Business Insurance in Ontario

Ontario is the most densely populated province in Canada in terms of both people and businesses. It is important for small businesses to protect themselves with Business Insurance in Ontario due to the risks they face and the impact that claims can have.

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Consultant Insurance

What is Ontario Business Insurance?

Ontario Business Insurance is an umbrella term that represents the entire bundle of insurance policies that businesses in Ontario purchase to protect their practice. Although it does not represent any specific insurance policy, the most common policies that are bundled into Ontario Business Insurance are Commercial General Liability Insurance (CGL), Professional Liability Insurance, Contents coverage, and depending on the nature of the business, Cyber Liability Insurance.

What does Consultant Insurance cover?

What Does Ontario Business Insurance Cover?

It provides protection to Ontario businesses from many common risks they are likely to face, both general and operational. For example, a business insurance policy may include CGL coverage, designed to protect businesses from the repercussions of causing bodily injury or property damage to third parties, Errors & Omissions coverage, to protect against lawsuits filed by clients who suffered a financial loss or harm due to errors or omissions in the service they were provided, and Commercial property coverage, to protect a business in the event that expensive property or equipment are damaged. Not all coverages have been mentioned, and not all coverages mentioned so far may apply to a particular business. Business owners should consult their broker to understand the risks their business faces and how to best protect themselves.
What is the cost of Consultant Insurance?

Who Needs Ontario Business Insurance?

Any business that operates in Ontario should consider protecting itself with business insurance. Insurance is mandatory in some industries, such as Accounting services and Registered health practitioners. For many other businesses, insurance may not be mandated by a regulatory body, but still be necessary due to other reasons. For example, before acquiring a large project, sub contractors are often required by contractors and project managers to have business insurance in place. and landlords will often require that businesses that want to rent space in their buildings first acquire a liability insurance policy. It is good practice to insure your business even if there isn’t any external pressure to do so, because accidents such as slip and falls are extremely common and cost a lot to deal with – legal representations fees, settlements, etc.
What is the cost of Consultant Insurance?

How Much Does Ontario Business Insurance Cost?

The cost of your policy cannot be determined without taking into account some basic information regarding your business. For many insurance policies, the cost will depend on general factors such as annual revenue, managers’ years of experience in the industry, number of employees, security measures in place, etc. Other factors that affect the cost of Ontario business insurance are the industry that the business operates in, types of products and services offered (some carry extra risk), types and cost of property and equipment owned by the business, etc. The price of your premium may also go up if you have had previous insurance claims, or if you lack a certain number of years of experience in the industry you operate in (for some industries).

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Largest Ontario Cities for Small Businesses

The economic power of Ontario is the results of its cities. These are Ontario’s largest cities:

  • Toronto

  • Ottawa

  • Hamilton

  • Kitchener

  • London

  • Oshawa

  • Windsor

  • Niagara / St. Catherines

  • Barrie

  • Guelph

  • Kingston

  • Kanata

  • Milton

  • Brantford

  • Thunder Bay

  • Sudbury

  • Peterborough

  • Sarnia

  • Belleville

  • Sault Ste. Marie

  • Ajax

  • Whitby

  • Burlington

  • Oakville

  • Brampton

  • Mississauga

  • Aurora

  • Markham

  • Vaughan

  • Orangeville

Our Ontario location:

Serving the Ontario small business community

  • 200 University Ave #1302, Toronto, ON M5H 3C6

  • +1 888-654-6030

Common scenarios where Business Insurance in Ontario is useful:

Commercial Insurance Canada Scenario
A client slips at your place of business while paying you a visit, resulting in injury that requires hospitalization. The client then proceeds to sue you for personal injury. In this case, a general liability insurance policy may cover legal representation costs and settlement fees.
Commercial Insurance for Contractors
As an accountant, you are in charge of preparing important financial documents for your clients. Unfortunately, a clerical error in a document relating to quarterly profit and loss affects your client’s ability to plan for the next quarter. E&O Insurance may cover the damages if the client decides to sue you.
Commercial Insurance for Restaurants
As a contractor, you own tools and equipment worth tens of thousands of dollars. A fire breaks out where you store your equipment and damages them beyond repair. Commercial property insurance may help you recuperate the damages.

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