Business Insurance Basics – Ontario
Are you thinking of starting a passion project or taking the leap into your first business? Do you have a business that’s long-established in the community? If you’re a business owner or planning to become one, this one’s for you. We understand that there’s a lot that goes into owning and operating a business, from day-to-day duties to long-term strategic planning for the future of your business. Insurance is a vital part of your business, and we’re here to take the guesswork out of selecting the right business policy. That means you’ll have more time to spend where it matters for your business and peace of mind knowing your Westland policy is there for your business if the unexpected happens.
As your local insurance experts, we know that each business in Ontario is unique in its own way. From small startup businesses along the streets of downtown Thunder Bay to community staple businesses spanning the Lake of the Woods and all other businesses in between, we’ve got you covered. With all it has to offer, it’s not hard to understand why so many people decide to set up shop in Ontario.
We understand it’s vital to protect what’s most important to you and your business. Our expert insurance advisors are here to ensure you’re protected and provide peace of mind so you can focus on nurturing your business for the future.
Why Choose Westland?
We know that your business insurance needs to match your goals, your business and your budget. Our expert business insurance advisors get to know you and your business, so that they can tailor a policy to your exact needs. We’ll work with you to build a risk management solution, ensuring coverages line up with your business needs.
Insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, click here.
Business Insurance 101
Getting a Business Policy
The first step to ensuring your business is appropriately covered is important: obtaining a commercial insurance policy. Our business advisors will work with you to understand all aspects of your business. In doing so, we’ll be able to recommend insurance coverages and limits based on your industry and operations. It’s essential to have the right type of coverage in place, of course, but another crucial aspect of that is the right amount of coverage in place. Not having enough insurance in place leaves your business vulnerable when the unexpected happens.
On the other hand, you might have an existing policy in place and are looking to move your policy over to Westland. In that case, we’ll look at your current policy details and work with you to understand where there may be gaps to address or opportunities to improve your coverage.
Business Insurance Policy Explained
The bones of a business policy are fairly standard across most industries. Of course, there will be specialized coverages specific to your industry and the nature of your business as well. We’ve highlighted the main aspects of a policy so you can learn more about what you’re covered for. When you’re ready to discuss a policy or would like to talk through these in more detail, our business advisors are ready!
Business property insurance provides business owners with protection against physical loss or damage to a business’s physical assets and, in turn, peace of mind to keep their business running. Whether you’re a new small business, multi-location retail operation, professional services provider, or contractor, all business owners should carry business property coverage to ensure you’re able to get you back on your feet quickly in the event of a loss.
No matter the industry, our business insurance advisors can quickly determine the risks your business may face and the potential financial losses that can leave your business in a vulnerable position.
To learn more about business property, click here.
Commercial General Liability (CGL) insurance provides coverage to protect your business against liability risk exposures and third-party legal liability claims alleging bodily injury and property damage to others as a result of your services, operations, completed operations, premises, products and actions of your employees.
Commercial General Liability (CGL) Insurance policies will cover your legal defense costs to defend third party legal liability claims as well as pay legal damages owed to third parties for which you are legal obligated. Whether your company has four employees or 400, every business has liability risk exposures and runs the risk of causing damage or injury to persons or property. Think of your Business’s liability insurance as your business’s first line of defense.
Want to learn more about business liability? Click here.
There’s a lot of “what ifs” that come to mind for business insurance. The major “what if” is will an unexpected loss be covered and how long until I am back to normal? A vital element of that is the timeline between the loss and greeting clients back to your business. That’s where business interruption coverage comes into play.
Business Interruption insurance dovetails with a business’s Property Insurance to protect against the indirect financial losses and increased and expenses that occur as a result of direct physical loss of your building, contents, equipment, stock or their business property. From a fire that harms your computer system and client information to a flood that damages your property, your business could come to a halt quickly. Your business’s downtime can be covered, so the financial impact of being closed isn’t detrimental to the company you’ve worked hard to build.
To learn more about business interruption coverage, click here.
Directors & Officers
Those appointed as directors and officers have the responsibility to act in good faith for not only the company but all other stakeholders. As we’re all human, mistakes can be made and that can lead to personal liability for those involved. Directors and Officers Liability Insurance is a specialized coverage designed to protect executives, directors and officers against alleged “wrongful acts”. With transparency in business being a major trend, scandals can become public and severely impact a business and its future. Without D&O coverage, personal assets can be at risk for those involved in an alleged or wrongful act.
To learn more about the benefits of D&O coverage, click here.
How Much Is Business Insurance in Ontario?
The short answer: there’s no cut and dried price for business insurance in Ontario. Your business is unique, leading to specialized coverages. Even standard coverages will vary in price based on the details of your business. That’s where the expertise and experience of our business insurance team in Ontario comes to play.
There are a few common factors that will determine the price of a policy, including:
- Number of Employees
- Building Construction & Value
- Claims History
- Credit Score
What Is the Support Post Policy Purchase?
At Westland, the support continues well after purchasing your business insurance policy. Accidents happen, and when they do, our claims experience team is here for you. Our team is here to get you back to normal as quickly as possible if the unexpected happens. To read more about the claims process as a Westland client, click here.
From a maintenance perspective, we’re here to help ensure your policy reflects your business. From policy reviews to updates, our teams keep up to date with industry products and changes. As your business grows and evolves, so should your policy. The priority continues after you purchase your policy always to ensure your business has the right coverage in place.
Review Your Insurance and Get a Quote with Westland
Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique risks and operations, and find the perfect insurance policy for your business. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your business coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!
10 Ontario Business Facts
- Niagara Falls is one of the largest draws to Ontario. In fact, it welcomed 12.9 million visitors in 2017 and tourism expenditures reached a whopping $2.4 billion!
- It comes as no surprise that Toronto is a big player in the film and television production sector. Often being called the Hollywood of Canada, over 25% of Hollywood movies are filmed in Toronto.
- Fishing is a beloved past time in Ontario, but it’s also an economic driver. With over 1.12 million anglers on Ontario water a year, they spend $1.6 billion a year in the province, whether at remote fishing lodges or supporting small angling businesses.
- Ontario is one of the most multicultural places in the world. It’s home to many festivals including Caribbean Carnival, Jazz Festival and Oktoberfest. In fact, there are over three thousand festivals each year.
- Ontario has a thriving agricultural sector. The province contributes to almost a quarter of all farm revenue in Canada. The top crop productions are soybeans, corn and winter wheat.
- Forestry is another large industry in Ontario, supporting over 53,000 jobs. In fact, the forests of Ontario cover a land area close to the size of Italy, Germany and the Netherlands…combined.
- Ontario is the national leader when it comes to manufacturing. Automotive, textiles, electrical goods and farm implements contribute to an industry that employs about half of Canada’s manufacturing jobs.