Ontario commercial auto insurance

Commercial insurance covers your business assets. 

It’s designed to protect your business financially and legally if there’s a claim made against you. 

So, whether you need to insure a building, vehicles, or professional liability, if it’s business related, it falls under the commercial insurance category in Ontario. 

And it can act as a financial safety net if there’s a claim made against you. 

There’s just a few things you need to have in place before giving your commercial insurance broker a call.

• Your registered business name in Ontario
• Your annual revenue 
• Information about your business locations
• Assess your business’s assets

Need to get your business insured?

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There’s a few baseline coverages that we recommend all businesses get. 

That’s because they cover different aspects of your business and ensure that you’re fully protected. 

To start, here are the four standard types of commercial auto insurance that are automatically included in all policies:

1. Third-party liability: This coverage pays out for claims in which you’re responsible for bodily injury and/or property damage to a third party. 
2. Direct compensation – property damage (DC-PD):  Pays out for accidents in which you’re not at fault. With DC-PD coverage, each party’s insurance pays out for their own damages. 
3. Statutory accident benefits: Pays out for costs related to income replacement, medical rehabilitation, death and funeral expenses, and more in the event of a bodily injury.
4. Uninsured automobile coverage: Covers bodily injury and property damages in accidents in which the responsible party isn’t covered. 

Optional coverages include:

1. Collision
2. Comprehensive

Need a commercial auto insurance quote for your Ontario business?

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There’s no one company that can offer the cheapest commercial car insurance rates all of the time.

Why? Because every business needs different coverage types and amounts, which affects their costs. 

Plus, not every insurance company insures every kind of business. 

Commercial insurance for vehicles is a bit more tricky, because there are a lot more factors to consider than with personal insurance, for example. 

So, the best way to find the cheapest commercial car insurance for you is to get multiple personalized quotes from companies that specialize in the type of insurance you need. 

A broker like KBD can do this for you. 

Our Ontario commercial insurance brokers will guide you through the process. 

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Fleet insurance policies are designed to cover multiple commercial vehicles under one agreement, with one handy renewal date. 

But what exactly does fleet insurance cover? 

In general, it has the same coverage as regular car insurance. 

And here are a few of its perks: 

• Driver flexibility: With fleet insurance, multiple employees can be authorized to drive multiple vehicles (assuming they’re licensed for that class of vehicle).
• Saves time & money: Fleet insurance is generally cheaper than having multiple individual commercial auto insurance policies. 
• Convenience: You can have multiple vehicles insured under one contract, rather than purchasing multiple policies. 

So, whether you have two or 50 vehicles for your business, Ontario fleet insurance can save you time and money. 

If you need commercial fleet insurance in Ontario, get in touch, and we’ll guide you through the process. 

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Commercial auto insurance is designed to cover vehicles used for business purposes. 

In short, it’s business insurance for cars. 

So for example, if you need insurance for your truck as a contractor, this is the type of coverage you can consider. 

Here are a few other instances where you would need insurance for commercial vehicles:

• Vehicles with a gross weight over 3000kg 
• Tractors 
• Passenger vans
• Buses 
• Rental cars 
• Etc. 

Need commercial auto insurance in Ontario?

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The price of commercial auto insurance varies based on your business needs. 

For example, if you need to insure a fleet of vehicles, it will be more expensive than insuring a single truck as a contractor. 

With that said, commercial auto insurance is generally more expensive than regular car insurance. 

You can expect to pay an average of $3500 a year per unit. 

But remember: The cost of your commercial auto insurance will depend on the number of vehicles you need insured, the type of vehicles, and more. 

So, the best thing to do if you need commercial auto insurance is to get a quote that’s customized to your business needs. 

Call us.

Just like there’s no “cheapest” commercial auto insurance, there isn’t one commercial auto insurance company that trumps all of the others. 

That said, you can definitely find the best commercial auto insurance company for you. 

And we might be a bit biased, but we’d recommend going through an insurance broker to do this.

A few of the benefits of working with a broker include:

• Personalized service: The broker assigned to you will personally assess your business, and suggest appropriate coverage based on risk factors. That way, you can be sure to be covered for exactly what you need – no more, no less. 
• You save “you time” & money:  Brokers do the leg work for you. You can get multiple quotes with one quick phone call. They’ll recommend the type of coverage to get, so you won’t end up spending more than you should. 
• Faster claims payouts: If you need to make a claim, you can call your insurance broker directly – instead of waiting to get in touch with a direct insurance company. 

KBD works almost exclusively with Intact and Economical Insurance to provide commercial auto insurance to Ontario businesses. You can give us a call, and we’ll sort out your business insurance needs. 

Ready for a quote?

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The number of vehicles required to qualify for fleet insurance depends on the insurer. 

For example, KBD works with Intact Insurance to provide commercial auto and fleet insurance, and they require a minimum of two business vehicles to qualify for fleet insurance. 

Still have questions?

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