Commercial insurance to protect your Barrie business
BrokerLink wants to help you protect your Barrie business by matching you with business insurance in Ontario. Our licenced insurance brokers know all about the best types of commercial coverage out there. They will take the time to understand how your business operates and the primary risks it faces, like the various types of business liabilities. From there, they will explain your coverage options and make educated recommendations based on the unique characteristics of your Barrie business. To learn more about some of the most popular types of commercial coverage available to Barrie business owners, keep reading:
Commercial general liability insurance
Commercial general liability insurance, which you may hear referred to as slip and fall insurance, protects businesses against legal claims. Specifically, it can protect your business if a third party claim alleging property damage or bodily injury is brought against it. Under this portion of your policy, your insurance company may reimburse you for legal fees, medical costs, and damage repair bills.
Product liability insurance
Product liability insurance may be part of your commercial general liability insurance coverage. It is vital if your Barrie business sells products to customers. Even if you had nothing to do with the manufacturing of the product, a customer could still sue you if something you sell them causes bodily injury or property damage. For example, if you are a sports beverage company, and a customer has an allergic reaction after consuming one of your beverages, they could file a lawsuit against you. In such a situation, your insurance company would compensate you for the cost of the lawsuits and any associated medical expenses under the product liability portion of your policy.
Cyber liability insurance
Cyber liability insurance aims to safeguard your Barrie business from the financial consequences of a cyber attack, such as a hack or data breach. With this type of coverage included in your Barrie business insurance policy, your insurer can reimburse you for the cost of a cyber incident, which could include legal fees if someone sued you over the breach, as well as the cost of credit monitoring, customer notification, and more. This could also include payments of ransom in the event that hackers request it.
Commercial property insurance
Commercial property insurance is all about protecting your place of business and the contents inside of it from property damage. With this type of coverage added to your Barrie business insurance plan, your insurance company can reimburse you for the cost of repairs or replacements if you suffer a loss due to damage caused by an insured peril. You can choose which perils to add to your policy, though some of the most common ones in Barrie include fire, theft, vandalism, water damage, and windstorms. Keep in mind that you will only be compensated for damage that occurs due to a peril that is covered in your policy.
Business interruption insurance
If damage occurs and your Barrie business has to close temporarily as a result of it, business interruption insurance can help protect you financially. For example, this type of coverage can pay for employee wages that you must still pay even though your business is closed. It can also help cover the cost of rent while your doors are shut. Business interruption insurance is an extension of commercial property insurance, and therefore, what caused your business to shut down must be named in your policy for it to be covered. For instance, if a named peril in your policy is fire, and it was a fire that broke out, damaged your office, and caused your business to close temporarily, then business interruption insurance would cover you.
Crime insurance is the best way to combat the effects of employee or customer crimes. For example, if a customer pays for a product with a fraudulent credit card, you will be covered under the crime insurance portion of your business insurance policy for reimbursement.
Commercial auto insurance
Commercial auto insurance is for any Barrie business that operates motor vehicles for business use, whether this be transporting materials, delivering products to customers, or visiting client’s homes. Any type of business use of a vehicle requires commercial auto insurance coverage, especially when you consider that personal car insurance does not cover business use in Canada. Please note that commercial auto insurance coverage varies by province. In Ontario, commercial auto policies must feature no less than the minimum coverage requirements in the province, which includes third party liability coverage, uninsured automobile coverage, accident benefits coverage, and more. This type of insurance is important no matter what kind of vehicle your business uses or how many. That said, if your business has more than two business vehicles, the name of the policy you will need to purchase is fleet insurance rather than commercial auto insurance. BrokerLink can provide more information on commercial auto insurance and fleet insurance requirements in Ontario.
Commercial insurance solutions for every type of Barrie business
Choosing the right insurance for your business can be daunting, especially when you consider how many different types of commercial insurance coverages are out there. Thankfully, BrokerLink is here to help you navigate the complicated world of business insurance, offering you professional advice on what type of coverage makes sense for your Barrie business. To learn more about all the commercial insurance solutions we specialize in, from professional services insurance to builders risk insurance and umbrella insurance, check out the list below:
- Employer liability insurance
- Employment practices liability insurance
- Employee benefits liability insurance
- Directors and officers liability insurance
- Legal expenses liability insurance
- Builders risk insurance
- By-law policy insurance
- Commercial earthquake insurance
- Overland water insurance
- Sewer backup insurance
- Equipment breakdown insurance
- Tool floater insurance
- Umbrella insurance
Don’t see what you’re looking for on the list above? Contact BrokerLink to discuss your needs with one of our commercial insurance specialists. We are confident that we will be able to find you a policy that suits your business’s needs.
Explaining how Barrie business insurance premiums are calculated
When purchasing any type of insurance, it’s important to understand how premiums are calculated. The reality is that insurance companies each have their own unique formulas for assessing risk and calculating rates. However, you can begin to understand how these formulas are used by knowing what factors come into play. Insurance agents will consider a multitude of factors related to your business and yourself as a policyholder when assessing risk. For example, they will consider your years of experience as a business owner, your insurance claims history, and the services or products offered by your business. For a more detailed list of factors that will be used to calculate your Barrie business insurance premium, keep reading:
- Your years of experience in the industry
- The size and location of your Barrie business
- The annual and projected gross revenue of your Barrie business
- The number of employees at your Barrie business
- Your insurance claims history
- The products or services offered by your Barrie business
- The coverages, limits, and deductibles you select for your Barrie business insurance policy
- Whether your Barrie business operates online, in-store, or both
Get a free Barrie business insurance quote today by contacting BrokerLink
Do you want to find out how much a business insurance plan in Barrie will cost you? You are in the right place. BrokerLink offers free commercial insurance quotes to all Barrie business owners. To get started, contact us by phone, in person, or online via our website. From the moment you reach out, a BrokerLink insurance advisor will be pleased to assist you. They will ask you a few questions about your business, including its size, location, and what industry it's in, as well as yourself. You should be prepared to provide information on your insurance claims history and the preferred types of coverage you're looking for. If you need help understanding your coverage options, a BrokerLink insurance advisor can help with that too. Once we’ve discussed your insurance needs, a licenced broker will provide you with a free and accurate business insurance quote. Quotes can take as little as five minutes and are completely obligation-free.
Tips for finding quality Barrie business insurance at a great price
If you want to find quality Barrie business insurance at a price that you can afford, look no further. BrokerLink has put together a list of fool-proof tips to help make your Barrie commercial insurance coverage more affordable without compromising on quality:
Compare coverage from several Barrie insurance companies
Anytime you’re shopping for insurance, whether it’s Barrie car insurance, Barrie home insurance, or Barrie business insurance, it is vital that you take the time to compare coverage options between providers. You might think that all insurers offer the same insurance products at the same prices, but this couldn't be farther from the truth. Insurers are constantly underwriting behind the scenes and use different formulas to assess risk. Some also offer different insurance discounts than others. Thus, if you want to save money on your Barrie business insurance policy, you must reach out to multiple insurance companies, obtain quotes, and compare them fairly to confirm which provider has the best product for you. If you need help comparing policies, contact a BrokerLink insurance advisor. Our job is to find great insurance policies at competitive rates for our customers across Ontario.
Get help from a Barrie commercial insurance specialist
BrokerLink insurance advisors in Barrie have commercial insurance expertise, which makes them an unbeatable resource when you are shopping for commercial coverage. Not only can one of our licenced insurance brokers make sure that you understand the ins and outs of any policy you are considering, but they can also recommend all kinds of discounts and strategies to save you money on business insurance.
Choose high deductibles for your Barrie business insurance plan
If it’s feasible for your business, select high deductibles for your Barrie business insurance coverage. High deductibles instantly translate to lower premiums, making this a wise choice if you are on a tight budget and want to save money on your policy. You will likely get to choose a deductible for most if not all the types of coverage included in your policy. For more information on how deductibles impact premiums, ask a BrokerLink insurance advisor today.
Take advantage of insurance bundling
Insurance bundling is common practice in the insurance industry and is a great option if you want to save money on Barrie business insurance. To take advantage of bundling, contact your BrokerLink insurance advisor to find out which insurance companies offer bundles. From there, make sure that business insurance products are eligible for bundling. The next step is determining what other insurance policy or policies you want to bundle with your commercial plan. Depending on the insurance provider, you might be able to mix and match options, meaning you could purchase a personal car insurance or home insurance plan alongside your Barrie business insurance plan and still qualify for a discount. Beyond the fact that insurance bundling can result in major savings on each policy, bundling policies is also convenient as you will only have one expiry date to keep track of.
Adopt a risk management strategy for your Barrie business
The importance of risk management cannot be understated when it comes to Barrie businesses. Risk management strategies will ensure your business runs as smoothly and efficiently as possible. These strategies can also help mitigate the risk of a major incident, which in turn, can reduce the number of business insurance claims you file, helping you avoid an insurance premium increase. Examples of popular risk management strategies include training your office employees on all workplace equipment and scheduling preventative maintenance on workplace machinery. Purchasing business insurance coverage is also an important facet of risk management, as commercial insurance offers financial protection should something go wrong.
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Community is at the core of BrokerLink. We aim to create and support the local communities we operate in, and that includes Barrie. You will find us giving back every chance we get. Learn more about BrokerLink’s core values of community, integrity, generosity, and excellence by reaching out to us today.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
At Barrie BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible. We can also explain all types of insurance terms, like insurance binder or deductible.
You can reach us by phone, email, or in person at any one of our Ontario locations. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.
FAQs on business insurance Barrie
How does home-based business insurance work and do I need it?
Home-based business insurance is important if you work out of your Barrie home. You might think that your home insurance policy covers you, but in most cases, it doesn’t. This means that if a loss related to the operation of your business occurred in your home, your home insurance provider would likely deny your claim - unless you had purchased a home-based business coverage add-on or a separate policy. With home business insurance, your insurance provider will cover you if damage is caused to your home due to or related to your business. For example, if a customer visited your home and injured themselves while on the premises, your home business insurance coverage may compensate you for the cost of any applicable legal fees or medical expenses. The same goes if a burglar were to break into your home in the middle of the night and steal expensive office equipment. Under the home business portion of your policy, your insurer would help pay to replace the missing items.
What types of business insurance coverage can a Barrie insurance broker help me find?
A Barrie insurance broker can help you find all types of business insurance coverage. This includes commercial general liability coverage, commercial property coverage, cyber liability coverage, product liability coverage, crime coverage, business interruption coverage, commercial auto insurance coverage, and much more.
How can I make Barrie business insurance more affordable?
There are several steps that policyholders can take if they want to make Barrie business coverage more affordable. For example, you can try bundling, selecting high policy deductibles, taking advantage of discounts, such as security system discounts or alumni discounts, and adopting a risk management strategy that reduces the number of claims you file.
How do I renew my Barrie business insurance policy before it expires?
You can have your Barrie business insurance plan renewed by contacting your insurance agent or broker. Either one of these insurance professionals will ensure that your policy renews at the end of the term. Generally, you can contact your insurer by phone, email, or in person to let them know that you would like to renew. Keep in mind that many insurance policies in Barrie automatically renew on the expiry date unless cancelled by the policyholder. Therefore, you may not need to take any action if you want to renew your Barrie commercial insurance plan. Please note that if your Barrie business insurance plan does not automatically renew, it is critical that you renew your policy or purchase a new one before it expires. Otherwise, you may experience a gap in coverage, which makes it more difficult to obtain a policy in the future - not to mention the fact that you might have to pay higher premiums as a result.
Do my Barrie business need insurance?
Yes, all Barrie businesses could benefit from commercial insurance coverage. This type of coverage is the only way to protect your business against the financial consequences of all kinds of risks, like customer crime, property damage, lawsuits, and more. That said, Barrie business insurance may not be mandatory unless your business operates within a certain industry or clients require it of you.
If you have any questions, contact one of our local branches.
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