If you run a business in Ontario, you should not hesitate to sign up for a business insurance policy. After all, Ontario businesses are sued very frequently. The good news is that you can take steps to protect yourself from potential problems. Depending on your business type, you will likely need to combine a professional liability insurance policy with a thorough commercial general liability insurance policy. These two insurance coverage options should be sufficient for protecting the mass majority of Ontario businesses. Just remember that your policy might not give you enough coverage.
If your E&O insurance policy isn’t enough and your professional insurance broker isn’t willing to get more, you’re going to need to think outside of the box. Acquiring additional excess and umbrella liability insurance can make a big difference. By obtaining an excess and umbrella liability insurance policy, you’ll be able to increase your coverage. This type of policy will provide you with coverage and limits above what you would get with a conventional CGL or PLI insurance policy.
An excess or umbrella liability insurance policy may not be necessary for all Ontario businesses. Nevertheless, it will prove to be well worth it for many businesses.
More Coverage Options
When it comes down to it, CGL insurance and PLI insurance are both amazing. They’re going to give you a little extra peace of mind. Even if you do work with an umbrella liability insurance agent and get additional coverage, you may still need more coverage to fully protect your Ontario business. So, which coverage add-ons should you make sure that are included with your policy? You’ll find out below.
Commercial General Liability Insurance
Do you have people coming in and out of your place or business? Or, perhaps you have completed projects that could eventually harm the client in some way? If you answered yes to one of these questions, you’re definitely going to want to get a commercial general liability insurance policy. The limits needed will really depend on your type of business and the risks that you’re facing.
Commercial General Liability Insurance Recommended Limits – $1,000,000 per claim / $2,000,000 aggregate minimum
Cyber Insurance
Regardless of the type of business that you’re running, there is a good chance that you’re going to benefit from having cyber insurance. This is definitely the case if you happen to store customer information online. What would happen if your computer system was hacked? Your clients’ personal information would be stolen and you would be in hot water. Cyber insurance can protect you from such problems.
Cyber Insurance Recommended Limits – $100,000 per claim / $1,000,000 minimum
Commercial Property Insurance
Not every Ontario business is going to need commercial property insurance. Nevertheless, a lot of them will. If you run a store or business in which customers are constantly coming in and out, this insurance will be a good choice for you. This insurance will provide you with money, if your commercial property is damaged in some day. This will allow you to rebuild your property and your business in the future.
Commercial Property Insurance Recommended Limits – $500,000 per claim / $2,000,000 minimum
Possible Costs
Every Ontario business will want to know how much they’re going to be required to pay for business insurance coverage. These numbers are going to be crucial for balancing the books and keeping your company in good shape in the future. While the prices will vary based on several factors, you will be provided with average costs below.
- Commercial General Liability Insurance – $40 a month
- Professional Liability Insurance – $550 a month
- Commercial Property Insurance – $20 a month
- Excess & Umbrella Insurance – $25 for an additional $1 million in coverage
- Cyber Insurance – $18 a month
When it comes down to it, the prices are going to change based on your business, its location and the risks that you face. There are other factors that may play a role in the equation too. If you want to figure out the legitimate costs, you should get in touch with a reliable excess and umbrella insurance agent. Just use the form on our website to obtain excess and umbrella insurance quotes today. You can also contact us directly via email or over the phone and we’ll do our best to give you a more accurate estimation.
Other professions we also provide insurance for: