There are many businesses in Ontario that need general liability insurance. Businesses of all shapes and sizes fit into this category. When you’re realized that you need coverage, you’re first going to wonder how much it is going to cost. Since starting a business can be so expensive, everyone will be interested in keeping their insurance costs to a minimum. Just remember that the cheapest insurance might not cut it in the long run.
The truth of the matter is that the cost is going to vary from one Ontario business to the next. There are numerous factors that will ultimately impact the cost and your risks. These factors will be explored in greater depth below.
Factors that play a role in determining the general liability insurance cost
So, which factors are going to play a role in determining how much you’re going to be required to pay for general liability insurance? There are plenty. The biggest will be explored in greater depth below.
- Risk Exposure – When it comes down to it, some companies face greater risks than others. If your company only delivers equipment to consumers and other businesses, the risks are minimal. If you’re making that equipment, your risks are increased significantly.
- Location – It is also pertinent to understand that your location will ultimately impact the price. If you live in an area with more lawsuits, your premiums are going to climb higher. Since Ontario has a higher population, you may be required to pay more than Canadian businesses in less populated areas.
- Company Size – Finally, you should know that the size of your business will also impact your final cost. If you have tons of employees, your prices are going to be more expensive. A sole proprietor with no employees will be considered less risky, so they’ll ultimately pay less in the long run.
Get the cheapest Liability Insurance for your business
General liability insurance is a necessity, but it can be a little expensive. Thankfully, there are some things that you can do to decrease the costs significantly. You’ll learn how to do just that below.
Alter The Limits And Deductibles
First and foremost, you should know that you can decrease the expense by changing your aggregate limits. Changing the limit from $2 million to $1 million will make a big difference in the long run. You may also want to think about increasing your deductible. Just remember that you’re increasing the risks involved by doing this. Lowering the limit and increasing the deductible means that you may be required to pay more in the event that you’re sued in the future. Therefore, it might not be worth it in the long run.
Put More Emphasis On Safety At Work
It is also essential to make sure that safety is taken very serious at work. When your workers are in the factory or on the job site, there is a possibility that they’re going to get injured. If you’ve provided them with proper training, you may be able to decrease these risks. It is also pertinent to maintain an organized workspace. Too much clutter is going to be a problem. A painter with a cluttered workplace could get injured or they might spill their paint everywhere.
Finally, it may be possible to use discounts to decrease the costs involved. Most insurance providers are going to offer some type of discount. However, the discount amount will vary from one insurance provider to the next. ProfessionalsCoverage can help you find out what insurance discounts are available to your business. If you’re looking for the most affordable general liability insurance in Ontario, you should not hesitate to get in touch with us! One of our licensed agents will guide you to the insurance that you need at the prices that are manageable for your business.
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Other useful information
- What is General Liability?
- General Liability Insurance Coverages
- General Liability vs Professional Liability
- Benefits of Commercial General Liability Insurance