Who needs commercial insurance?
The right insurance is an important tool to protect any business whether it’s a side gig run from your residence or a large manufacturing operation. If it generates income it needs commercial insurance. Besides the obvious benefit of coverage when a loss occurs, insurance can also benefit your business by increasing your ability to secure contracts, funding and loans, and providing a boost to your business reputation.
Every business has unique requirements.
Your commercial insurance should be designed to protect your business against the risks you’re not prepared to take on yourself. An Ontario West Insurance Commercial Specialist can help you to identify those risks and determine the level of coverage you should consider.
Most insurance packages include:
- Commercial Automobile Liability coverage protects vehicles that are used in generating income for you or your business. This is expressly excluded by Personal Automobile Liability policies. Whether you own a large fleet of delivery vehicles or you are a self-employed contractor taking tools to a jobsite you need this coverage.
- Garage Automobile Liability protects you and the vehicles of your customers if you do mechanical repairs, auto body work, vehicle sales or provide service requiring you to be in control of customer’s vehicle.
- Commercial General Liability coverage to protect your business if it is sued for negligence, personal injury, product failure, slip and fall, etc. Most importantly it provides coverage for legal defense against a lawsuit.
- Property coverage to protect the physical assets that support your business including buildings, equipment, stock/inventory, computer equipment, tools, property at a jobsite for installation, and tools.
- Business Interruption coverage to protect against loss of income or profits due to an insured property loss. This form of insurance can be highly customized and can include coverage for extra business expenses, rental income lost, gross earnings lost, payroll and professional fees.
- Equipment Breakdown coverage protects highly sensitive or specialized equipment including high-pressure boilers, control systems and computers, diagnostic equipment and more for sudden and accidental breakdown.
- Crime coverage protects against loss of money or securities due to employee dishonesty, robbery, electronic funds transfer fraud, credit card or cheque forgery and more.
An Ontario West commercial insurance broker has the knowledge and experience to help you analyze the risks in your business, advise you on how to reduce some of the more manageable risks and suggest an insurance mix that takes your risk tolerance and financial situation into account. Businesses and the insurance to cover them are constantly evolving. Specialized coverage and policies can cover the risks unique to your business. Risks unique to your business that may require extra protection are:
- Errors and Omissions Liability to protect when your business is engaged in giving advice, consulting, designing or professional services and you are sued for a wrongful act such as an error, misstatement, misleading statement, act omission, breach of duty or neglect allegedly committed or attempted.
- Director’s and Officer’s Liability to protect for profit or non-profit corporation directors and senior managers against personal liability from actions that are the responsibility of the corporation they direct.
- Cyber/Privacy/Data Compromise Expense coverage to provide compensation for expenses incurred should the business encounter a cyber attack, privacy or data breach. These expenses might include cost of client notification as required by law, IT costs, etc.
- Cyber Liability coverage to provide coverage should your business be sued as the result of a cyber attack.
- Group health and benefits insurance can help to improve employee retention and well-being thereby reducing the cost of turnover and lost time.
These are just a few of the special coverages available for special situations. An Ontario West Commercial Insurance Broker can tell you more.
At Ontario West we can meet your business insurance needs through our broad range of insurance market availability. We offer quotes and coverage for:
- contractors including plumbers, electricians, new home builders, renovators, heating & cooling, roofing, landscapers, concrete & paving, painting, carpentry
- janitorial Contractors including bonding
- consultants including Marketing, IT, Web design, Social Media, Financial, etc.
- printers including errors & omissions coverage
- offices including business, medical, professional and home offices
- online Sales including retail sales and distributors
- non Profit Organizations including Directors & Officers Liability
- retail stores including variety, clothing, bicycle, sports, general, craft, etc.
- hair Salons & Barber Shops – including malpractice liability
- building Owners including residential, retail strip plazas, light manufacturing plazas, office buildings
- condominium Corporations including high rise, townhouse, and vacant land condos
- restaurants including food trucks and licensed establishments
- churches including abuse and molestation coverage and counselling services
- wholesalers and Warehouses
- surety , Estate, Construction Bonds
- automobile Garages including auto body shops, repair garages, specialty shops
- individual Automobiles and Fleet
Let an Ontario West Commercial Insurance Broker help you plan and arrange the right insurance for your business.