Commercial insurance

Commercial insurance is designed to protect businesses financially and legally, and it is made up of a few different kinds of coverages.

While businesses are not legally required to carry corporate insurance, they typically carry, at a minimum, what’s called commercial general liability insurance. CGL insurance covers costs in the unfortunate event of a lawsuit against them.

Another common type of commercial insurance in Canada is property insurance, which covers company-owned buildings like an office, retail store, or warehouse, and can recoup costs in the event of perils like fire, theft, and water.

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Business owners should expect to pay between $500 – $5,000 in annual insurance premiums. Yes, that’s a wide range, and it could wind up being higher, depending on your unique situation. 

It’s a tough question to answer because there are a lot of factors that determine the cost of a business insurance policy, starting with your company’s annual revenue, industry, claims history, and location.

Commercial insurance prices are set on a case by case basis and determined by your company’s profile — in other words, how much risk you pose to the insurer.

Commercial insurance companies have the data to tell them things like which industries are responsible for the most claims and in which neighbourhoods occur the most theft. That’s why these bits of information affect your insurance rate.

One-person operations can certainly snag a policy as low as $500. On the high end? Massive corporations can fork over millions of dollars a year for their insurance policy.

So, if you’re looking for the cheapest commercial insurance possible, it’s best to have a broker advise you on the coverages you need. 

That way you can ensure you’re paying for exactly what you need – no more, no less. 

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Commercial insurance, also referred to as business insurance, is designed to cover your company’s assets against common perils like fire, water, theft, and liability.

Here are five of the most popular types of commercial insurance among Canadian companies:

• Commercial liability insurance
• Commercial property insurance
• Cyber insurance
• Professional liability / errors & omissions
• Marine Cargo

KBD Insurance can provide each of these types of commercial insurance.

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You’ll be better off with an insurance broker (over a direct insurance provider) if you have an intricate business that requires a deep level of knowledge. As insurance brokers, our job is to understand the details of your business operations so we can provide the best service to you — that’s why we take on complicated accounts.

When you work with a broker, you’ll talk to the same person every time you call, email, or even text. That person is your first point of contact any time you need to file a claim or make a change to your policy. Compare that with direct insurance companies, who hand out a 1-800 number, meaning that every time you call, you have to explain your file from scratch to whichever representative answers the phone.

Want a personalized business insurance service? We can help with that. 

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Compare apples with apples!

We love to say that — but what does it mean? It means that when looking at quotes from two companies side-by-side, those two quotes have to be made up of the same coverage. Often, when clients see a big discrepancy between two insurance quotes, it’s because the two policies’ protections aren’t the same. (Inevitably, the cheaper one may be more attractive, but it offers a lower grade of coverage.)

We see this happen all the time. When shopping around, be careful to request quotes for the exact same coverage from each company you talk to. See? Apples to apples.

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Why get commercial insurance? To protect your business when the unexpected happens. 

Most businesses aren’t able to recover financially after a big loss; this is where insurance kicks in. It really needs to be part of your budget, because by the time something happens, it’s already too late. 

Aside from being a smart business move, carrying insurance legitimizes your company. As you grow, many vendors won’t even conduct business with you if you can’t show proof of commercial insurance.What’s important to understand — a lot of people don’t — is that an insurance policy is not a maintenance package. That means you shouldn’t use it to cover up every little blemish. We always say to avoid small claims — and you should. Because the more claims you make, the less insurable you become and the higher your future rates go. Commercial insurance really is there to cover the big stuff that you couldn’t possibly pay out of pocket.

Let’s get your business insured. 

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Put simply, business insurance can save you financially if your company is involved in an accident. 

Having the right commercial insurance coverage in place is the difference between going belly up and weathering the storm in the event of a disaster. 

However, the type of business insurance that you should purchase depends on the kind of business you run, and the risks it presents. 

So, as always, the best way to determine what business insurance you need is to get a personalized commercial insurance quote. 

Our commercial insurance brokers can help with that. 

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There are two different ways that you can get commercial insurance for your business:

1. Through direct insurance companies: They issue you a policy directly and only offer one insurance product, which is their own.
2. Through commercial insurance brokers: Brokers have access to multiple insurance markets and can shop around for you to find you the best fit. (KBD is an insurance broker offering commercial insurance to small and mid-sized businesses in Ontario and Quebec.)

As a business owner, you should know that not all insurance companies in Canada offer commercial insurance. That means if you were planning to call the company that provides your personal home or car insurance, they might not have what your business needs.

The best advice we can give you when it comes to getting corporate insurance? Shop around!

When you’re looking for business insurance, you should do your research, and make sure that you’re finding yourself the best product at the best price. This especially applies to intricate businesses; if your company has a lot of moving parts, not all insurance companies will be equipped to handle your needs.

That’s why it’s best to work with a commercial insurance broker who’s familiar with your industry. 

Looking for business insurance quotes?

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Business interruption insurance covers you in the event that your regular business operations can’t continue due to an accident or disaster. 

Business interruption is built for restaurants, manufacturers, and the like. Why? These types of businesses can’t operate after disaster strikes, like let’s say a fire or flood.

In comparison, most service-based companies with employees working at desks could easily have everyone work remotely for a while before things go back to normal. A restaurant, on the other hand, would have to close down for an extended period of time. A business interruption insurance policy covers the cost of lost revenue in the event that this happens.

What does business interruption insurance cover? Following a covered loss, there are three costs that can be recouped:

1. Loss of profits
2. Administrative payroll
3. Fixed costs

Fact: Two out of three businesses go belly-up after making a claim when they don’t have business interruption insurance. So it’s an important policy to have in place to protect your company. 

Looking for commercial insurance quotes?

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In a nutshell: To shop the market, understand your business, and provide a personalized service. 

While neither the direct nor the broker insurance model can be necessarily considered more expensive than the other, a broker differentiates itself in those three areas. You can certainly find cheap commercial insurance online and with direct insurance companies, but you might not find a personalized service. 

If your business requires a little more attention to detail, you’re better off with a broker. It’s the broker’s job to learn and understand the ins and outs of your company and industry, including the products you sell and the business you do outside of Canada. If you would consider your business intricate, you’d be better served going with a broker.

Why? A broker is trained to understand your business. And once you have one, that one person can stay on your account long-term. With direct insurance companies, you might call a 1-800 number and speak to a different representative each time — sort of like starting from scratch. With a broker, you get a real business relationship with someone that learns more about your file the longer you work with them.

Ready to get commercial insurance?

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A commercial insurance broker works as an intermediary between the insurance company and the client. Brokers have access to several different insurance providers, so they can shop multiple insurance markets to find the best fit for each client. That means matching the best price and protections for different types of companies that work in an array of industries.

A direct insurance agent works for a provider, so they can only sell you insurance from their company. These agents don’t necessarily maintain a file with each client; instead they must be equipped to handle any person that calls the company and gets patched through to them.

Need business insurance in Ontario or Quebec?

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Property and casualty insurance!

Property insurance covers your physical assets.

Casualty — a fancy word for liability — covers your actions.

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There are several types of commercial insurance that we recommend business owners invest in. They include:

• Commercial general liability insurance
• Professional liability insurance
• Cyber insurance 
• Commercial property insurance 
• Commercial car insurance 
• Equipment breakdown insurance

Business insurance policies are always tailored to your specific needs. However, at a minimum, companies should have commercial general liability insurance in place to protect them against property damage, bodily injury, and product liability. 

The best way to know which type of business insurance is most important for your company is to speak with your broker. 

Need a commercial insurance quote?

Call us.