Ottawa, Ontario’s second-largest city, boasts thousands of businesses of all shapes and sizes. Therefore, obtaining the right coverage is crucial to protect your company against property damage and liability claims. Our team can expertly analyze your insurance needs to connect you with licensed brokers specializing in your industry, taking the confusion out of obtaining coverage.
Below, you’ll find out more about Ottawa business liability insurance.
Commercial Insurance for Businesses Like Yours in Ottawa
Business insurance keeps businesses in Ottawa safe from losses due to unforeseen events that could happen during day-to-day operations. There are lots of coverage types available, ranging from commercial general liability insurance to directors and officers insurance.
We can analyze your insurance needs after you complete our short inquiry form, making it easy to obtain the correct coverage.
What Does Business Liability Insurance Cover?
Technically, business liability insurance isn’t a type of insurance. Instead, it refers to a plethora of different insurance policies that cover your company from various risks.
Explore some of the specific policies that can protect your business below:
Commercial General Liability Insurance (CGL) Coverage
CGL insurance provides financial coverage for claims of third-party property damage and bodily injury caused by your business operations. Typically, the policy covers legal defence costs and compensatory damages.
We recommend this policy for your Ottawa business if:
- You visit your clients’ office spaces or homes.
- Your employees conduct business off-site.
- Your clients visit your office or home space.
Professional Liability Insurance Coverage
Sometimes referred to as errors and omissions insurance, it protects you from third-party claims alleging financial loss due to your service, negligence, and misconduct.
The policy isn’t necessary for all professionals. However, it’s recommended if you provide advice or a service for a fee because it ensures lawsuits won’t threaten your company’s survival.
Keep in mind that it doesn’t cover:
- Violation of securities acts
- Criminal acts
- Dishonest acts
- Fraudulent acts
- Incorrect estimates of profits or returns
- Cost guarantees and price estimates
Commercial Property Insurance Coverage
A commercial property insurance policy protects against the physical loss or damage to your building and its contents due to a disaster like theft, fire, or vandalism.
Depending on your insurer, they may refer to the same policy by a number of different names, including:
- Business property insurance
- Business contents insurance
- Commercial building insurance
- Commercial rental insurance
You should take out this policy for your Ottawa business whether you own or lease your commercial building. However, please note that it doesn’t cover:
- Properties left unoccupied for more than 30 days
- Lost items, where the disappearance doesn’t have a logical explanation
- Regular use-induced wear and tear
- Cash, precious metals, and securities
Product Liability Insurance Coverage
As the name suggests, product liability insurance offers financial protection against product-related claims. Specifically, it covers marketing, manufacturing, and design defects found on products you sell, distribute, or manufacture.
If you import or export products outside of Canada, you need to educate yourself on the current customs standards to ensure you abide by the law.
Directors and Officers Insurance Coverage
Ottawa businesses with a board of directors must purchase a D;O policy. It financially covers your executive-level members and their assets if they’re personally named in a lawsuit.
The general coverage areas include:
- Breach of legal and fiduciary duties
- Allegations of neglect and misrepresentation
- Failure to adhere to provincial laws
- Wrongful dismissals
- Employee discrimination
Who Needs Business Liability Insurance in Ottawa?
No matter what sort of business you run, getting business liability insurance is imperative to secure your Ottawa company’s long-term survival. Policies cover the financial costs of unexpected incidents like third-party property damage and professional negligence.
How Much Does Business Insurance in Ottawa Cost?
For a small Ottawa-based business, you should expect to spend around $650 per year for a standard commercial general liability insurance policy with a limit of $2 million.
With that said, your particular premium price depends on several factors, including:
- Your industry — Some industries carry more risks than others. For example, construction workers pay more for insurance than office-based businesses as they’re exposed to more risks.
- The number of employees — The more people you employ, the more chance of mistakes. Thus, your insurance premium may increase depending on the number of employees in your business.
- Your years of experience — With experience comes a decreased likelihood of making mistakes, and therefore, being sued. As you remain in the business, you get lower insurance premiums.
- Your location — Some Ottawa neighbourhoods are more prone to crime (especially theft and vandalism) than others. If you operate from a high-crime place like the following, you should expect to pay a higher premium:
- Heron Gate
- Russel Heights
- Ledbury
- Rideau View
- Quarries
- Cyrville Industrial Area
- Cyrville
- Michelle Heights
- Manor Park South
- Your business revenue — If your business turns over a large amount, third parties will ask for more compensation during lawsuits. Therefore, insurers raise your policy cost.
- Your claims history — Businesses with fewer claims benefit from lower premiums.
Why Choose LiabilityCover?
We use our years of experience and detailed knowledge of the insurance industry to identify the perfect coverages and brokers for you.
Once we’ve analyzed your needs, we connect you with one of the country’s leading insurers who guides you through the process. As a result, you get the insurance you require without wasting precious hours better spent running your business.
Let us protect your business by completing our short inquiry form now!
Frequently Asked Questions
Where Do Small Businesses Thrive in Ottawa?
The most popular areas for small businesses in Ottawa are as follows:
- New Edinburgh
- Sandy Hill
- Centretown
- Hintonburg
- Beechwood
- Westboro
- Lowertown
- Old Ottawa
- Barrhaven
- Orleans
- Kanata
- The Glebe
How Do You Get Business Liability Insurance in Ottawa?
With LiabilityCover, obtaining the coverage you need for your Ottawa-based business is easy:
- Submit a request using our online form.
- We analyze your insurance requirements.
- Our team assigns you a licensed insurance broker or agent with extensive experience providing coverage for your industry.
- Your designated broker contacts you to guide you through the process of obtaining the insurance you require.
