If you’re here to find the best commercial insurance in Montreal, you’ve come to the WRONG place.
Wait, no — don’t stop reading!
The truth is, there is no single “best”, and that’s because the best for you won’t be the best for someone else.
There’s no insurance company or policy that’s going to knock it out of the park for every business owner — including our own.
So we’re here to tell you that there’s no such thing as the best business insurance solution, only the right business insurance solution.
And finding the right business insurance is crucial.
Before we proceed, take a second to take stock of your business and its needs.
Think about your priorities and what’s important to you in a business relationship.
Okay, now follow along — we think you’ll find your answer along the way.
Key Factors to Consider for Business Insurance
The truth is, insurance companies are ever-changing; they adjust their offerings regularly.
So what might have been “the best” last year may not be so this year.
At the end of the day, you need to determine what provides you the most value.
Direct insurance companies vs. brokers
You can choose to work directly with an insurance company or go through a broker.
In general, low-maintenance companies with a simple business model that want quick answers should go directly to an insurance company.
With them, you’ll deal with a different representative each time, but you’ll get all the answers you need quickly.
If you run a more complex business, you’ll prefer working with a broker.
When you work with a commercial insurance broker like KBD, you’re assigned one insurance specialist that gets to know you and your business.
As your business grows and transforms, you build a rapport with them.
Plus, since brokers aren’t the ones paying your claim, they can go to bat for you if needed.
Not the case if you’re working directly with an insurance adjuster.
If comfort and trust are most important to you, go with a broker.
Believe it or not, your business plays a big part in the commercial insurance rates you can get from a broker.
How long you’ve been in business, how big your company is, your annual revenue and the amount of claims you’ve made in the past will all contribute to what an insurance company might offer you.
Be realistic: No matter how much you shop around, a roofing company’s rate will always be higher than a gardener’s.
It’s simply about the risk the insurance company’s willing to take.
Say you’re a shipping company that requires five or six different types of insurance for the different types of shipping you provide.
A direct insurance company may only specialize in one of those areas, so when you ask them about marine cargo insurance to cover your cargo ships carrying millions of dollars worth of product, don’t be surprised if the phone goes silent.
Brokers are preferred for more complex companies because they can work with multiple insurance companies to build the proper coverage for you.
Brokers have access to multiple insurance markets and are capable of insuring multiple industries.
And since brokers provide an insurance specialist dedicated to your file, they know best where to direct you.
Get the Best Rates on Commercial Insurance for Your Small Business
We always recommend doing your research to compare commercial insurance quotes across the board.
Before you do, you should have at least a basic understanding of what to expect.
Increase your deductible
Your deductible is the amount you’ll pay out of pocket in the event of a claim.
Your commercial insurance company pays the rest.
The more risk you’re willing to take on, the better rate the insurance company will be willing to give you.
Don’t claim for small amounts
The more claims you make, the worse you’ll look in the eyes of a commercial insurance company.
Every claim you make stays on your file for years, so avoid submitting the ones you could pay out of pocket and stick to the expensive claims.
Remember when you first learned to shave — how many times did you cut yourself before getting it right?
Entrepreneurs new to their field are more prone to mistakes and therefore receive higher rates.
Insurance companies aren’t crazy about the idea of a client learning to shave on their face.
Where Should I Buy Business Insurance?
First things first: Do your homework.
When it comes to property casualty insurance, there is some responsibility on the client to understand what they need coverage for.
Once you have a basic understanding of your needs, browse insurance brokers like KBD Insurance online and ask for a quote.
If you’re serious about it, follow up with a phone call to make sure you understand what you’re covered for.
As a startup or high-risk company, it’ll be harder to find a good rate.
Be patient: You’ll still find something, you’ll just pay a little more.
By now, we hope you’ve found the best insurance solution for YOU.
We can’t stress this enough: The quality of any insurance provider is subjective based on your priorities.
Some people want an insurance specialist that knows their name — others want fast answers.
Start by understanding what you need, and you’ll be on your way to find the best commercial insurance you could ever find.
As always, don’t hesitate to contact us for your business insurance inquiries.