As careful as you might be, there are unforeseen events that can happen to every business.
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Commercial Insurance for Canadian Entrepreneurs
If you’re a Canadian starting a new business, you’re probably thinking about the risks your business could face. Accidents can happen, anywhere, and at anytime, and as a business owner, you could be on the hook even when you’ve done nothing wrong.
This is why commercial insurance is so important.
Last year, insurance companies paid out over seven billion dollars in commercial insurance claims in Canada. Yeah, that’s a lot of money.
Let’s look at a couple of scenarios. A customer slips on the wet floor of your office, injures themselves, and proceeds to sue your business. One of your employees damages your client’s property while working on it, or a customer gets injured by a product that you sold. The risks can be endless.
Commercial insurance, also known as commercial general liability insurance, is the most basic insurance policy recommended for all businesses. If you want protection in the event of bodily injury or property damage to third parties, you should definitely get commercial insurance.
Depending on the particular needs of your business, you can add additional coverage on top of your commercial insurance policy. Cosverages such as professional liability, if you’re providing a service, commercial property coverage if you own expensive property and equipment, or cyber liability, if your business accepts online payments or stores electronic data.
To get your commercial insurance policy today and to find out what other insurance coverages your business may need, head over to www.zensurance.com, click on ‘Get A Quote,’ and simply start to type out the name of the industry that you work in, and that’s it. Based on your industry, we’re going to recommend the best policy for you and we will get you a price estimate. In case any additional information is required, one of our insurance brokers will be in touch with you to clear up some questions. It’s that easy and it’s that simple.
If you have more questions about business insurance in Canada, we have a number of different ways to help you. Go to the chat function on our website, send us an email at firstname.lastname@example.org, or give us a call on our Canadian toll free number at 1 888 654 6030
What is Commercial Insurance?
Commercial insurance, also known as commercial general liability insurance (CGL), is an insurance policy that provide financial protection against common liability claims or lawsuits brought against you and your business.
Regardless of the industry you operate in, commercial insurance is essential to the long-term survival of your business.
Who needs Commercial Insurance?
Regardless of industry, every business has some level of risk. You need commercial insurance if:
- You have clients or suppliers visiting your office or home office.
- You or your employees visit clients or suppliers.
- You manufactor or sell a physical product.
- You rent an office or commercial space.
What is the cost of Commercial Insurance?
On average, a small- to medium-sized business owner can expect to pay $650 for a commercial insurance policy with a $1M limit. Much like insurance coverage, the cost of your insurance premium will vary based on several factors, including:
- Level of Experience
- Annual Revenue
- Number of Employees
Getting insured is quick and easy!
If commercial insurance is what you need, request a free quote now
Which Businesses Require Commercial Insurance?
Regardless of the type of business you own, commercial insurance is critical for almost any business including:
Aerial and ground based Photographers / Videographers
Architects & Engineers
Building Designers (Bill 124)
Directors and Officers
Energy Audits & Assessments
Foreign Legal Consultants
Human Resources (HR) Consultant
Information Technology & Computer Consultants
Lawyer’s Excess Professional Liability
Medical Professionals (Malpractice Insurance)
Medical Students (Malpractice Insurance)
Occupational Health and Safety Consultants
Quality Control Consultants
Publishers and Printers
Recruitment and Employment Agency
Solar & Wind Farm Engineers & Consultants
Travel Agents, Tour operators
Excess & Umbrella Liability
Common scenarios where Commercial Insurance is useful:
A customer visits your restaurant and injures themselves while walking up the stairs. Your coverage covers the legal and medical expenses, totaling $15,000.
While rennovating a client’s property, you accidentally damage a pipe, causing severe water damage to their hardwood floors. Your insurance covers the cost to replace and repair the damage, totaling $23,000.
A manufacturing flaw in a product you sold caused your client’s toddler to choke. Your product liability coverage under your commercial insurance covers the legal expenses, totaling $17,000.
Frequently Asked Questions about Commercial Insurance
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