Best Business Insurance - Ontario Canada

What is Business Insurance in Ontario?

Business insurance, also known as commercial insurance, protects your business against the odds. It’s a specialized line of insurance made for businesses that cover financial losses in many cases, such as property damage, car accidents, employee disputes, business shutdowns, and more.

At Affiliated Insurance, we understand that as a business owner, your job is to focus on growing your Ontario business. That’s why we provide coverage for small and mid-sized businesses, working with the leading insurance companies in Ontario. We help you find a good business insurance policy, so you can rest assured your business is protected, come what may.

What Does Small Business Insurance Cover in Ontario?

Commercial General Liability Insurance

Also known as business liability insurance in Ontario, a commercial general liability insurance policy protects you against claims of bodily injury, property damage, and advertising injury. Here are some examples of cases where CGL helps your business.

• A client slips and falls inside your business property, breaking a hip. The client sues for bodily injury. General liability insurance covers medical and legal expenses.
• An employee accidentally damages a client’s property, and the client demands repair costs. General liability insurance covers the costs.
• A client sues your company’s advertisements, claiming stolen ideas, libel, slander, copyright infringement, or invasion of privacy. Your CGL policy covers the settlement cost and any legal fees.

Commercial Property Insurance

Your business property harbours the most important assets that keep your business up and running. Commercial property insurance protects your owned or rented business property, along with all the tools and equipment that are essential for your business. Coverage includes risks like fire, wind, theft, burglary, and some natural disasters.

Equipment Breakdown Insurance

This insurance coverage is for essential equipment that isn’t covered by commercial property. It covers the repair and replacement cost of certain equipment in case of a mechanical or electrical breakdown. Examples of equipment that may be covered include HVAC, refrigeration units, electrical panels, security systems, and computer systems.

Business Interruption Insurance

Business interruptions could harm your business to the extent of having to shut down permanently. Luckily, business interruption insurance covers lost business income, among other operation expenses, if you have to halt business operations for a major disaster, like a natural catastrophe or fire. Business interruption insurance is usually added to your business insurance policy but not sold separately.

Commercial Auto Insurance

If your business operates vehicles, you are required by law to have commercial vehicle insurance. For example, a food truck, a transportation van, and a company car are all used for business purposes and require insurance. Commercial auto insurance includes collision and liability coverage. If the car is damaged, stolen, or involved in an accident, commercial auto insurance helps with associated costs.

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance, is a type of liability insurance that covers mistakes made in your professional services. That includes errors, negligence, breach of contract, malpractice, misrepresentation, and other claims made by clients. If a client thinks your service or consultancy costs them financial losses, they may file a lawsuit. PLI covers the legal expenses and settlement fees, regardless of the outcome.

Cyber Liability Insurance

Now that most businesses work digitally on a large scale, cyber insurance is a necessity. It covers the expenses if your business suffers from a ransomware attack, data breach, or any cybersecurity incident. It pays for damaged computer systems, lost revenue, legal expenses, and other costs related to cyber liability.

Commercial Umbrella Insurance

Umbrella insurance bridges the gap between your coverage limit and the expenses of a lawsuit or claim. For example, if a client sues your company for $2 million but your coverage limit is $1.5 million only, commercial umbrella insurance pays the extra $500,000.

Get the best business insurance coverage now! Contact us for more information.

How Much Does Business Insurance in Ontario Cost?

The cost of business insurance in Ontario varies based on many factors such as industry risk, business size, coverage needs, and more. Below are the estimated costs for different types of business insurance:

Factors that Affect the Cost of Business Insurance in Ontario

• Industry Risks: High-risk industries get higher business insurance premiums.
• Business size and revenue: Big companies with high revenues have more assets to protect, so they get higher premiums.
• Location: Your business location can affect your premium since different cities and areas have different regulations, crime rates, and insurance claims statistics.
• Insurance history: Having previous claims can significantly increase your insurance rates.
• Coverage limits: Higher coverage options mean higher premiums.
• Deductibles: higher deductibles mean lower premiums, and vice versa.

Estimated Business Insurance Costs in Ontario

• Commercial General Liability (CGL) Insurance: Costs range from $50 to $200 per month ($600 to $2,400 annually).
• Commercial Property Insurance: $60 to $250 per month ($720 to $3,000 annually).
• Professional Liability: Costs range from $75 to $300 per month ($900 to $3,600 annually).
• Cyber Liability Insurance: Costs range from $50 to $250 per month ($600 to $3,000 annually).
• Business Interruption Insurance: Costs range from $40 to $150 per month ($480 to $1,800 annually).
• Commercial Vehicle Insurance: Costs range from $120 to $300 per month per vehicle ($1,440 to $3,600 annually).