Hamilton business insurance made for you
BrokerLink has helped all kinds of businesses find business insurance in Ontario. We know what type of coverage you need and where to find it. Enlist the help of a BrokerLink commercial insurance specialist, and we promise you won’t be disappointed. Your licenced BrokerLink insurance advisor will dedicate themselves to finding tailor-made coverage that protects your business from risk. A few of the most popular types of coverage that we can help Hamilton businesses find are as follows:
Commercial general liability insurance
Commercial general liability (CGL) insurance, also known as slip and fall insurance, can protect you from legal claims brought against your Hamilton business. Specifically, commercial general liability insurance protects against third party claims that allege bodily injury, property damage, or slander. If this type of claim is brought against your business, it is the CGL portion of your policy that would reimburse you for costs like legal fees, including defence and settlement fees, medical expenses, and repair bills.
Product liability insurance
Product liability insurance is a necessity if your Hamilton business sells products to customers. Why? If something goes wrong, such as a product you sell causing bodily injury or damaging a customer’s personal property, they could sue you. It doesn’t matter if you didn’t have a hand in manufacturing the product, you could still be held liable. But with product liability insurance, your insurance provider would help you pay for expenses associated with the incident, ranging from legal fees to medical fees or property repair bills. Product liability insurance is important no matter what type of product your business sells, whether it be yoga mats, clothing, video games, sports drinks, etc.
Cyber liability insurance
Cyber liability insurance is for any Hamilton business that stores sensitive information online, whether that be internal information or information about customers or clients. One cyber attack or data breach could lead to important information being stolen. If a customer’s financial information was stolen, they could sue you, and you could be held liable. This could have major financial consequences. Thankfully, if your Hamilton business insurance policy contains cyber insurance, your insurance provider would compensate you for any associated expenses, such as legal fees, credit monitoring, and more.
Commercial property insurance
Commercial property insurance, like any form of property insurance, offers financial protection should your physical property be damaged or lost. In the case of commercial property insurance, it will protect your physical place of business and any business-related contents inside of it from damage caused by insured perils. Insured perils range between policies but typically include fire, theft, water damage, vandalism, etc. You can also purchase all perils coverage if you want even more protection against risk. Should damage occur, your insurance company would step in and help pay for the necessary repairs or replacements.
Business interruption insurance
Business interruption insurance can protect your Hamilton business if it is forced to close temporarily due to a named peril. For example, if your commercial property insurance policy protects you against theft, and a burglar breaks into your store, damaging the front door and window in the process, your insurance company would not only help pay to repair the damage but under the business interruption portion of your policy, they would also pay for any income lost if you were forced to close due to the damage. For instance, you could receive a payment that covers employee wages you are still required to pay while the business is temporarily shut down. Ultimately, business interruption insurance is a great option if you want to be protected against unforeseen incidents.
Crime insurance is a type of business insurance coverage designed to protect Hamilton businesses from employee and customer crimes, like theft or fraud. It is a useful add-on for many businesses in Canada.
Commercial auto insurance
Commercial auto insurance is a legal requirement in Canada if your business uses cars for commercial purposes. Why? Personal auto insurance is government mandated, which means if you drive, you must purchase a personal auto insurance policy that complies with local laws in your province. However, personal auto insurance does not usually cover vehicles driven for business use. Thus, if your business uses any type of motorized vehicle for commercial purposes, a commercial auto insurance or fleet insurance policy will be required. You can learn more about general auto insurance and fleet insurance requirements in your province by calling BrokerLink today. The purpose of commercial auto insurance is to protect your business, the employees who drive your vehicles, and your business cars when they are on the road. For example, if one of your employees got into an accident while driving one of your delivery vans, you could be on the hook to pay for the damages. But with a commercial insurance policy, you would be covered. Commercial auto insurance coverage varies depending on where your business is located, but it usually includes third party liability insurance, uninsured automobile insurance, and more. Learn more about how to insure business vehicles by reaching out to BrokerLink today.
Additional business insurance solutions for Hamilton business owners
As commercial insurance experts, BrokerLink can help Hamilton business owners find all kinds of business insurance solutions. This means that while we can certainly help you find standard business coverage featuring the likes of commercial property insurance or commercial general liability insurance, we can also help you find more niche types of coverage. From marine insurance to commercial earthquake insurance and legal expenses liability insurance, check out a few additional coverage options available to your Hamilton business:
- Employer liability insurance
- Employment practices liability insurance
- Employee benefits liability insurance
- Directors and officers/management 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
How much does Hamilton commercial insurance cost?
Hamilton commercial insurance costs vary between policyholders and insurance companies. Why? Policyholders have distinct coverage needs, while insurance companies use different formulas to assess risk and calculate premiums. For this reason, the best way to find out how much Hamilton commercial insurance will cost is to contact an insurance advisor at BrokerLink and request a free quote. This way, you can provide some more specific information on your business and the coverage you’re looking for, and a licenced broker can use that to obtain accurate quotes from insurance companies across Ontario. In the meantime, to give you a better idea of how insurance companies calculate commercial insurance premiums, we have compiled the following list of factors that come into play:
- Your years of experience in the industry
- The size and location of your Hamilton business
- The annual and projected gross revenue of your Hamilton business
- The number of employees at your Hamilton business
- Your personal insurance claims history
- The coverages, limits, and deductibles you select for your Hamilton business insurance policy
- Whether your Hamilton business operates online, in-store, or both
BrokerLink offers free commercial insurance quotes to Hamilton businesses
Want to take advantage of a free business insurance quote in Hamilton? Contact BrokerLink today. We are the go-to brokerage in Ontario for a reason. Not only do we help our customers find personalized and flexible commercial insurance solutions but we also provide them with complimentary quotes. BrokerLink quotes aim to be as accurate and competitive as possible. They are also obligation-free, so you have nothing to worry about. If you want to know how much a Hamilton business insurance policy will cost you, get in touch today. Business owners can easily request estimates using the free quote tool on our website. However, you can also give us a call or visit us in person to request a free quote directly from a licenced insurance broker. No matter which method you choose, you will be asked a few questions before receiving your free business insurance quote.
How to find customized insurance coverage for your Hamilton business
Finding customized commercial insurance coverage for your Hamilton business just got easier thanks to BrokerLink. The BrokerLink team has compiled the following list of tips, designed to help Hamilton business owners just like you find quality insurance solutions:
Contact multiple insurance companies
When it comes to shopping for insurance, don’t settle for the first policy you come across. Instead, take the time to weigh and research your options. This involves contacting multiple reputable insurance companies near you, obtaining commercial insurance quotes from each of them, and then comparing these quotes to determine which company offers the most comprehensive coverage at the most competitive rate. Comparing your options is the only way to know that you’re getting the best possible policy for your business. If you don’t have time to dedicate to researching your options, ask an insurance broker to do it for you. Any member of the BrokerLink staff would be pleased to shop around on your behalf and offer a professional opinion on the right insurance policy for your business.
Enlist the help of a Hamilton insurance broker
Insurance brokers exist to help customers find great insurance coverage. Why not take advantage of them? Working with a licenced insurance broker in Hamilton is simple and easy. BrokerLink has a whole team of knowledgeable and friendly commercial insurance experts who can help you navigate the entire insurance process. Beyond shopping around for great coverage, as mentioned above, a broker can also help you renew an existing policy, update your coverage, add an additional person to your policy, or provide you with a free commercial insurance quote.
Ask about insurance bundling
If you want to find great coverage at an affordable rate for your Hamilton business, consider insurance bundling. Bundling consists of purchasing more than one policy from a single insurance provider. For example, if you decided to buy a car insurance policy and a business insurance policy from the same insurance provider at the same time, this would be an example of an insurance bundle. The main benefit of bundling is the savings it offers. Insurance bundles can lead to significant discounts. Not all insurance companies offer bundles, but if you are looking for more than one insurance product, it might be worth finding a company that does. Many companies allow policyholders to mix and match different types of coverage, like one home insurance policy and one commercial insurance policy or two commercial insurance policies. Contact BrokerLink if you have questions about bundling.
Review your Hamilton commercial insurance coverage before it expires
Another tip for finding quality commercial insurance coverage in Hamilton is to review your coverage regularly. Most insurance experts recommend reviewing your coverage each year before your policy is set to expire or renew. This way, you can assess whether your existing policy still meets your needs. You might be surprised to learn that the coverage you needed a year ago no longer makes sense. Luckily, by taking the time to review your coverage, you can determine this before your plan renews, giving you a chance to update it. A few ways that policyholders might choose to update their policies include adjusting their coverage limits or deductibles or adding or removing certain types of coverage altogether. Of course, you might also decide that you don’t want to stick with your current policy, in which case you can cancel it at the end of the term and commercial coverage that better meets your needs or budget from another provider.
Don’t forget about risk management
One last tip for finding the best possible business insurance coverage for your Hamilton business is to implement a risk management strategy. The right risk management plan will not only help your business operate more efficiently but it can save you money by helping you avoid an insurance premium increase. Without a risk management strategy, your odds of an incident and subsequent insurance claim might be higher. But with an effective strategy in place, your risk will be mitigated, reducing the chance of your business needing to file a commercial insurance claim. You may also be eligible for a discount on your insurance premiums if you opt for a strategic risk management plan.
We’re in your community
Community is everything to us at BrokerLink. That is why we work so hard to make sure that we support the Hamilton community at every turn. You will always find us contributing positively to the city of Hamilton and beyond. Find out about the work that BrokerLink does outside of the insurance realm by getting in touch today.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
At Hamilton 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.
You can reach us by phone, email, or in person at our Hamilton location. 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 Hamilton commercial insurance
How does home business insurance work and do I need it?
If you work from home regularly or run a business out of your home, then you may need home business insurance in Hamilton. This type of business insurance offers protection against damages and losses that occur to your property due to business use. For example, if a customer of your business visited your home, injured themselves, and sued you, you may not be covered by your home insurance policy since the person visiting your home was there on business.
Most standard homeowner’s insurance policies in Ontario do not cover losses relating to business use. Thus, if you want to be protected against business-related incidents in your home, you will need to purchase a separate home business insurance policy or add a commercial coverage endorsement to your home insurance policy. Please note that home business insurance is well suited to business owners who run their companies out of their homes, as well as employees who store inventory at their homes, have business-related equipment at their homes, or have customers visiting their homes.
How can I get cheap commercial insurance in Hamilton?
Insurance professionals know all kinds of tips for saving money on commercial insurance in Hamilton. For example, you could bundle multiple insurance products into one, choose a higher deductible for your policy instead of a lower one, ask about employee or alumni discounts, or shop around between insurance providers and compare policies. Another great tip for saving money is to implement a risk management strategy at your workplace. The importance of risk management
cannot be emphasized enough, especially if you want to save money on a commercial insurance plan in Hamilton.
How can I renew my Hamilton business insurance policy?
You can renew your Hamilton business insurance policy by speaking with an insurance agent or broker. Many commercial insurance policies renew automatically upon the policy expiration date. However, you can also renew yours manually by contacting an insurance professional and letting them know that you would like to renew your policy. Before renewing, it is recommended that you review your coverage to make sure that it still meets your business’s needs. If it doesn’t, you can choose to update your policy so that it better reflects your current needs or cancel your policy before it renews and purchase a new policy.
Is Hamilton business insurance required?
Hamilton business insurance is not a legal requirement, meaning it is not mandated by the Ontario government. However, that doesn’t mean that it isn’t important. In fact, you will be hard-pressed to find many Hamilton businesses that are not insured. Business insurance offers financial protection to businesses of all shapes in sizes. If you want to mitigate the impact of damage or loss, commercial insurance coverage is needed.
If you have any questions, contact one of our local branches.
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