Commercial insurance is a broad category of coverage designed to protect businesses from financial loss due to risks such as property damage, liability claims, theft, and employee-related issues. It includes various policies tailored to the needs of a business, such as property insurance, liability insurance, and workers’ compensation.

Common types of commercial insurance include:

• Commercial Property Insurance: Protects your business assets, including buildings, equipment, and inventory, from risks like fire, theft, or vandalism.
• Commercial Liability Insurance: Covers legal costs and damages if your business is found responsible for injury or property damage to a third party.
• Commercial Auto Insurance: Covers business vehicles used for company purposes, including damage to the vehicle and third-party liability.
• Workers’ Compensation Insurance: Provides coverage for employees injured on the job, including medical expenses and lost wages.
• Business Interruption Insurance: Covers lost income if your business operations are temporarily halted due to a covered event.

Professional Liability Insurance: Protects against claims of negligence or mistakes in the services your business provides.

Commercial insurance is essential for protecting your business from unexpected events that could result in significant financial loss. It safeguards your property, reduces the risk of lawsuits, and ensures that your business can recover quickly after a setback.

Certain types of commercial insurance are mandatory in Ontario, such as workers’ compensation for businesses with employees and commercial auto insurance for vehicles used for business purposes. However, many other types, like property and liability insurance, are not required but are highly recommended to protect your business.

The cost of commercial insurance varies widely depending on factors such as the type and size of your business, the industry you’re in, the level of coverage needed, and your business’s claims history. On average, businesses can expect to pay anywhere from a few hundred to several thousand dollars per year for comprehensive coverage.

Commercial property insurance protects the physical assets of your business, including buildings, inventory, equipment, and furnishings, from risks like fire, theft, and natural disasters. It helps ensure that your business can continue to operate after a damaging event.

Commercial liability insurance protects your business from legal claims arising from accidents or injuries that occur on your property or due to your business activities. It covers legal fees, medical costs, and damages awarded to third parties, offering peace of mind in case of lawsuits.

Yes, if your business uses vehicles for any purpose, such as deliveries, transport, or employee travel, you need commercial auto insurance. This covers damage to your vehicles and liability for accidents involving third parties.

An insurance broker in Ontario can help your business by assessing its unique risks, recommending the right types of coverage, and comparing policies from multiple insurers to find the best rates. Brokers also provide ongoing support, assist with policy adjustments, and advocate for your business during claims processes.

Yes, commercial insurance is available for businesses of all sizes, including small businesses. Depending on the nature of your business, you may need a tailored package that combines different types of coverage, such as general liability, property insurance, and workers’ compensation.