What’s essential to know about business insurance Canada
Without risk, there can be no reward. As a business owner or leader, you know that it takes patience, instinct and persistence to build, maintain and grow your business. You also know that taking calculated risks along the way can help you seize opportunities as well as stand out in your marketplace.
Since day one at ALIGNED Insurance, we’ve made business insurance our sole priority. This means that we exclusively support Canadian businesses. Unlike other insurance brokers, we do not offer personal lines insurance. What makes us stand out is our specific commitment to providing the best possible experience, expertise, service and products to your business.
Whether you are starting a business, growing a business or changing direction, our experts can help you determine coverage that will align with your specific risks.
It’s who you know
When you manage a business in Canada, you want to work people who you trust. You can’t always anticipate and manage every risk that your business will face during the course of any year. And that’s why you want to work with trusted business insurance experts.
This is precisely why we choose to align with top insurance companies in Canada.
We only work with prominent and respected business insurance companies. Our strong relationships with the best insurance companies in Canada mean that you have access to coverage choices from trusted marketplace leaders.
We assess the capacity, expertise, service levels, claims handing and financial stability of the insurance companies in Canada we partner with. We know the marketplace and ensure that you have access to the best business insurers.
It’s also about managing costs
Costs add up. There are multiple factors that come into play when the cost of your business insurance is calculated. This is because each and every business in Canada faces unique and different risks. For example, a new condo construction site in Vancouver and a retail store in downtown Toronto each have distinct exposures. As a result, there’s no simple answer to the question “How much is business insurance?”.
However, as much business risks are unique, there are also many common factors that directly impact the cost of business insurance in Canada.
- The physical location of the business property(ies) being insured
- Risk management techniques and activities being undertaken by the business
- The specific industry in which a business operates
- Loss history – how frequently or infrequently a business has experienced claims situations
- Current trends in the property and casualty insurance industry
While business insurance pricing is very complex, the best way to determine how much business insurance will cost for your organization is to talk to an ALIGNED Advocate.
Want a FREE business insurance Canada quote? Use our simple online form to get yours started now.
In the meantime, three key factors that contribute to the cost of your business insurance policy can be found below.
ONE. The type of insurance you choose.
What’s covered varies between insurance products. More specifically, the underlying rating for the coverage you choose differs from product to product. This means that the same dollar amount of coverage – let’s say $1,000,000 – will cost a different amount depending on the type of product purchased. For example, a company may pay $2,500 for $1,000,000 of errors & omissions insurance and $4,500 for $1,000,000 of cyber liability insurance.
TWO. Your overall risk exposure.
The amount of risk that your business faces is the most important factor when it comes to the cost of your business insurance. For instance, let’s say you decide to open a new retail location. When you operate two locations instead of just one, you effectively double your risk exposure.
In addition, the higher the total insurable value that your commercial property insurance covers, the higher your business insurance costs are.
THREE. The amount of insurance you buy and the deductible you choose.
Last but not least, there’s the specific quantity of business insurance in Canada you decide to buy. By way of example, directors & officers coverage with a $2,000,000 per claim limit will cost more than with a $1,000,000 per claim limit.
Meanwhile, “deductibles ensure that insurance does what it is intended to do – pay for substantial losses, not minor ones. Essentially, the deductible is the amount for which you are self-insured. Deductibles help to keep premiums low. The higher the deductible you select, the lower your annual insurance premiums will be.”1
It’s understanding key business insurance products
It’s always important to cover the basics. In the case of business insurance Canada, it’s also important to understand the coverages that are built to meet the very specific needs of your particular industry.
When it comes to commercial insurance solutions, six of the most fundamental products that you should look at include:
- Commercial General Liability (CGL) Insurance
- Cyber Liability & Privacy Insurance
- Directors & Officers (D&O) Insurance
- Errors & Omissions (E&O) Insurance
- Property Insurance
- Umbrella Liability Insurance
Each of the links above can help you learn more about these foundational commercial insurance coverages. When you are looking to source insurance for business, our experienced insurance brokers can help you access the best products. ALIGNED brokers can also help you determine the individual products and services that are ideally suited to protect your business.
And it may also be about accessing online insurance options
Time is money. Whether you run a small business, a corporation or a non-profit we know that any time you spend away from supporting your clients can and will cost you money. This is why we make is fast, simple and easy to get a business insurance Canada quote from us.
But more than just getting a quote, you can also buy your business insurance Canada coverage completely online. We are constantly expanding our suite of 100% online commercial insurance products to meet the needs of our clients across the country.
Here’s a sampling of the many business insurance products that you can buy online with us. Just click on any of the links to start the straight-forward application process right now.
- Building design professional liability
- Business & management consultant liability
- Cyber insurance
- Directors insurance for non-profits
- E&O (aka errors & omissions) professional liability
- Health & fitness facility insurance
- Health, wellness & fitness professional liability
- Hole-in-one insurance
- Insurance for retail stores
- Liability insurance for private investigators
- Life agents errors & omissions liability
- Technology business E&O (errors & omissions) liability
- Yoga instructor insurance
Regardless of where you are in Canada, we can align the best business insurance options
Your search for business insurance Canada is likely what landed you on this page. Chances are you may be about to start a business, in the midst of growing your business or changing business direction.
Whatever the stage your business is at, or envisioning in the near future, our commercial insurance experts across the country are here to help.
ALIGNED Advocates understand the most common as well as the most unique exposures that businesses face. At the end of the day, we know how to get your business risks exposures aligned with the best possible coverage options.
Source: 1 IBC.ca: Business Insurance Coverage
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