Business Insurance Ontario
Defend Your Hard Work with Ontario Business Insurance
You work hard to keep your business running, day in, day out. Operating or even starting a business — whether that business is small, large, has been around for a few months or a few years – takes grit. CCV Insurance matches that grit by working hard to find our Ontario clients the business insurance they need to stay on track — even if the unexpected strikes. Be it a lawsuit or property damage, we want you to be able to keep your doors open for as many years as possible.
CCV Insurance, one of Ontario’s largest independently owned brokers, has been serving its clients and hardworking business owners for over 40 years. We support our service and product offerings with an expert team of business insurance professionals, who have expertise, extensive training and knowledge that is used to customize solutions for our clients’ businesses.
It takes more than the traditional insurance services to adequately protect your business. That’s why CCV Insurance thinks beyond the typical offerings to respond to the perpetually shifting needs of our clients.
Start the process to protect your business by requesting a free commercial insurance quote with CCV Insurance.
Ontario Business Insurance: The Protection Your Company Needs
Your assets need financial protection. When you connect with CCV Insurance to ask us for business insurance, our Ontario brokers get to work finding a variety of policy options that contain comprehensive support to mitigate financial risks to your business. Ontario companies need to protect their assets, such as their property, vehicles, building and equipment. In addition, liability insurance is a critical coverage as it reduces risks arising from when claims are filed against your company. You may also want to include business interruption insurance, which covers your business in the event of a stall due to insurable hazards and for expenses like ongoing bills, rent and more.
Let’s break down comprehensive business insurance in Ontario just a little bit more.
Commercial Property Insurance for Ontario Businesses
Commercial property insurance protects your physical premises in Ontario (and beyond, if you have operations elsewhere). It protects your assets such as inventory, buildings and equipment. Property insurance offers a range of options depending on your insurer and your policy. Fortunately, our expert commercial insurance brokers can help customize a solution that works best for the unique needs of your company. Obviously, your business is far more than its bricks and mortar locations, but whether the space you work out of is a home office, a larger commercial space or a leased area, it’s where you make the magic happen. Replacing or repairing it entirely on your own could be detrimental without the proper insurance coverage in place.
Commercial property insurance can also include coverage for things like electronics, equipment and exterior fixtures (i.e., fencing, landscaping, outdoor signs). Enhanced coverage can cover hazards such as earthquakes and overland flooding.
Commercial General Liability Insurance for Ontario Businesses
Any Ontario company that interacts with clients will need commercial general liability insurance as part of their overall business insurance policy. This coverage helps protect your business against liability claims. Despite your passion and commitment, things can go wrong. Say you are a snow removal company, and you damage a customer’s car in the process of removing snow from their driveway. This could be grounds for a lawsuit, which many small businesses cannot recover from the costs of. Commercial general liability insurance provides protection for you and your business against claims of bodily injuries and property damage, as well as advertising injuries such as libel and slander.
Commercial general liability insurance is designed to cover the legal costs to defend your business against claims made in court, in addition to any necessary indemnity costs to cover damages and compensate the third parties that suffered financial loss or injuries.
Business Interruption Insurance for Ontario Businesses
This coverage goes hand-in-hand with a commercial property insurance policy and is designed to protect your business against any losses sustained because of a period of closure due to damages or destruction caused by an insurable loss. Say, for example, a fire burns down your business property and you are left without a physical premise or equipment to operate with. Business interruption insurance is designed to cover you during the period of closure for things like fixed operational costs, bills, rent money, employee wages and more. It can also cover you for your loss of income based on past months or years average revenue, as well as temporary relocation costs if you set up base somewhere else until your business is able to open its doors once more and resume operations.
Other Coverages to Consider
A comprehensive business insurance policy in Ontario wouldn’t be an extensive, all-encompassing business insurance policy without the fixings you needed to make it perfectly yours. Every business runs differently, which means that everyone’s coverage should be designed to fit their business and its needs.
As such, every business should be fit with its own unique types of insurance coverage. Beyond what was listed above (which are considered the “standard” insurance options for businesses in Ontario), you may want to speak with a CCV Insurance commercial insurance broker about additional coverages, such as:
- Equipment insurance and equipment breakdown insurance
- Cyber liability insurance
- Pollution liability insurance
- Professional liability insurance
- Directors and officers liability insurance
- Product recall insurance
- Product liability insurance
- Commercial automobile insurance
- Crime insurance
- Cargo insurance
The Cost of Business Insurance in Ontario
Purchasing insurance is virtually the process of risk transference, which means that your allotted risk will be calculated in the form of something called a premium; however, no one business will pay the same premium.
You will pay as much or as little as compared to your likelihood of making a claim; insurers calculate this likelihood by looking at several factors, such as:
- Your business experience. A long-standing business with a stronger, more commanding reputation often pays less for insurance compared to a newer, fresher business. This is because the older business has more experience dealing with exposures and has had more time to refine its craft.
- Your average business revenue. Revenue aids in calculating risk because it gives insurers an idea of how many clients your business works with as well as the quality of your service or product. For example, a retail store selling affordable goods will likely pay less for insurance when compared with a luxury car dealership.
- Your industry. Some industries are simply riskier than others. An amusement park sees a huge potential for losses and damages next to, say, a publishing company.
- Your insurance history. If you’ve made a lot of claims in the past, insurers believe you’ll be more likely to file claims again in the future. This is unfortunately just statistics. To reduce your business insurance premiums, try to avoid making claims for small damages and losses, and review your risk management strategies to ensure you’re taking the right steps towards securing your company.
- Your location. Some locations will unfortunately be faced with higher risk than others. This is due to high crime rates, rates of natural disasters, claim rates, foot traffic and more.
- Your coverage options. The more coverage you purchase, the more you’ll have to pay for your insurance. Remember, even though you may pay more in premiums, having the comprehensive coverage you truly need can save your business from financial ruin in the face of an insured loss.
- Your deductibles: Each section of your coverage is subject to a deductible, which is the amount you must pay before your insurance provider will step in to pay the remaining amount to cover an insured loss. The higher the deductible, the lower your premium will be. That said, choose an amount you’re willing to pay out-of-pocket in the event of a loss.
Concerned about costs? CCV Insurance has knowledgeable business insurance brokers in Ontario who’ll work with you to find a solution that meets your needs. We understand that it can be daunting to have to purchase business insurance without having any idea of what “personalized” looks like to your situation — this is where our expertise makes a significant difference.
If you want a more accurate assessment of how much you’ll pay for your business insurance in Ontario, request a free commercial insurance quote today.
Ontario Business Insurance Frequently Asked Questions
Want to know a little more about business insurance in Ontario? What it costs? How it works? Why you need it? Get in touch with CCV Insurance — we’re happy to answer your questions. For now, see our frequently asked questions about business insurance in Ontario.
Is My Business Required to Purchase Insurance?
Not necessarily. Some industries may require liability insurance in some form, depending on provincial regulations, but business insurance is generally not mandatory. This doesn’t mean you should go without. Insurance is highly recommended, and in the event you don’t have it, your business could be forced to pay out-of-pocket for repairs and restoration costs.
How Much Ontario Business Insurance do I Need?
The amount you need to fully insure your business against all prospect risks varies by industry, by exposures, by risk profile and so much more. Our Ontario-based business insurance brokers are happy to work with you to determine adequate limits for your business.
How Much Does Business Insurance in Ontario Cost?
It varies by industry, insurance provider and business. CCV Insurance will help you get the best coverage for the best price, without sacrificing your necessary protections. On average, business insurance in Ontario may cost anywhere between $500 and $5,000 per year, so your best bet for an accurate price is to request a free quote with CCV Insurance today.
Is Business Insurance in Ontario Tax-Deductible?
You can deduct any incurred commercial insurance premiums that are used to insure the equipment, machinery and buildings you use in your business.
Also tax-deductible are general liability insurance premiums, professional liability insurance that is used to maintain professional status, data breach insurance, business income insurance, workers’ compensation insurance and more.
Get to Know the Best Business Insurance Brokerage in Ontario: CCV Insurance
We’re in your corner. Not every commercial insurance company in Ontario will offer the same level of coverage or the same price. That’s why it’s important to work with a business insurance broker in Ontario, such as the experts we have here at CCV Insurance. We’ll work closely with your team to deliver a custom policy that matches the unique workings of your business — giving you peace-of-mind in knowing you’re covered for what you need to be.
We want you to run your business without worrying about any what ifs — and that’s what our comprehensive business insurance brokers in Ontario can do for you and your company.
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Get StartedRogers Insurance and CapriCMW Merge to Become Acera Insurance.
CCV Insurance, as part of the Rogers Insurance Group, is now Acera Insurance.
As one unified company, we are now one of Canada's largest independent and employee-controlled brokerages.