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Types of Business Insurance in Ontario (Explained)

Business Insurance

If you are one of the thousands of business owners in Ontario, you probably have a lot on your plate already. However, it’s important to pay attention to the types of business insurance on your policy in Newmarket, King City, Aurora, or Barrie. At Orr & Associates, we believe in providing the support you need to make a final decision on your commercial insurance.

Learn more about the types of business coverage available and how to choose business insurance that adequately covers your large or small business.

What Are the Types of Business Coverage?

Learn about the most popular business insurance coverage available, including:

  • Business Liability Insurance: It offers financial protection for your business for costs associated with third-party liability claims.
  • Commercial General Liability (CGL) Insurance: This will help protect your business against third-party claims of bodily injury or property damage. This insurance covers your business in case a customer decides to sue you for events that occurred on your business premises or while you were conducting business operations.
  • Professional Liability Insurance (aka, Errors and Omissions): This helps cover lawsuits filed by clients regarding misconduct, negligence, or failure to deliver a service. Professionals such as accountants, real estate agents, and financial advisors often purchase this coverage to protect their interests in case of mistakes made in the course of normal business operations.
  • Commercial Property Insurance: This will help reimburse you for property loss caused by covered events such as theft or fires. Work with your business insurance agent to customize your coverage appropriately.
  • Product Liability Insurance: This covers manufacturing and other businesses that design, fabricate, or sell products. If a customer suffers bodily injury or damage to their property due to the malfunction of a product, product liability insurance has you covered.
  • Cyber Insurance: It deals with the fallout of potential data breaches. It provides financial protection against lost data, data leaks, and the search for responsible parties.
  • Directors’ and Officers’ Liability Insurance: This kicks in if officers or board members face a lawsuit involving the business.
  • Commercial auto insurance: If your business delivers people or goods, you probably have a fleet of vehicles to conduct business operations. Commercial auto insurance provides more protection than personal auto insurance coverage and can give you peace of mind in case one of your drivers and fleet vehicle gets into an accident.
  • Workers’ compensation provides required coverage for employees in case of work-related injury or illness.

Speak with one of our commercial insurance brokers to find an insurance policy package to meet your specific business needs.

What Business Insurance Do I Need?

According to Ontario.ca, businesses would do well to purchase business liability insurance and other coverage that can safeguard their retail, professional, trade, or other business in Ontario.

At a minimum, you’ll want to talk to your agent about the cost and advantages of:

  • Commercial General Liability Insurance
  • Professional Liability Insurance
  • Directors’ and Officers’ Liability insurance
  • Workers’ Compensation
  • Commercial Auto (depending on the industry)

Tips for Choosing Business Insurance in Aurora, King City, Newmarket, or Barrie

Follow these tips to make business insurance selection a breeze.

  • Write down your business risks: Working with your agent, create a list of potential liabilities for your business. This can include commercial property if you own it, inventory, supplies, and equipment. This will help you stay focused and organized as you build your coverage portfolio.
  • List out property and other items you need to be covered: Your personal policy won’t cover risks related to your business. Therefore, if you conduct business out of your home, you may want to add commercial property insurance to your coverage.
  • Consider premium reduction strategies: There are several things you can do to lower your premiums. For example, you can work to reduce risk due to how you operate your business. This can result in significant discounts with certain insurance companies. However, don’t cut too many corners as you may end up with insufficient coverage when you need it the most.
  • Find an agent or insurance broker who understands the local market: Work with the team at Orr & Associates for industry-specific assistance on business advice in Barrie, Aurora, King City, or Newmarket.

From contractors’ insurance to commercial auto coverage, we curate the best insurance for your business. Get a free online quote today.

Orr & Associates has a proactive relationship with many insurance companies throughout Ontario. Do you need business insurance in Barrie, King City, Newmarket, or Aurora, ON? Call 1 (866) 521 5926 or fill out the online form today for assistance.