Getting a Business Insurance Quote

Below you will find everything you will need to provide to get a quote for your small business

Ontario is definitely one of the most business friendly areas in Canada. Nevertheless, even these lucky Ontario businesses can run into problems at some point or another. You just never know when one of your clients is going to become disgruntled. In return, they may lash out and file a lawsuit against your business. Suffice to say, all Ontario businesses need some type of business insurance. Before trying to sign up for a policy, you’ll want to acquire quotes. Getting a quote with ProfessionalsCoverage will be much easier than you could ever imagine.

Below you will learn about what will be required to start the quoting process.

The basics first

To acquire an accurate quote, you’re going to need some basic insurance. You’ll need your business address and industry. It is also pertinent to obtain information about yourself. Try to compose a breakdown of your experience. You’ll also want to acquire details about your business operations and gross annual sales. The insurance company is going to try to evaluate the risk of your company. In order to do that, the insurer is going to consider the risk of your industry, your personal risk, and your company’s financial risk.

Remember that two businesses in the same industry could be significantly different. One automobile company might services consumers. Another one might work on commercial vehicles. The risks involved are going to be different for both companies.

Details About Employees

If you want the most accurate quote, you’ll also need to provide information about your employees. After all, being an employer means that you’re going to need to obtain workers’ compensation insurance. So, what information do you need? Well, you’re going to need a complete employee count, subcontractor cost and annual payroll. When attempting to figure out how many employees you have, you should not count owners and partners. These individuals will not count as employees.


There is a good chance that your company owns property. If so, you’re going to need commercial property insurance. You can obtain this type of insurance through your business owners policy (BOP). To get a quote, you’ll need key details about your properties. For instance, you’re going to need safety features, construction type, other building occupants, and information about the size and age of the building.

The insurance company is going to consider this information to determine how risky your business is.

Business History

You also have to provide information about your company’s history. Have you had claims filed against your company within the past five years? How much was paid out? When did these claims take place? Did any of your previous E&O policies payout? If you do not have this information on hand, you should go ahead and request a copy from your insurance company. They’ll be happy to provide it to you.

Equipment And Tools

Many companies are required to use tools and equipment to satisfy their clients. If your business fits into this category, you’re also going to want to cover these things with insurance. To get these things covered, you’ll need to provide the insurance agent with information about the tools and equipment that your company owns. Be sure to provide them with details about your computer equipment, building materials and more.

Are Additional Insureds Required?

In some cases, you might need to insure an additional individual, city, corporation or entity. If this is the case, you’re going to need to add an additional insured to your policy. An additional insured could be a vendor who peddles your goods. It could also be someone who uses space where your business operates. This isn’t a necessity for every Ontario business, but it might be for yourself. If it is, make sure that you tell the agent about your requirements.

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