Are you looking to open a new small business in the Ontario area? Well, congratulations are in order, but you still have quite a few tasks and roadblocks ahead of you. One of those roadblocks will be business insurance. You are probably in a hurry to get your doors open, so you can start making money. With that said, this is something that is not wise or achievable without several different types of insurance policies.
Without taking the time to weigh the policies that you truly need, you are not only putting your new business at risk, but you are also putting your personal assets as risk. Acquiring insurance can take quite sometime and the turnaround times for the provider can vary depending on several different factors.
Take Advantage Of Quotes On The Internet
First, before you even start deciding on the types of policies that your place of business needs, you are going to have to decide on a broker. You will find that there are several different brokers like Aviva, Llyods, and Encon in the Ontario area. While all of these brokers are similar, they offer different policies
and their turnaround times can vary from one to another. However, in today’s technology filled world, the Internet has revolutionized so many things, and it has truly made commercial insurance so much easier to obtain. Not only can you quickly and easily find all the providers in your area, but also you can get instant quotes within five minutes right from the comfort of your own home.
In addition to this, there are some companies that will even let you sign up right online, so that everything can be done with convenience. Just keep in mind, the best and lowest quotes, and fastest turnaround times do not always mean that you are getting the best deals. You really need to weigh what the brokers have to offer, their background and customer rating. Find the ones that are the most suitable for your business before you proceed further.
Business Insurance It Worth The Wait
The real truth of the matter is that it does not matter if business insurance takes one day or two weeks to acquire, because it is completely worth it. Business insurance can protect you and your businesses in a wide range of different situations. Most owners always assume that commercial insurance is expensive and is something that they do not need, but this is a huge misconception. Regardless, of the size of your company, the number of employees you have, or how thin your budget is, you are going to need business insurance and below, you will learn why.
Catastrophic Loss
life is just like the weather, it can be truly unpredictable. You never know if a tornado, hurricane, or flood is going to roll through and devastate your business. In fact, many businesses have had to close down their doors due to the fact that they were not covered with the proper types of insurance. When you carry the right types of coverage, in the event of a natural disaster the closure will only be temporary. And, you will be able to resume your active duties after a brief period of time.
Liability Insurance
if you are going to be operating out of a brick and mortar building, you will likely have tons of different individuals in and out of your store during business hours. It is not impossible to assume that someone could slip and fall at and given time, or a package could fall off the shelf and injure a little kid. Whatever the situation is, all of these accidents may result in a major lawsuit that could cause you to close your door permanently. This is why liability insurance is an absolute necessity for any brick and mortar type business.
Finding A Licensed Insurance Broker
Before you even apply for your business license, you will need to obtain business insurance. At this point, you should already have an idea of what type of service or products you are going to offer the public. Additionally, you should know how many employees you are going to hire, the size of your business, the number of company vehicles you will be operating and your physical location. All of this information will play a huge role in determining how much your insurance premiums will cost.
Once all of this information is collected and a business plan is devised, it will be time to start looking for an Ontario-based licensed insurance broker. You will have a variety of options available to you, including Trisura, Lloyds of London and Aviva. All of these brokers are licensed, so you can trust them to handle all of your business insurance needs.
Once you make a selection, you will be able to rely on the broker to assist you in customizing an insurance policy specifically for your company. Be sure to provide the agent with as much information as possible about your company and employees. If even the slightest detail is left out, it could put you at risk of a civil lawsuit in the future, which will lead to a financial loss.
What Is Business Insurance?
Any business operating in Ontario will need to carry some type of business insurance. There are so many different types of business insurance available that it makes it extremely difficult for owners to make a decision. Business insurance protects small and large companies, as well as large corporations from financial losses related to events that could occur during operation.
With so many different types of business insurance available, owners can now customize a policy that suits their business needs. For instance, if your business is located in a high-crime area, you will definitely need to carry general insurance. If you want to protect your trade secrets, you will need to carry fidelity insurance. The option is yours in most cases, but the Ontario government has set requirements for businesses, when it comes to insurance.
To learn more about these requirements, you will need to visit the associated government entity’s website or local office. If you have any questions about business insurance, you can always contact your Aviva, Premier Marine, Encon or Chreechurch.
Knowing The Type Of Coverage You Need
As mentioned above, there are many different types of business insurance. Before you head down to your local insurance company, you should do a bit of research on the different types of coverage available and insurance companies that offer Commercial General Liability business insurance. To determine what type of coverage you need, you should assess your business, location, employees and the type of service and products you offer the public.
One thing is for sure you can never have too much insurance coverage. In fact, the more coverage you have, the less likely you will end up facing a financial loss in the future.
High-Risk Business
Operating a business, regardless if it is considered high- or low-risk is extremely challenging for Ontarians. There are so many responsibilities that it is nearly impossible to avoid hiring employees. These individuals help make sure your business is operating smoothly and efficiently. With this said, you will also need to consider them, when you are shopping around for insurance coverage. Employees are vital assets to any company. If one employee is injured on the job, it is your responsibility to protect them from financial loss, while protecting your business from financial loss.
Roofing, arborists, security guards, bodyguards, courier carriers, lineman and heavy equipment mechanics are all classified as high-risk jobs. If you employee people who perform such jobs, you will be classified as a high-risk company. Insurers will oftentimes require those companies to pay a higher premium to protect themselves from financial loss, in the event a claim is filed on behalf of your employee.
Customized Business Insurance Policy
With so many different types of business insurances available, you may want to consider having a customized policy drawn up. Customized insurance policies are designed specifically for the company, covering all the factors that put them at risk, as well as employees and property. If you are having difficult trying to choose which type of coverage to add to your business insurance portfolio, you should contact your agent. This professional will set down with you to devise a customized policy that will fully protect you from financial loss.
A customized police will always be your best option. So, take the time to visit your local broker, because they can help you devise a unique insurance policy for your business.
Other frequently asked questions about business insurance
- How much does this insurance Cost?
- How to qualify for this insurance?
- Which Canadian insurance companies offer CGL?
- How does a commercial liability insurance claim work?
- How do I apply?
- What is the purpose of this insurance?
- What are the different categories of commercial insurance?
- What are the mistakes that can be avoided?
- The basics and essentialities of this insurance