Business Insurance Ontario

Commercial Insurance Ontario Business Owners Can Count On  

We believe that business insurance is one of the most important investments you can make for your company, regardless of size. With access to dozens of leading business insurance providers in Canada, our experienced Ontario commercial insurance brokers take the time to shop around for the right business insurance. Ontario business owners reap the benefits by saving money and protecting their financial investment with the necessary insurance coverage. Our professional team also knows how valuable your time can be as a business owner, so we provide you with a competitive quote as quickly as possible.  

We don’t just offer coverage to the big businesses. We also help small companies find the right business insurance. Ontario brokers at Morison Insurance care about the success of your business, no matter its size! Whether you employ 100 people or one, we want to ensure your business is properly covered. We can find you competitive business insurance options for your Ontario business. We can also provide you with an additional bundle quote that takes care of your commercial auto insurance and business contents coverage, leaving you to get on with business—minus the worry.  

What Is Ontario Commercial Insurance?  

Ontario business insurance is a type of coverage that protects businesses from a range of insured losses that may occur throughout the duration of normal business operations. There are a range of different coverages available depending on your business insurance provider. However, most business insurance policies include a commercial property insurance policy and a general liability insurance policy at a bare minimum. The former protects your physical space and its contents from perils such as theft or a fire. The latter protects you from being sued if a third party alleges bodily injury occurred on your premises or that their property was damaged because of your business operations.  

Who Needs Business Insurance in Ontario?  

When considering business insurance, Ontario business owners should understand that it is critical for any company’s long-term survival. Regardless of the size of your business or the industry you belong to, business insurance provides coverage for financial costs associated with unforeseen events that could otherwise be financially crippling without insurance in place. Ontario business owners or service providers who wind up in a lawsuit, for instance, because they’re accused of professional negligence or misconduct, could face serious legal fees, defence costs and more. Alternatively, if your tools break down because of internal circumstances, replacing them can be a huge financial burden. This can put your company in the red. But if you have the proper coverage, you don’t have to worry about these types of costs.  

Some common professions that require the protection of business insurance include:  

• Accountants Insurance  
• Arborist Insurance  
• Chiropractor Insurance  
• Construction Insurance  
• Contractors Insurance  
• Dental Office Insurance  
• Directors & Officers Insurance  
• Drywaller Insurance  
• Electrician Insurance  
• Farm Insurance  
• Flooring Contractor Insurance  
• Hair Salon Insurance  
• Handyman Insurance  
• Home Builders Insurance  
• HVAC Contractors Insurance  
• Interior Design Insurance  
• Janitorial Insurance  
• Landscaper Insurance  
• Manufacturers Insurance  
• Massage Therapist Insurance  
• Optometrist Insurance  
• Painters Insurance  
• Personal Trainer Insurance  
• Photographer Insurance  
• Physiotherapy Insurance  
• Plumbers Insurance  
• Professional Liability Insurance  
• Property Management Insurance  
• Vacant Property Insurance  
• Videographer Insurance

Do I need Business Insurance?  

In Ontario, you are not legally obligated to have business insurance. Ontario business owners sometimes skip out on this important coverage, thinking it will save some money while getting a business off the ground. But in fact, the opposite is true. If something goes wrong—a fire breaks out at your shop, or you’re sued because of a problem with your product—then you’re paying a lot more for damages out-of-pocket than if you had invested in a business insurance policy. Your hard-earned money goes into your business, so it makes sense to ensure it is properly protected.   

What Does Business Insurance Cover?  

Standard business insurance policies in Ontario provide coverage for commercial general liability, commercial property, professional liability, business interruption, and product liability. Additional coverages can be added to your business insurance quote for peace of mind. If you are unsure of what coverages you require or have questions about business insurance coverages, contact the brokers at Morison Insurance, who will help ensure your business is properly protected.   

Commercial General Liability Insurance  

Ontario commercial general liability is essential for protecting you from two perils: third-party bodily injury or property damage. For instance, say a client walks up to your storefront and slips on ice directly outside your door. They fall and get injured. They could sue you for third-party bodily injury. Alternatively, say you are an interior designer working in a client’s home. While working on the house, a priceless piece of art is damaged. Again, you could be found liable for the damage. These legal and settlement costs can strain entrepreneurs who don’t have the right commercial insurance in Ontario.   

Commercial Property Insurance  

Commercial property insurance is undoubtedly essential for business owners operating out of a brick-and-mortar building. It protects both the building and its contents from a range of perils, including fire, natural disasters, vandalism and theft. There are many benefits to having commercial property coverage as part of your business insurance. Ontario policyholders will typically be able to recoup the costs of repair and/or replacements up to the policy’s limits. This can help you save significantly. More than one enterprise has gone out of business because it suffered a significant loss and was unable to recover financially.  

Professional Liability Insurance  

Also known as errors and omissions insurance, professional liability insurance is essential for protecting your business from lawsuits alleging that a client or third party lost money because of something you did or did not do. Usually, these suits allege misconduct, poor professional advice, negligence, failure to deliver goods as promised and reneging on a contract. Lawsuits are painfully expensive and stressful. Facing one on your own can be exceptionally costly, both financially and emotionally, without the support of the right commercial insurance. Ontario business owners who invest in a business insurance policy can get the protection necessary to avoid long, drawn-out and financially taxing lawsuits.  

Business Interruption Coverage  

If your company experiences a loss that inhibits your usual operations, it’s very useful to have business interruption coverage on your business insurance. Ontario policyholders with this type of coverage can get help to stay afloat financially while unable to run their business as normal due to a covered loss. While different Ontario commercial insurance companies offer different policies, business interruption insurance can usually help cover expenses such as rent, utilities, and payroll.  

Product Liability Insurance  

Product liability insurance helps protect you from lawsuits alleging a third party experienced damages because of your product. An example of this could be if you make beauty products and a client has an allergic reaction to an ingredient you forgot to disclose. Or, if you sell parts that are eventually used to manufacture another item—like a car or computer—and there is a problem with the parts you manufacture, resulting in issues with the final product, you could end up in serious legal and financial trouble. However, with product liability coverage as a part of commercial insurance, Ontario business owners are financially protected from having to pay out-of-pocket for legal costs and fees.  

Additional Business Insurance Coverages  

Commercial Auto And Fleet Insurance  

This type of business insurance is not always included in a basic insurance policy, but it is essential for anyone who uses a commercial vehicle at work. Perhaps you transport tools using your truck, or maybe you own a fleet of vehicles that are essential to your business operations. It is important that you have the right commercial auto insurance coverage. Often, business owners who use a personal vehicle for company use don’t always realize that if something happens during the course of normal business operations, they are not covered under a typical personal automobile insurance policy. This is because the use of the vehicle has changed. So, you need to make sure you have a commercial auto insurance policy.  

Fleet insurance is especially useful for business owners who have multiple company vehicles. It helps make your business insurance more streamlined by ensuring the vehicles in bulk, as opposed to individually. This also offers additional benefits, such as enabling your employees (who can legally drive) to operate the vehicles and sometimes reduced costs for insurance premium when you insure 5 or more vehicles.  

Equipment Breakdown Insurance  

From computers to production machinery, you should invest in equipment breakdown insurance if you rely on your equipment to successfully run your business. This business insurance coverage protects your equipment from sudden and accidental damage that occurs because of internal damage. It’s important to be aware that equipment breakdown insurance does not cover damage that occurs from general wear and tear or poor maintenance. It’s meant to replace the cost of your tools and equipment should they malfunction or for any resulting damage.  

Commercial Cyber Liability Coverage  

Do you have a customer database, and do you handle confidential personal information or deal with private financial information? If any of this valuable information is stored in your computer systems, it’s important to get commercial cyber liability insurance. Ontario business owners could land in serious trouble if a hacker stole all that confidential client information. Not only could you be sued, but the hacker might hold that information for ransom and try to extort you. With the right cyber liability coverage as part of your commercial insurance in Ontario, you are financially protected from these risks.  

Pollution Liability Insurance  

If you work with materials that have the potential to cause a polluting event, whether it’s slow damage over time or a sudden occurrence, it’s highly recommended that you include pollution liability coverage with your commercial insurance. Ontario business owners often don’t realize that the materials they interact with on a regular basis have the potential to cause environmental pollution, but it’s important to understand that even something that seems benign, like gravel or food products, could result in pollution if they end up in the wrong place in a large quantity. Not to mention that most business properties and operations use at least some toxic substances, even if it’s just refrigerant in a commercial air conditioning system. If your business is found liable for causing environmental pollution, you can be forced to pay steep fines along with litigation costs, and pollution liability insurance covers those expenses up to the limits listed on your policy.  

Directors and Officers Insurance  

This business insurance is a type of liability coverage that is designed to protect members of your board of directors against allegations of wrongful acts such as alleged or actual errors, omissions, neglect of duty, and misleading statements. Also known as D&O insurance, it provides funds for the legal defence of the board itself or individual members should they be required to defend themselves in court against such allegations. It applies to the board members of both for-profit and non-profit boards but generally doesn’t apply to situations related to criminal acts, breach of fiduciary duties, or employment discrimination issues, among other exclusions. If your company has a board of directors, it’s well worth considering including directors and officers coverage with your commercial insurance in Ontario.  

Personal Liability Protection  

Unlike professional liability insurance and commercial general liability business insurance in Ontario, you should note that personal liability coverage protects you from personal defamation and slander. It will cover legal fees and costs so that you can regain your good name. For instance, say an unhappy client leaves a nasty and unfounded review on Google that ends up costing you clients. You could have grounds to sue them if you can prove that the allegations are untrue. This will help you regain the faith of your client base and clear your name from the damaging allegations. Give us a call at 1-800-463-8074 to speak with one of our business insurance experts today.    

Where Do I Get Business Liability Insurance In Ontario?  

At Morison Insurance, our qualified and licensed brokers will shop around Ontario’s top business insurance companies to help you find the best business insurance for your needs. We work hard for our clients every day and have built relationships with all the province’s top insurers. With our expertise in your corner, you can have peace of mind that you will get the best commercial insurance coverage for your unique needs.  

How Much Does Business Insurance Cost in Ontario?  

The cost of business insurance in Ontario will vary depending on the details of your specific business. Many factors influence how much your unique policy will cost for business insurance and each insurance company will weigh these factors differently. That is why it is important to compare business insurance quotes. Working with an insurance broker like Morison Insurance, which has access to leading insurance companies, will save you time when comparing quotes. We will help you get the best insurance coverage at a competitive price. To receive an accurate business insurance quote, contact the broker at Morison Insurance. We will help ensure that your business is properly protected.  

What Factors Impact the Cost of Business Insurance?  

Numerous factors are taken into consideration when determining the cost of your business insurance premium, and each insurance company will weigh these factors differently. Some of the common factors include:  

• Type of business  
• Business size  
• Location of your business property  
• Years of experience  
• Annual and projected gross revenue  
• Number of employees  
• Claims history  
• Coverages selected on insurance policy  
• And more!  

To learn more about what factors impact the cost of a business insurance policy, contact our team at Morison Insurance who will be happy to answer any questions you have.   

Is General Liability Insurance For My Ontario Business Enough To Cover Me?  

No, usually a general liability policy will not be enough to cover your Ontario business because it only covers third-party bodily injury and property damage. There are many other risks that business owners are exposed to, including a fire breaking out in their place of business, lawsuits alleging financial damages due to negligence, financial losses because of equipment breaking down and more. You have invested a lot into your business. You should be able to sleep at night knowing you’re protected from the worst-case scenario with the right commercial insurance in Ontario. You should always make sure to work with a qualified business insurance broker, such as the team at Morison Insurance, to find coverage that best suits your specific business insurance needs.  

How Much Ontario Commercial Insurance Do I Need?  

How much coverage you need depends on the size and nature of your business and how much protection you feel comfortable with. The more coverage you have, the better prepared you’ll be from unforeseen risks. When it comes to determining the necessary coverage limits for business insurance, Ontario business owners should start by speaking with a qualified broker such as the ones at Morison Insurance. We’ll work with you to establish your needs and demonstrate the different coverage options that are available to you. The choice is ultimately yours. Our job is to provide you with as much information as possible so that you can make an educated decision about your business insurance.  

Does Business Insurance Cover Personal Use?  

Typically, business insurance does not cover personal use. If you operate your business from home, you need a home-based business insurance policy to protect your property, inventory and more. Even your personal vehicle needs a commercial auto insurance policy if you’re using it for work-related purposes. Knowing where the line is drawn can be confusing, so we suggest that you speak with one of the experienced brokers at Morison Insurance to learn more.    

Do I Need Business Insurance If I Work From Home?  

Ontario residents do not need commercial insurance in Ontario if they are employees of a company and simply complete their work in their own home, as the company they work for is the party that needs the right commercial insurance. However, Ontario professionals need business insurance if they have a business registered to their home as the sole business location. In this case, you should look into getting a home-based business insurance policy. If your company simply offers the opportunity to work from home, you do not need additional coverage.  

Where Can I Get A Business Insurance Quote?  

Get your business covered with our affordable options for business insurance. Ontario brokers at Morison Insurance can offer you a competitive business insurance quote quicker than you may think! Give us a call today at 1-800-463-8074 or fill out the form on this page to get started with Ontario commercial insurance tailored to your needs. You’ll be happy you did!