Commercial insurance in Ottawa

Looking to purchase commercial insurance through an insurance broker in Ottawa? You’ve come to the right place. Finding quality business insurance in Ontario at an affordable rate might seem like an impossible task, but no longer thanks to BrokerLink. Learn more about how we can help your Ottawa business find tailor-made coverage below.

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Commercial insurance solutions for all Ottawa businesses

Find the right insurance policy for your business with help from an Ottawa insurance broker. BrokerLink specializes in flexible, tailor-made commercial insurance solutions. No matter the insurance needs of your business, we will find coverage to meet them. The process will begin with you discussing your ideal business insurance policy with a BrokerLink insurance advisor. From there, they will get a better sense of what kind of coverage you’re looking for and can make recommendations accordingly. A few of the most popular types of commercial insurance coverages available to Ottawa business owners are as follows:

Commercial general liability insurance

Commercial general liability insurance, or CGL insurance, is found in nearly all Ottawa business insurance policies. Why? Third party liability insurance is important for businesses as it provides financial protection if a third party brings a legal claim alleging bodily injury or property damage against you. For example, if someone slips and falls in your grocery store and decides to sue you, you would have to pay to defend yourself and possibly settle the claim. This can be costly. But with CGL insurance by your side, you can rest easy knowing that your insurance company would step in and cover associated expenses, like legal fees or medical bills.

Product liability insurance

Product liability insurance goes hand in hand with CGL insurance. In fact, it’s often part of CGL coverage, if you choose to include it with your policy. This type of commercial insurance also protects your Ottawa business from liability claims. However, in this instance, you are protected from liability claims related to products you sold. For example, if a sports drink you sold gave a customer an allergic reaction, they could sue you. If this happened, it is the product liability insurance portion of your Ottawa business insurance policy that would pay for the legal fees, medical expenses, and more. In essence, product liability insurance protects businesses in the event that a product they sell causes bodily harm to a customer or damages their personal property.

Cyber liability insurance

Cyber liability insurance is another important type of commercial liability insurance. It protects Ottawa businesses against the fallout of cyber incidents, like hacks, data breaches, or cyber attacks. As a business, it is your responsibility to keep all data secure. If a hacker breaches your system and steals sensitive information, such as the financial information of your customers, you could be sued. Thankfully, with cyber insurance, your insurance company would help pay for the cost of such an incident, covering expenses like legal fees, credit monitoring, ransom payments, customer notification, etc.

Commercial property insurance

Commercial property insurance, like home insurance, is designed to cover the physical location of your business in the event that it suffers damage. For example, if a fire breaks out in your office or a burglar smashes the window of your retail store, it is the commercial property insurance portion of your Ottawa business insurance policy that would come into play. Commercial property insurance also covers the business-related contents inside the workplace, which could include furniture, electronics, stock, inventory, and more. Note that commercial property insurance only safeguards businesses against damage or losses that are caused by named perils.

Business interruption insurance

Business interruption insurance takes your commercial property insurance a step further by paying for business income that is lost due to damage caused by an insured peril. For example, even if your business is forced to close temporarily for repairs, you may still be required to pay your employees. Business interruption insurance can help cover expenses like this, among others, until your business is operational again.

Crime insurance

Crime insurance covers businesses in the event that they fall victim to employee or customer crimes, like fraud or theft.

Commercial auto insurance

Commercial auto insurance is a business insurance add-on that is required if you drive vehicles for commercial purposes. For example, if your business uses a car to transport materials or deliver products to customers, you will need a commercial auto insurance policy. If your business has more than one car, then you will need fleet insurance and you can learn more about fleet insurance requirements by getting in touch with BrokerLink. BrokerLink can also guide you through the process of how to insure business vehicles and explain the importance of doing so.

Find extra coverage from Ottawa commercial insurance brokers

Some business owners need extra protection. That is why insurance companies offer even more types of commercial insurance coverage, and BrokerLink can find just the kinds you need. From by-law policy insurance and builder’s risk insurance to marine insurance, tool floater insurance, and more, the BrokerLink team will be happy to suggest coverage that protects your business against a broad range of risks. An exhaustive list of commercial coverage available to Ottawa business owners is as follows:

  • 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
  • Marine insurance

Calculating the cost of Ottawa business insurance

The cost of Ottawa business insurance varies widely. This is because insurance companies use different algorithms and formulas to calculate risk. It is also because businesses vary widely in size and scope, which can have a direct impact on how much coverage and the type of coverage you need. Therefore, it is difficult to provide an estimate on how much money your policy will cost without knowing more about your company. For an accurate, competitive, and complimentary commercial insurance quote, contact BrokerLink. In the meantime, if you’re curious to know which factors insurance companies use to calculate commercial insurance premiums for Ottawa businesses, keep reading:

  • Your years of experience in the industry
  • The size and location of your Ottawa business
  • The annual and projected gross revenue of your Ottawa business
  • The number of employees at your Ottawa business
  • Your personal insurance claims history
  • The coverages, limits, and deductibles you select for your Ottawa business insurance policy
  • Whether your Ottawa business operates online, in-store, or both

Can I get a free Ottawa business insurance quote?

You certainly can, and you’re already in the best place to obtain one. BrokerLink offers free Ottawa business insurance quotes to all business owners. We make getting a quote fast and easy. All you have to do is reach out to us, which you can do using three methods: our website, the phone, or in person at our Ottawa branch. From there, ask to speak with a licenced insurance broker and request a quote. To ensure your quote is as accurate as possible, your dedicated broker will ask some questions about you, the type of policy you’re looking for, and your budget. Finally, you can sit back and relax while an insurance broker comes up with a competitive quote that gives you a better idea of how much you can expect your Ottawa business insurance policy to cost. Please note that all BrokerLink commercial insurance quotes are obligation-free, meaning you are under no obligation to purchase a policy through us after requesting and receiving a quote.

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How to find the right insurance policy for your Ottawa business

Finding the right insurance plan for your business might seem like an impossible task. But by following the tips below, we guarantee that you’ll find a great policy in no time:

Take the time to compare your options

There are all kinds of commercial insurance coverages and policies on the market today. For this reason, it’s important to take the time to research your options and compare them. Don’t settle for the first policy or insurance provider that pops up on Google. Instead, shop around, obtain business insurance quotes many of which are offered for free, and compare them. By comparing them, you will be able to determine which insurance company offers the most coverage at the lowest price. If you don’t have time to do this or find the task overwhelming, contact BrokerLink today. One of our commercial insurance advisors would be pleased to shop around on your behalf and offer a professional opinion on which policy best meets the needs of your business.

Seek help from an Ottawa insurance broker

Speaking of insurance brokers, our next tip for finding the right insurance for your business is to seek help from an Ottawa insurance broker. BrokerLink has an entire team of knowledgeable and licenced brokers, eager to help businesses just like yours find quality coverage. Working with a broker is simple and easy. To get started, simply reach out to BrokerLink by phone, email, or in person. Explain what type of insurance you're looking for and ask any questions you have, and a broker will start shopping around for you. Meanwhile, you can rest easy knowing that an experienced professional has got your back and is helping you navigate the insurance-buying process.

Bundle insurance products to save

Insurance bundling is one of the best ways to purchase insurance, especially if you want to keep costs down. The principle behind bundling is as follows: Insurance companies want to reward loyal customers, i.e. customers who buy more than one insurance product from them. Thus, by purchasing two or more types of insurance policies, you will likely qualify for a significant discount on each policy. The best part is that many insurers allow customers to mix and match products, meaning you don’t have to buy multiple commercial insurance policies to qualify. Instead, you could purchase a property insurance policy for your home and a commercial insurance policy for your Ottawa business, or even a business policy and a car insurance plan for your personal vehicle. The options are endless. Get in touch with BrokerLink for more information on how bundling works and which products are eligible.

Choose a higher deductible for your Ottawa business insurance policy

Another simple but effective money-saving strategy when it comes to Ottawa business insurance is to choose a higher deductible for your policy. Insurance companies reward policyholders who select higher deductibles with lower premiums since they are taking on extra financial responsibility in the event of a claim. If you can reasonably afford to raise your deductible and you want to save money on insurance, consider doing so.

Evaluate your Ottawa commercial insurance policy every year

Next, if you want to make sure that you always have a policy that meets your needs, you must evaluate it year after year. This means reviewing your insurance coverage, deductibles, and limits to make sure that they still reflect the needs of your business. You might be surprised to learn how quickly you can outgrow a policy, especially if your business has changed in size or scope. That is why reviewing your coverage annually before your policy is set to renew is so important. It gives you an opportunity to make changes that better meet your needs before renewal time. If you need help reviewing your coverage or want advice from a professional, contact BrokerLink. One of our insurance specialists would be pleased to assess your current coverage and make a recommendation on whether you should renew your policy as is, update it, or find a new one altogether.

Implement a risk management plan that makes sense for your Ottawa business

Risk management plans are important for several reasons. Not only do they make your workplace safer, but they might even be able to save you money on commercial insurance. If your risks are reduced, then the odds of your filing a commercial insurance claim are lower, and the fewer claims you file, the less expensive your policy is likely to be. On the flip side, if your business is very prone to risk because you don’t have a management strategy in place, you could fall victim to an insurance premium increase the next time your policy is up for renewal.

We’re in your community

Serving the community is our top priority here at BrokerLink Ottawa. We strive to be active members of the Ottawa community, giving back and helping out whenever and wherever we can. The BrokerLink team loves meeting our local customers and helping them find flexible and dynamic insurance solutions that meet their needs. Give us a call or visit us today to say hi and discover what we are all about.

Local Ontario Insurance Links

If you’re a member of a group or association, you may be eligible for more discounts.

Contact us

At Ottawa 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 Ottawa 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.

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FAQs on commercial insurance in Ottawa

Does commercial property insurance cover business inventory?
Commercial property insurance covers both your physical place of business and any business-related contents. Such business-related contents may include furniture, equipment, and even stock and inventory. However, it is important to note that your stock and inventory will only be covered by commercial property insurance if the loss or damage is caused by a named peril in your policy. Named perils vary between policyholders but may include fire, theft, vandalism, water damage, and more. If you want your inventory to be protected against a broader set of risks, you will need to purchase additional business insurance coverage.

Does crime insurance cover theft by a customer?
Yes, crime insurance covers both theft by a customer and by an employee. It covers a range of employee and customer crimes, theft being one of them. This means that if a customer stole something from your store or even paid for an item using a stolen credit card, you would be covered under the crime insurance portion of your Ottawa commercial insurance policy.

If I operate a home business in Ottawa, do I still need business insurance?
Yes. Why? Home insurance typically does not cover losses or damage that occur due to business use. This means that unless you have a home business insurance policy or a commercial coverage endorsement on your home insurance policy, you will not be protected if an incident occurred. Instead, your claim would likely be denied. The only way to protect your home and business is with home business insurance coverage. Please note that home business insurance is well-suited to business owners who run businesses out of their homes, as well as employees who work from home frequently and/or store inventory at their homes, have customers or clients who visit their homes, or have expensive work-related equipment at their homes.

How do I find affordable business insurance in Ottawa?
If you want to find affordable business insurance in Ottawa, you don’t have to look far. There are all kinds of industry tricks for saving money on insurance. For example, business owners who purchase more than one policy may be eligible for a bundle package that can save them up to 20% per policy. Selecting a higher deductible for your policy, paying for it upfront instead of in monthly instalments, and taking the time to obtain quotes from multiple providers and compare them can also help you cut costs. As a business, implementing a strong risk management strategy is also important.

Can I change my Ottawa commercial insurance policy after purchasing it?
Yes, policyholders are free to make changes to their coverage as they wish, so long as they notify their insurance agent in advance. While changes can be made during the policy term, waiting until the end of the term when the policy is up for renewal is usually advised. Types of changes that you may wish to make to your Ottawa business insurance plan include adjusting the deductibles or coverage limits or adding new coverage, riders, or endorsements to your existing policy. You may also choose to remove coverage to save money if you no longer need it.

Is business insurance mandatory in Ottawa?
No, business insurance is not mandatory in Ottawa, in that the government does not require all businesses to purchase it. However, that doesn’t mean that your business doesn’t need insurance. In fact, nearly every type of Ottawa business can stand to benefit from a commercial insurance policy. Not only do such policies offer financial protection against a myriad of risks but they also serve to make your business look more credible and reputable.

If you have any questions, contact one of our local branches.

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