Find quality insurance for your Scarborough business with BrokerLink
Finding business insurance in Ontario for your Scarborough company just got easier thanks to BrokerLink. When you enlist our help, you will have a licenced expert at your fingertips to explain the different types of business liabilities and which coverages you need to protect yourself against them. For now, the BrokerLink team has put together a list of some of the most common types of commercial insurance coverage in Scarborough:
Commercial general liability insurance
Commercial general liability insurance (or CGL for short), is also known as slip and fall insurance, can protect your Scarborough businesses against third party legal claims. For example, if a customer makes a claim alleging bodily injury or property damage against your business, it is this portion of your policy that would cover you. Specifically, the CGL portion of your policy may reimburse policyholders for legal fees, repair bills, medical expenses, etc.
Product liability insurance
Product liability insurance is often part of commercial general liability insurance policies and it protects businesses that sell products to customers. With this type of coverage in your pocket, you can rest easy knowing that your insurance will cover you if a product you sell to a customer ends up resulting in bodily harm or property damage. Product liability coverage can cover a wide array of products sold by businesses, including food and beverages, sporting equipment, clothing, electronics, and much more.
Cyber liability insurance
Cyber liability insurance is ideal for any Scarborough business that operates online and has private information online, such as information about customers or even internal information. If your business has such information online, you are vulnerable to a hack or data breach. Should this worst-case scenario occur, your business might be on the hook for any associated costs. Luckily, if your Scarborough business insurance plan includes cyber liability insurance, your insurer may pay for costs like legal fees, client notification, credit monitoring, etc.
Commercial property insurance
Commercial property insurance is a staple of any Scarborough business insurance policy for a reason. It protects the physical space that your business operates in, as well as any business-related contents inside of it, from damage or losses due to an insured peril. As a policyholder, you get to choose which perils to include with your policy, with the most common being windstorms, water damage, theft, vandalism, and fire. You can also select all perils coverage for the broadest protection. No matter what you choose, if your workplace suffers damage as a result of a named peril, your insurer will cover you for the cost of any necessary repairs or replacements up to the policy limit.
Business interruption insurance
Business interruption insurance is a type of Scarborough commercial insurance coverage that may be part of your commercial property insurance policy. Where commercial property insurance will reimburse policyholders for the cost of repairing or replacing any damage caused by insured perils, business interruption insurance will compensate policyholders for monetary losses relating to the temporary shutdown of their business. So for instance, if your retail store is forced to close down for a month while damage from a fire is repaired, you may receive a payout through the business interruption portion of your policy to cover the employee wages or property rent you still owe during this period.
Crime insurance is a business insurance add-on that aims to safeguard Scarborough businesses against employee and customer crimes. Such crimes may include theft, paying for something with a fake credit card, fraudulent cheque and more.
Commercial auto insurance
Commercial auto insurance is one last type of business insurance coverage that is extremely common in Scarborough. Why is it common? Commercial auto insurance is mandatory if your vehicle uses cars in its operation. These cars could be vans, sedans, SUVs, or even a huge fleet of trucks. No matter what, if you drive a car for business use, you need some form of commercial auto insurance. Note that if your business has multiple cars, then the name of the policy you will need to purchase is fleet insurance. You can discover more about fleet insurance requirements by contacting BrokerLink. Further, the type of commercial auto insurance coverage you require will vary based on the size of your business. Generally speaking, your policy will need to comply with mandatory coverage requirements. In Ontario, that means third party liability insurance, accident benefits insurance, uninsured automobile insurance, and direct compensation - property damage insurance. However, it may be wise to purchase extra protection like collision or comprehensive coverage too. Finally, it is also worth noting that commercial auto insurance is needed because personal car insurance does not cover business use. Thus, even if your Scarborough business only uses one car for business purposes, and that one car is also your personal car, you will still need to buy a commercial auto policy. Otherwise, if a loss occurred while you were driving your car for business reasons, such as to visit a client’s home or transport materials, your insurer would likely deny your claim.
More commercial insurance coverage to suit the needs of your Scarborough business
Commercial insurance coverage in Scarborough doesn’t end with the list above. There are plenty of other types of coverage that you can add to your Scarborough business insurance policy if you wish. A BrokerLink insurance broker can help you navigate all the types of coverage available to you, like professional services insurance, builder’s risk insurance, and more. For a full list of our commercial insurance solutions, check out the following list:
- 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
Looking for another type of coverage not listed above? Get in touch with BrokerLink. We can assist you in choosing the right business insurance policy for your Scarborough business by explaining the different coverage types available to you and making sure you select the ones that meet your needs.
How insurance companies in Scarborough calculate premiums
Each insurance company uses its own unique formula to calculate Scarborough business insurance premiums. That said, many insurers use a similar set of factors to determine rates. These factors directly relate to you as a policyholder and your business, and an insurance company assesses them to calculate your risk level. The riskier they deem you and your business, the more expensive your premium is likely to be. To provide more insight into this process, the BrokerLink staff has made the following list of factors that an insurance agent is likely to consider when setting your rates:
- Your years of experience in the industry.
- The size and location of your Scarborough business.
- The annual and projected gross revenue of your Scarborough business.
- The number of employees at your Scarborough business.
- Your personal insurance claims history.
- The products or services offered by your Scarborough business.
- The coverages, limits, and deductibles you select for your Scarborough commercial insurance policy.
- Whether your Scarborough business operates online, in-store, or both.
Contact BrokerLink to receive a free commercial insurance quote for your Scarborough business
Knowing which factors matter most to insurance companies can be helpful when you want to know how much your Scarborough commercial insurance policy will cost. However, the best way to learn more about insurance costs in Scarborough is to contact an insurance broker for a free quote. Reputable insurance brokers like BrokerLink offer complimentary quotes to customers that are both obligation-free and competitive. To ensure your quote is as accurate as possible, make sure to provide as much detail about your business and your coverage preferences. For example, if you are looking for a basic policy vs. a comprehensive one with all kinds of extra coverage, state this upfront so that your quote is as realistic as can be. To obtain a free business insurance quote in Scarborough, contact BrokerLink by phone or in person. You can also use the online quote tool on our website to receive a free quote in minutes.
Scarborough business insurance just got more affordable
Affordable business insurance in Scarborough can be your reality if you follow the tips below. With years of experience under our belt, the BrokerLink team knows how businesses of all sizes can save money on insurance in Scarborough. From taking the time to compare coverage types to selecting high deductibles, keep reading to uncover a few ways of making Scarborough commercial insurance more affordable:
Compare coverage between insurance companies
First, if you want to find the best insurance coverage at the most affordable rate, you will need to compare your options. Just as you would research multiple cars or televisions if you were making a purchase, the same should be done for insurance. Do this on your own or have an insurance broker do it for you. Either way, you should contact multiple insurance providers near you, ask about their insurance products, request a free quote for the type of policy you’re looking for, and then compare the quotes to determine which one offers the most bang for your buck. Since this process can be lengthy and difficult, seeking help from an insurance broker is usually recommended. An insurance broker will shop around for you, analyze the various options, and then present you with the best ones. From there, all you have to do is choose the commercial insurance plan that’s right for your Scarborough business.
Go with high deductibles for your Scarborough commercial insurance policy
Choosing high deductibles for your Scarborough business is a smart choice if you want to save money on insurance. After all, deductibles directly impact premiums, with higher deductibles resulting in lower premiums and vice versa. So if you want to instantly lower your Scarborough commercial insurance rates, select the highest possible policy deductibles that your business could afford to pay should a loss occur.
Bundle business insurance policies
Insurance bundling is an ideal way of saving money on Scarborough business insurance, though it may not be for everyone. To take advantage of bundling, you will need to purchase more than one policy, which means that this strategy only works if you are in the market for more than one insurance product. The good news is that you don’t need to purchase two of the same type of insurance policies to qualify for a bundling discount. For example, depending on the insurer, you could likely purchase one business insurance plan and one car insurance plan or one business insurance plan and one home insurance plan and still be eligible for a discount.
Put a risk management strategy in place at your Scarborough business
The importance of risk management cannot be underscored, especially if you want to keep Scarborough commercial insurance rates low. The right risk management strategy can increase operational efficiency and even improve employee well being. Plus, since a key part of any risk management strategy is purchasing commercial insurance, you will be financially protecting your business in the process. Other examples of risk management strategies are training your employees on workplace equipment and safety. Plus, the safer your workplace is, the less likely you are to have an incident, the fewer claims you will need to file, and the cheaper your insurance rates will be.
Ask a Scarborough insurance broker for more money-saving tips
Finally, we recommend asking a Scarborough insurance broker for more tips on how you can save money on commercial insurance. BrokerLink has several insurance brokers in Scarborough who are fully licenced and have years of experience with commercial insurance. They can let you in on all the different ways that you can save money on insurance, as well as research and unlock discounts on behalf of you and your business. Contact BrokerLink for more information on how you can keep Scarborough insurance premiums low today.
We’re in your community
BrokerLink is happy to assist Scarborough customers with all of their insurance needs. In addition, community was one of the pillars BrokerLink was founded upon back in 1991, and we are constantly striving to uphold this value by giving back and getting involved in the local community as much as possible.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
At Scarborough 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 complex insurance jargon, like insurance binder or loss payee vs additional insured.
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 Scarborough commercial insurance
Do I need home-based business insurance in Scarborough?
It depends. If you operate a home business or you work out of your Scarborough home frequently, then chances are you need home-based business insurance coverage. Thankfully, home business insurance isn’t hard to come by. In fact, many insurance companies offer it. It can usually be purchased as a standalone commercial insurance policy or as an add-on to an existing home insurance policy. Regardless of which route you choose, home business insurance will cover you for losses or damage that occur in your home but relate to your business.
For example, if a thief broke into your home and stole expensive business equipment, like your computer, your standard home insurance plan likely wouldn’t cover you but your home business insurance coverage would. The same goes if someone visiting your home injured themselves while on your property and sued you. If they were a family member or neighbour, your home insurance plan would likely cover you, but if they were a customer or client who was visiting your home for business purposes, your home business coverage would kick in instead.
What types of commercial insurance coverage can an insurance broker in Scarborough help me find?
You might be surprised to learn just how many types of commercial insurance coverage are out there. For example, Scarborough insurance broker can help you find everything from the more basic forms of commercial insurance, like commercial property insurance, commercial general liability insurance, crime insurance, or cyber liability insurance to the more niche types of coverage, such as builder’s risk insurance, tool floater insurance, umbrella liability insurance, and more. Contact your local insurance broker’s offer for a complete list of commercial insurance services they offer.
How can I lower my Scarborough business insurance premium?
Business owners can lower their commercial insurance premiums in Scarborough by choosing high deductibles instead of low ones, purchasing an insurance bundle, and qualifying for discounts, such as security system discounts or alumni discounts.
How can I renew a commercial insurance policy in Scarborough?
If your Scarborough commercial insurance policy automatically renews, then you won’t need to do anything to renew your policy. Rather, it will renew for another year automatically upon the expiry date. However, if you do not have automatic renewals set up, you will likely need to contact your insurance provider or broker. You can usually do so over the phone, by email, or in person at your nearest insurance office.
From there, simply let them know your name and which policy you’d like to renew, and they should take care of it for you. Before renewing your business insurance policy, make sure that you review it to check that your existing coverage still works for you. If it doesn’t, now is the time to make any adjustments or shop around for a new policy.
Do businesses in Scarborough need insurance?
While Scarborough businesses may not be legally required to purchase commercial insurance, they may still need it. Nearly all Scarborough businesses could benefit from commercial coverage due to the protection it offers. Without it, your business would be left to pay for any damage or losses on its own. One single lawsuit could be enough to make your company go bankrupt, which is what makes insurance so important.
If you have any questions, contact one of our local branches.
Other Ways to Find Business Insurance with BrokerLink