Even though running a successful small business in Ontario is rewarding, it does come with its fair share of risks. Even a slight negligence or laxity may result in accidents that can affect you, your employees, business, and third parties. That’s why you need business insurance in Ontario to offer the protection you need. At InsuranceHero.ca, we offer different types of business insurance, including business establishment insurance to protect yourself, your customers, your business, your business assets, and your employees. Our friendly, professional brokers will first get to know you then provide several quotes from leading insurance companies.
Business Insurance FAQs
Below we answer frequently asked business insurance questions to help you make an informed decision.
What Is Small Business Insurance?
Also called commercial business insurance, small business insurance protects your business against lawsuits and loss. The nature of your business will determine the number and type of insurance coverage you’ll need to make sure your small business is fully protected.
Does My Home Insurance Policy Cover My Small Business?
In some instances, your home insurance can cover some of the liability that comes with running your small business, but only if your insurance provider has put that down in writing.
That said, most personal insurers completely exclude business liability. So, if a client comes to your home and has their property damaged or is injured, your small business might not be covered should the client file a lawsuit. If you work from home, your best bet is to upgrade your current home insurance policy.
What Are The Different Types Of Business Insurance?
The common types of insurance for small businesses include:
Business Liability Coverage
Commercial insurance or business liability insurance protects business owners from losses resulting from unexpected events that can happen during normal operations, like injuries, property damage, and errors. There are various kinds of insurance that protect small businesses according to their size, revenue, and industry.
General Liability Insurance
If there’s a liability due to property loss or damage or a person is injured by your product or on your property, general liability insurance will protect you.
Errors And Omissions Insurance
If your business offers consultancy services, errors and omissions insurance is essential. This kind of insurance offers protection in case you make a professional mistake, and your client takes legal action against you.
Tenant’s Legal Liability Insurance
If you’ve leased or rented space for your business, a tenant’s legal liability insurance protects against specified damages and outlined dangers that may happen on leased or rented property. A lot of people believe that the property owner is responsible for such damages. However, that isn’t always the case when you’ve leased or rented their space.
Affordable, Comprehensive Business Insurance
At InsuranceHero.ca, we make it easy for businesses to get the coverage they need at competitive rates, with service you can depend on. As a top brokerage, we provide a range of policies from best-in-class insurance carriers. If you need business insurance in Ontario, we’ll guide you in choosing the right fit at an affordable price. Quickly compare rates from top insurance providers: https://insurancehero.ca/get-a-quote/.