporary shutdown. If the circumstances are covered risks, you’re in luck. Business interruption or business income insurance covers your business’s expenses until it recovers. That may include lost profits, payroll, rent, taxes, and other essential expenses. Business interruption coverage is usually an add-on to an existing policy. 

• Professional Liability Insurance   

PLI is an essential insurance coverage for businesses in Oakville that offer a professional service. Covers your company against professional errors, like negligence, missed deadlines, project delays, and more. For example, if you or an employee makes a mistake that costs the client money, they can file a lawsuit for compensation.  

Professional liability coverage pays for the legal fees and settlement, regardless of who is at fault. While not legally mandatory, PLI is required for some professions as part of regulations.  

• Commercial Auto Insurance  

If you use your vehicle for business purposes, your car insurance isn’t enough. Commercial auto insurance protects the vehicle(s) against damage that happens during business operations. For example, if you use vehicles to transport goods, they are covered if they collide with another vehicle or are stolen. Coverage includes liability coverage and repair or replacement.  

Commercial auto insurance is mandatory for businesses that use vehicles for operations in Oakville. If you operate more than 4 cars, you may need fleet insurance.  

• Cyber Insurance  

Today, all businesses have a digital presence. Unfortunately, while it facilitates many tasks, it comes with a big risk of cyber threats, like data breaches, malware, phishing attacks, ransomware, and more. Cyber insurance covers financial losses, including both direct losses to your company and third-party liability claims.  

• Equipment Breakdown Insurance 

Equipment breakdown covers sudden and accidental failure of mechanical, electrical, or pressure systems due to internal issues. It may cover boilers, HVAC systems, computers, electrical panels, refrigeration units, and production machinery. Covered perils include electrical arcing, mechanical breakdown, motor burnout, boiler explosions, or centrifugal force malfunctions. 

• Workers’ Compensation Insurance 

This coverage is mandatory in Oakville, Ontario, if you have four or more employees. For contractors, it’s obligatory for as few as one employee. It covers employees’ injuries on the job or because of their work. For example, if an employee strains his back because of carrying heavy objects, the insurance company pays for their recovery up to a limit.  

• Commercial Umbrella Liability Insurance 

Sometimes your insurance coverage limits are not enough. Commercial Umbrella Liability insurance is an add-on that bridges the gap if you need more compensation than your insurance policy offers. For example, if your coverage limit is $1 million and you need $1.2 million in coverage, your insurance company can pay the $200,000 difference. 

Affiliated’s Oakville insurance brokers can help you find the best coverage, whether it’s personal insurance or commercial insurance. Get a quote now!