Q&A
EVERYTHING YOU NEED TO KNOW ABOUT INSURANCE
Our team of experienced agents and brokers has compiled answers to the most frequently asked questions for insurance in Ontario. At Orr & Associates, we aim to provide as much knowledge as possible to help you make the right decisions on coverage for your business. You can also reach out directly regarding location-specific questions about business insurance in Newmarket, Barrie, Aurora, and King City.
Business Insurance FAQs
Business insurance, also called commercial insurance, can protect you from common losses, including business interruption, property damage, liability, theft, and worker injury. It’s crucial to purchase the right coverage for your location and industry. Insurance reimbursement can make all the difference when it comes to facing a severe loss or recovering from covered business interruptions. Keep this in mind when purchasing business insurance in Barrie.
According to the Government of Canada website, the main types of business insurance include the following:
- Commercial property insurance. Use this coverage to protect your business against theft, damage, and lost business due to damage to the premises.
- Public liability insurance. Protect your business against third-party claims such as slips and falls at your place of business.
- Errors and omissions (E&O) insurance. Nobody is perfect but making a mistake in business carries the risk of a lawsuit. E&O insurance helps protects you against this type of scenario.
- Buy-sell agreement. This life insurance policy allows surviving partners to buy out the business in the case of a partner’s unexpected death.
- Key person life insurance. This coverage provides compensation if a key employee dies.
- Workers’ compensation. In addition to the coverage types discussed above, which are voluntary, businesses typically must provide workers’ compensation in case of job-related illness or injury.
Are you looking for business insurance in Aurora? We can help you understand these and other available coverage types.
According to Ontario.ca, business liability insurance isn’t required by law, but it’s highly recommended. Purchasing business insurance in Ontario can help ensure your continued livelihood and limit your liability. The most valuable coverage types include the following:
- Commercial General Liability Insurance helps pays for expenses when you or your business operations cause bodily injury or property damage.
- Professional Liability Insurance helps cover negligence leading to injury and claims of false allegations.
- Directors’ and Officers’ Liability insurance helps cover executives facing lawsuits related to business operations.
Talk to your knowledge insurance agent at Orr & Associates about the type of insurance your business may need, and get a free online quote anytime.
Orr & Associates offers specialized insurance coverage for the following industries:
- Contractors insurance
- Building owners
- Garage auto
- Electricians
- Small retail stores
- Auto rust control shops
- Landscapers
- Salons
- Plumbers
- Janitors
Your agent can walk you through contractors’ insurance and other specialty insurance programs to see which one is right for you.
There are a few possible reasons why your insurance company may increase your premiums. Some of these reasons are beyond your control:
- More drivers on the roads
- Rising repair costs in your area
- Increase in distracted driving
- Higher concentration of uninsured drivers
- Higher speed limits
Yes, business liability insurance will protect you from lawsuits in Ontario. However, your coverage depends on the details of the policy. Whether you are a retail business center, consultant, or tradesperson, you need to consider how your business insurance policy will protect you from lawsuits. Insuring against loss due to legal action can help you protect your business and everyone who depends on it.
If you ever have to file an insurance claim, your deductible will come into play. The deductible is an amount you agree upon when you buy your policy. It represents the amount of money you have to pay out of pocket before your insurance coverage takes effect. Typically, your deductible is taken out of the payment from the insurer once your claim is approved.
Business insurance is essential to protect your business against unfortunate incidents such as accidents on your property, lawsuits, and more. You can manage the cost of medical bills, litigation, and property damage claims if you have adequate small business insurance. It helps to know that the risk exposure determines which coverage you need. Our business insurance brokers recommend general liability insurance and additional policies to safeguard your employees, property, business vehicles, and more.
A business insurance policy helps to protect your enterprise from potential losses in the normal course of business. It helps to understand your needs and get business insurance quotes accordingly, so you get adequate coverage. We offer many types of insurance policies for businesses of all sizes, including coverage for legal liability, property damage, employee-related risks, and more.
Working with a qualified business insurance broker has several advantages. This includes receiving professional service, accurate advice, expert opinions, claims support, and more. You can also save time and money by working with them.
When looking at business insurance quotes, it helps to consider the following aspects so you can choose the right coverage:
- The services you provide and type of work you do
- The value of your business premises
- Worth of equipment and other assets
- Intellectual property
- Interests of your employees and customers
Orr & Associates is a prominent name when it comes to business insurance in Ontario. We have qualified insurance brokers to understand your needs and come up with suitable coverage options. We also offer online quotes.
Car Insurance FAQs
If you move to Ontario from elsewhere or get your driver’s license for the first time, you need to get auto insurance before getting behind the wheel. Auto insurance is compulsory in Ontario. Therefore, if you have a registered vehicle in the province, you need it. In fact, you’ll need proof of insurance before you can register your car, truck, or other vehicle.
Yes, according to Ontario law, all motorists must obtain auto insurance. Failing to do so can result in fines of $5,000-$50,000.
Absolutely! Before buying that expensive luxury vehicle, make sure that you understand the impact it will have on your insurance rates. Make an appointment with your Orr & Associates agent to discuss how a new car will impact your insurance premiums. High-end luxury cars cost more to repair or replace. Therefore, they cost more to insure.
Every policy is different. Yet, all auto insurance policies include mandatory coverage, such as bodily injury and property damage for an accident caused by the insured. From there, you can add coverage such as collision and comprehensive coverage for non-accident and weather-related damage.
In Ontario, your policy must cover the following:
- Third Party Liability
- Accident Benefits
- Direct Compensation-Property Damage
- Uninsured Automobile
Your insurance broker can help you understand which types of coverage to add to properly cover your risks.
Again, every policy is unique and it’s best to talk to your agent to precisely answer this question. However, insurance companies typically don’t pay for engine and tire damage due to wear and tear, rusting, mechanical failure, explosions, or freezing.
Yes! However, you’ll need to provide a list of drivers to your insurance company first. Therefore, it’s important to include all drivers in your household who may use your vehicle. If you have friends and family members that borrow your car to pick up the kids, run errands, or perform other tasks, you’ll need to list them on the insurance to ensure coverage if they have an accident. Even if they aren’t listed, they must still have a valid driver’s license and your explicit permission to drive your vehicle. As the vehicle owner, you must be sure that they will not engage in illegal activities using or while driving your vehicle.
Collision coverage reimburses you for vehicle damage due to an overturned vehicle or collision with an object such as a tree or building. For example, let’s say you flip your car on an icy road and hit the guardrail. Collision coverage may reimburse you for the damages, minus the deductible and up to the coverage limit.
Yes, and it’s called non-owner auto insurance. You need it if you occasionally borrow or rent a car. It protects you in case of an accident when you drive, even if you don’t own a car of your own. Get an auto insurance quote today.
It depends. If you have collision and comprehensive insurance, that will typically cover rental vehicles. However, it’s important to review your specific policy with your agent prior to turning down insurance at the rental company.
At Orr & Associates, we work with the top insurance companies in Canada to secure the best business insurance coverage for our clients. Come to us for advice and coverage if you live in Barrie, King City, Newmarket, or Aurora, ON. To reach us call 1 (866) 521 5926 or fill out our online form with your inquiry.
