Commercial insurance to meet the needs of your Toronto business
Are you looking for the right insurance policy for your business? A BrokerLink commercial insurance expert can help. We have an entire team of knowledgeable and friendly professionals who will gladly dedicate their time to helping you find a policy that meets the unique needs of your Toronto business. No matter what kind of risks your business faces, we will work to find coverage that protects you against them, taking the time to walk you through the types of coverage available to you. Below is an introductory list of some of the most popular types of commercial insurance in Toronto:
Commercial general liability insurance
The first and most common type of business insurance coverage in Toronto is commercial general liability (CGL) insurance. This is a staple of practically all commercial insurance policies in Ontario. It is a type of third party liability insurance designed to protect business owners should they find themselves facing a lawsuit. Specifically, CGL insurance safeguards business owners against third party claims that allege property damage, bodily injury, or slander. It is sometimes referred to as “slip and fall insurance” because it is the type of coverage that comes into play if a customer or client fell in your workplace and decided to sue you for injury. Commercial general liability insurance can help pay for a wide variety of costs associated with a third party claim, such as medical expenses, legal fees, repair bills, and more.
Product liability insurance
Product liability insurance may be included in your commercial general liability coverage. It is best suited to Toronto businesses that sell products to customers, whether those products be clothing, food and beverages, electronics, furniture - you name it. No matter what kind of products you sell, if they cause bodily harm or property damage to a customer, they could sue you and you could be held liable. That is when product liability insurance would come in handy, as under this section of your policy, you can be reimbursed for expenses like legal fees, repair bills, and medical bills.
Cyber liability insurance
Cyber liability insurance is another type of liability insurance that many Toronto businesses choose to include in their policies. It is important for any Toronto business that stores sensitive internal or customer information online, such as financial or personal information. If your company does this, then it is vulnerable. If a cyber attack or hack occurred, your data could be stolen and you could be held liable. But with cyber liability insurance, your insurer would help cover the associated costs of the cyber incident, like credit monitoring, legal fees if someone sued, or notifying customers.
Commercial property insurance
Commercial property insurance is an integral component of commercial insurance in Toronto. It protects the physical dwelling of your workplace, along with the business-related contents inside of it from property damage. Specifically, commercial property insurance kicks in if your home is damaged as a result of a specific set of perils, like fire, theft, water damage, or vandalism. The perils that you are protected against will be named in your policy.
Business interruption insurance
Business interruption insurance is an extension of commercial property insurance. Unlike commercial property insurance which can pay for the cost of replacing or repairing an item that is damaged or lost due to an insured peril, business interruption coverage will pay for lost income if your business must shut down due to the damage. For example, under this portion of your Toronto business insurance policy, your insurance provider might give you a payout that covers the cost of employee wages you owe your workers while the business is shuttered.
Crime insurance
Crime insurance is worthwhile for many Toronto businesses as it is the only type of coverage that can protect you from both employee and customer crimes. If a customer were to buy a product with a fake credit card or counterfeit money or an employee were to steal money from your cash register, you would be reimbursed through your crime insurance coverage
Commercial auto insurance
Commercial auto insurance is one last type of commercial insurance coverage that many Toronto businesses have. Commercial car insurance is ultimately a legal requirement if you use cars for business purposes. Whether you have just one company car or several, commercial auto insurance is needed just the same. Note that if you are insuring one car, it is referred to as business car insurance but if you are insuring multiple company cars, it is referred to as fleet insurance.
You can learn more about commercial auto insurance and fleet insurance requirements in your province by reaching out to BrokerLink. When purchasing a commercial auto insurance policy for your business, you will need to make sure it complies with local laws. To learn more about how to insure business vehicles, contact BrokerLink today.
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Extra protection for your Toronto business
Although the coverages listed above are among the most popular types for Toronto businesses, they are by no means the only options available to you. In fact, a BrokerLink commercial insurance specialist can help you find a vast range of additional coverage options, like directors and officers insurance, builder’s risk insurance, overland water insurance, and more. For a more detailed list of the business coverages available to you, keep reading:
- 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
Four reasons to purchase Toronto business insurance
Business owners in Toronto can probably come up with all types of reasons to purchase business insurance. Below are a few of the most common reasons, which can help explain why this type of coverage is so important:
Toronto commercial insurance minimizes the severity of financial losses
One of the main reasons that Toronto business owners purchase commercial insurance is because it offers financial protection. With the right coverage, you can be protected against all kinds of unforeseen and costly events, like lawsuits, property damage, employee or customer theft, and more. The reality is that if your business does not have insurance and an incident occurred, you would have to pay to resolve it on your own, and depending on the severity of the incident, this could have negative financial consequences for your business in the long term. But if you have insurance, your insurance provider will step in to cover some of the costs, minimizing the impact of the loss.
Toronto commercial insurance makes your business look more credible
In the world of business, reputation and credibility are key. Purchasing a commercial insurance policy for your Toronto business is a great way to instantly boost your reputation and make your business look more credible. Customers will be more attracted to it, along with potential clients. In fact, some clients refuse to work with businesses that don’t have insurance.
Toronto commercial insurance can save you money down the line
Did you know that insurance can actually end up saving you money down the line? When you purchase a policy, you might be focused on the premium that you need to pay. But the reality is that the premium will end up being fairly insignificant in the event of a claim. One liability claim or property damage claim, depending on the extent of the damage, could be enough to cover the cost of your policy and then some.
Toronto commercial insurance can protect your business from unexpected incidents
Finally, Toronto commercial insurance coverage has the benefit of protecting your business from unforeseen or unexpected events that you may not have been prepared for. The reality is that there are many things that can go wrong when running a business. From a customer stealing from you to a fire breaking out, forcing your business to close up shop temporarily, you need insurance to safeguard you against these realities. Insurance coverage helps prepare you for the unexpected by offering financial protection should something go wrong. For example, through your business insurance policy, you could be compensated for costs like repair bills, property rent, employee wages, loan payments, or legal fees if an incident occurs.
Business insurance costs in Toronto, Ontario
Calculating the cost of insurance for Toronto businesses can be difficult, especially when you take into consideration how many factors are used to calculate premiums. Insurance companies each have their own unique algorithms for assessing risk, which makes it hard to provide an estimate without understanding more about your business. That said, there are a few general details that you can expect any insurance company to take into account when calculating your rates. Knowing what they are can give you a better idea of how much commercial insurance will cost you, which is why the BrokerLink team has put together the following list of factors that an insurer will evaluate when calculating your business insurance premium:
- Your years of experience in the industry.
- The size and location of your Toronto business.
- The annual and projected gross revenue of your Toronto business.
- The number of employees at your Toronto business.
- Your personal insurance claims history.
- The coverages, limits, and deductibles you select for your Toronto business insurance policy.
- Whether your Toronto business operates online, in-store, or both.
How to get a free commercial insurance quote in Toronto
Do you want to get a free commercial insurance quote in Toronto? Look no further than BrokerLink. BrokerLink is pleased to offer free business insurance quotes to companies across Toronto. Get in touch with us today to request your free quote. Free quotes can be requested online, over the phone, or in person at one of our branches. Before getting in touch, prepare to answer some questions about yourself, your insurance history, your business, and the coverage you are looking for. This way, a BrokerLink representative can provide you with the most accurate quote possible. Please note that all BrokerLink commercial insurance quotes are completely complementary and obligation-free.
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Tips to help you find a quality commercial insurance policy in Toronto
Make sure that you find a great insurance policy for your Toronto business by following the broker-approved tips below:
Compare policies between providers
The first tip to finding a great commercial insurance policy that doesn’t break the bank is to compare your options between providers. Insurance companies offer a wide range of insurance products, which means it’s important to obtain quotes from multiple providers and compare them before picking one. This is the only way to know that you are getting the best possible coverage at an affordable price. If you don’t have time to shop around on your own, enlist the help of a BrokerLink commercial insurance expert who can do it for you.
Ask a local insurance broker for help
The next tip if you want to find the right policy for your Toronto business is to reach out to a local insurance broker. BrokerLink is a reputable insurance brokerage with licenced advisors located in Toronto. By contacting us, you will gain access to a knowledgeable broker who will make it their job to find tailor-made insurance coverage for your business. They will take the time to understand the risks your business faces and suggest coverage accordingly. They can also let you in on all kinds of tips for saving money on commercial insurance, including discounts you might be eligible for.
Bundle multiple insurance products into one
Insurance bundling is another tip for finding quality insurance on a budget. Bundling works for a wide range of insurance products, including auto insurance, home insurance, and business insurance. Different insurance companies offer different bundles, but generally, when you purchase a bundle package, you will save quite a bit of money. Bundles can often be mixed and matched, too, which means you could purchase two or more business insurance products, but you could also purchase one auto insurance product and one business insurance product or one property insurance product and one commercial insurance product. If you need more than one insurance policy, reach out to BrokerLink to learn more about bundling works and the cost benefits it offers.
Review your Toronto business coverage annually
Part of being a responsible policyholder is reviewing your coverage needs each year before your policy expires. This is the only way to know if your current plan is still working for you or if you need to adjust your coverage. If your business grows or changes, chances are your insurance needs will change with it. For this reason, we recommend asking a BrokerLink insurance advisor to review your policy before it is set to renew. They can offer a professional opinion on whether your current policy makes sense and adequately covers you or whether you should make some updates. If your goal is to keep insurance costs down, a broker can also offer ways that you can alter your coverage to lower your premium, such as by selecting a lower deductible.
Create a risk management plan for your business
Risk management is an important element for any Toronto business. An effective risk management plan can not only make your business run more efficiently but can save you money and help you avoid an insurance premium increase if you have commercial insurance. Examples of risk management strategies include training all employees on new equipment, having a disaster preparedness plan in place, and purchasing insurance so that you are financially protected should something go wrong.
We’re in your community
Community is at the core of Toronto BrokerLink. We aim to make a difference in every community we operate in, and that includes Toronto. We love connecting with our customers and giving back whenever we can. Learn more about BrokerLink’s core values, including generosity, integrity, excellence, and community, by reaching out and speaking with a member of our team today.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
Contact us
At Toronto 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 Toronto 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 Toronto commercial insurance
I run my Toronto business out of my home. Do I still need to buy insurance?
Yes, if you run your Toronto business out of your home, you will need to buy
home business insurance. This is a type of commercial insurance specifically designed to protect home-based businesses. Another option, if you do not want to purchase an independent commercial insurance policy, is to buy a business coverage rider or endorsement for your home insurance plan.
How can I save money on a commercial insurance policy in Toronto?
You can save money on commercial insurance coverage by bundling policies, researching employee or alumni discounts you may be eligible for, selecting a higher policy deductible, paying for your plan on a yearly basis instead of a monthly one, shopping around and comparing rates, and implementing a risk management strategy at your business. You can find out more about
risk management importance here.
How can I update my Toronto commercial insurance policy?
You can easily update your Toronto business insurance policy after purchasing it by contacting an insurance agent or broker. Typically, the ideal time to make changes to your insurance coverage is when your policy is up for renewal, but if you need to make changes part way through the term, they can still be done. Examples of ways you can update your Toronto insurance policy include increasing or decreasing your coverage limits, increasing or decreasing your policy deductible, or adding or removing coverage.
Does my Toronto business need business insurance?
Your Toronto business may not be legally required to purchase business insurance, but that doesn’t mean it doesn’t need it. Most businesses, no matter what industry they are in or how many employees they have, could benefit from commercial insurance coverage. It is a key part of risk management and is the best way to minimize the impact of a financial loss.
If you have any questions, contact one of our local branches.
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