COMMERCIAL INSURANCE

  1. Home
  2. Business Insurance

Commercial Insurance Overview

Commercial Insurance is the backbone of our economy. Protecting companies from financial loss when facing perils such as civil litigation, fire, flood, water, business interruption and breakdown. By protecting your business form financial loss, you are also protecting the jobs of your employees and suppliers you purchase from.  Insurance helps to maintain the continuance of business operations should an unexpected loss occur.  You’ve worked hard to build your brand. Your employees rely on you. You’ve invested a lot of time, money, and sweat equity. It’s important to have reliable commercial insurance to protect your financial wellbeing.

We can help you protect your business by finding the best commercial insurance coverage from the leading providers in Canada. We’ll help you compare plans to get the best policy for your business for the lowest rate as no two policies are alike. Get a quote today with an ICD advisor and save more.

What Is Commercial Insurance?

Commercial insurance is a form of protection available to most types of businesses. It purpose is to put your business back to where it was financially prior to an insured financial loss.   There are many types of coverage, when choosing a plan, work with your broker to assess your requirements based on potential risks. Choose a plan that is best for your business type, industry, and risk.

Why Do You Need Commercial Insurance?

Business insurance ensures the continuity of your business when faced with an insured loss. You’ve put in countless hours of work and invested your hard-earned money. You’ve done everything you can to make your business a success. Insurance ensures you stay successful and that you are protected.

In 2019 alone, there were more than $10 billion in claims by Canadian businesses. The reality is the vast majority of businesses will not survive a major loss without the right commercial policy. Without a policy, you would have to pay for all losses out of pocket.

A properly designed commercial policy protects you from a variety of perils including:

Fire, theft, vandalism
General Liability Lawsuits
Professional Liability Lawsuits
Products Recall
Water, Flood and Sewer Back Up
Breakdown
And many more

Additional Benefits Of Commercial Insurance

Buying commercial insurance also helps your business in a number of additional ways:

Credibility
Build trust with customers
It could be a requirement before your client awards a job
It provides you with peace of mind in knowing you have coverage
Needed to obtain a business loan

How Business Insurance Works In Canada

Commercial insurance works similar to other insurance products. It is a contract between your business and your insurer. You pay a premium in exchange for the insurer covering you against threats. When you file a claim, your insurer is responsible for making returning your financial state to where it was prior to the loss.  You will receive compensation for losses based on your plan limits.

You will pay the deductible amount listed in your plan. Policies typically are effective for one year and you can renew annually. You can adjust your coverage at any time.

Is Business Insurance Required By Law?

The short answer is no, in most cases. Most businesses can operate without insurance in Canada, but it doesn’t mean that you should. If you do, you’ll leave yourself open to financial vulnerability.

Some businesses require more protection than others. Make sure you know what the mandatory insurance requirements are in your industry and location. At a minimum, you should have liability insurance to protect against legal action. However, it is recommended to take out additional protection to have peace of mind in knowing you are covered should you experience a loss.

Common Types Commercial Insurance

There are many types of commercial insurance policies that are designed for business type, industry, and risk exposure. Every organization has unique challenges. Get an assessment to understand the types of coverage that will help protect your operations.

An advisor can help you assess your coverage requirements. With knowledge of your vulnerabilities, you can then choose the best solution for your specific situation.

Here are some the most common types of commercial policies;

Commercial general liability insurance
Commercial property insurance
Commercial auto insurance
Cargo Insurance
Cyber liability insurance
Business interruption insurance
Errors and omissions insurance

What Factors Affect The Cost Of Business Insurance?

How much you will pay for business insurance in Canada is based on a variety of factors. The larger your company, the greater exposure you will have to larger financial losses. Here are the main factors that will affect your premiums:

Revenues:  The larger your revenues the greater your exposure.  For example: a contractor with $10M in revenues is open to far more exposure and risk than a similar contractor with only $1M in revenues.

Your industry: Some industries are inherently more risky than others. Industries, where the chances of injury or financial loss is great, will also experience higher premiums.  Example:  An auto parts manufacturer who makes critical parts like breaks, tires or seatbelts is open to far more exposure than a manufacturer who only makes plastic trim parts.  The critical part manufacturer will pay significantly higher premiums because their exposure to loss is greater.

Insurance limits: The limits you set for your plan will affect the cost of your insurance. The higher the limits, the more you will pay.

Deductible: Like your limits, what you set it at will impact your premiums. Increasing your deductible will help you save. Whatever amount you choose, remember, this is what you will pay out of pocket if you file a claim.

Location: Where you operate has a direct impact the cost of your insurance. The weather, crime rate, proximity to hazards, and other location-based factors influence your policy costs.

Number of employees: The more people you have, the more you need to protect. It also increases your exposure to liability.

Your insurance history: Past insurance claims are an indicator of future action. If you’ve had multiple claims in the past, you are more likely to file a claim in the future. A company with a history of claims, will pay more for their policy than a company with none.

How Much Does Commercial Insurance Cost In Canada?

Commercial insurance rates are different for every business. Each company has a unique combination of insurance needs. Costs are dependent upon the answers to these questions:

What do you do? What products and services do you offer?
What industry do you operate in?
What are your revenues? How many employees do you have?
Where are you located? Do you have more than one location?
What type of protection do you require?

To get an accurate estimate, shop around for quotes. We’re happy to help you with this process by clicking the “get a quote” link above.

Commercial Insurance Overview

Commercial Insurance is the backbone of our economy. Protecting companies from financial loss when facing perils such as civil litigation, fire, flood, water, business interruption and breakdown. By protecting your business form financial loss, you are also protecting the jobs of your employees and suppliers you purchase from.  Insurance helps to maintain the continuance of business operations should an unexpected loss occur.  You’ve worked hard to build your brand. Your employees rely on you. You’ve invested a lot of time, money, and sweat equity. It’s important to have reliable commercial insurance to protect your financial wellbeing.

We can help you protect your business by finding the best commercial insurance coverage from the leading providers in Canada. We’ll help you compare plans to get the best policy for your business for the lowest rate as no two policies are alike. Get a quote today with an ICD advisor and save more.

What Is Commercial Insurance?

Commercial insurance is a form of protection available to most types of businesses. It purpose is to put your business back to where it was financially prior to an insured financial loss.   There are many types of coverage, when choosing a plan, work with your broker to assess your requirements based on potential risks. Choose a plan that is best for your business type, industry, and risk.

Why Do You Need Commercial Insurance?

Business insurance ensures the continuity of your business when faced with an insured loss. You’ve put in countless hours of work and invested your hard-earned money. You’ve done everything you can to make your business a success. Insurance ensures you stay successful and that you are protected.

In 2019 alone, there were more than $10 billion in claims by Canadian businesses. The reality is the vast majority of businesses will not survive a major loss without the right commercial policy. Without a policy, you would have to pay for all losses out of pocket.

A properly designed commercial policy protects you from a variety of perils including:

Fire, theft, vandalism
General Liability Lawsuits
Professional Liability Lawsuits
Products Recall
Water, Flood and Sewer Back Up
Breakdown
And many more

Additional Benefits Of Commercial Insurance

Buying commercial insurance also helps your business in a number of additional ways:

Credibility
Build trust with customers
It could be a requirement before your client awards a job
It provides you with peace of mind in knowing you have coverage
Needed to obtain a business loan

How Business Insurance Works In Canada

Commercial insurance works similar to other insurance products. It is a contract between your business and your insurer. You pay a premium in exchange for the insurer covering you against threats. When you file a claim, your insurer is responsible for making returning your financial state to where it was prior to the loss.  You will receive compensation for losses based on your plan limits.

You will pay the deductible amount listed in your plan. Policies typically are effective for one year and you can renew annually. You can adjust your coverage at any time.

Is Business Insurance Required By Law?

The short answer is no, in most cases. Most businesses can operate without insurance in Canada, but it doesn’t mean that you should. If you do, you’ll leave yourself open to financial vulnerability.

Some businesses require more protection than others. Make sure you know what the mandatory insurance requirements are in your industry and location. At a minimum, you should have liability insurance to protect against legal action. However, it is recommended to take out additional protection to have peace of mind in knowing you are covered should you experience a loss.

Common Types Commercial Insurance

There are many types of commercial insurance policies that are designed for business type, industry, and risk exposure. Every organization has unique challenges. Get an assessment to understand the types of coverage that will help protect your operations.

An advisor can help you assess your coverage requirements. With knowledge of your vulnerabilities, you can then choose the best solution for your specific situation.

Here are some the most common types of commercial policies;

Commercial general liability insurance
Commercial property insurance
Commercial auto insurance
Cargo Insurance
Cyber liability insurance
Business interruption insurance
Errors and omissions insurance

What Factors Affect The Cost Of Business Insurance?

How much you will pay for business insurance in Canada is based on a variety of factors. The larger your company, the greater exposure you will have to larger financial losses. Here are the main factors that will affect your premiums:

Revenues:  The larger your revenues the greater your exposure.  For example: a contractor with $10M in revenues is open to far more exposure and risk than a similar contractor with only $1M in revenues.

Your industry: Some industries are inherently more risky than others. Industries, where the chances of injury or financial loss is great, will also experience higher premiums.  Example:  An auto parts manufacturer who makes critical parts like breaks, tires or seatbelts is open to far more exposure than a manufacturer who only makes plastic trim parts.  The critical part manufacturer will pay significantly higher premiums because their exposure to loss is greater.

Insurance limits: The limits you set for your plan will affect the cost of your insurance. The higher the limits, the more you will pay.

Deductible: Like your limits, what you set it at will impact your premiums. Increasing your deductible will help you save. Whatever amount you choose, remember, this is what you will pay out of pocket if you file a claim.

Location: Where you operate has a direct impact the cost of your insurance. The weather, crime rate, proximity to hazards, and other location-based factors influence your policy costs.

Number of employees: The more people you have, the more you need to protect. It also increases your exposure to liability.

Your insurance history: Past insurance claims are an indicator of future action. If you’ve had multiple claims in the past, you are more likely to file a claim in the future. A company with a history of claims, will pay more for their policy than a company with none.

How Much Does Commercial Insurance Cost In Canada?

Commercial insurance rates are different for every business. Each company has a unique combination of insurance needs. Costs are dependent upon the answers to these questions:

What do you do? What products and services do you offer?
What industry do you operate in?
What are your revenues? How many employees do you have?
Where are you located? Do you have more than one location?
What type of protection do you require?

To get an accurate estimate, shop around for quotes. We’re happy to help you with this process by clicking the “get a quote” link above.