Commercial Property Insurance – Ontario
Your livelihood is heavily dependent on the health of your business, which is why it’s essential to protect it from any threats that could disrupt your day-to-day. Threats, both big and small, can be detrimental to the business you’ve worked hard to build. Accidents out of your control, such as a burst pipe, can damage computers and other equipment and harm electronic documents you may store. On the other hand, if a fire started, there could be damage to your inventory and other important contents. As a business owner, we know that you wear a lot of hats. Let us look after protecting your business so you can focus on what’s most important.
As your local insurance experts, we know that each business in Ontario is unique and can face a wide variety of risk. For example, small business boutiques in the heart of Kenora can face very different insurance challenges than manufacturing facilities in Thunder Bay, With our local expertise, we’ve got you covered.
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 Explained
Business property insurance provides business owners with protection for the most critical physical assets of their business 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 could leave your business in a vulnerable position.
Take a moment to think how your business would continue to function if something were to happen to your physical assets, contents, and building. Would you be able to continue operating and look after your team? The unexpected can happen, and business property coverage looks after protecting your assets in the event of a loss. Coverage for not only the assets you own on the inside of your business but also those outside, such as signage, landscaping, and fencing are available.
Most business property insurance policies will provide coverage in the event of an insured loss on the following:
- Repair/Replacement Costs
A business property policy will help cover the financial impact of an insured loss on a business. If your property is damaged beyond repair, your policy will cover the replacement of those important elements.
Depending on the type of loss or severity, your inventory will be either repaired or replaced.
- Business Interruption
Would you be able to continue to pay your employees if you experience a loss that leaves you unable to run your business for two months? Business interruption coverage mitigates those worries. The likelihood that you can get back to regular business after a loss is unfortunately not always as quick as you may think. Business Interruption covers your income, expenses, and other important aspects to keeping your business running. To learn more about business interruption insurance, click here.
- Recovery Time
If your business experiences a loss and must close, you’ll want to open as soon as you can. It may take time to acquire essential contents for your business, ultimately adding to the downtime of your business. The right policy will help to ensure that your business suffers the least amount of downtime to get you back up and running.
We know that every business is different, which means your assets and location(s) will vary compared to neighboring companies. Factors such as the size of building you operate out of, inventory level, types of furnishings, will influence how much coverage you need.
Regardless of industry, business type, or earnings, all businesses are at risk of suffering a loss to their property and assets. With the right business property policy, you’ll be covered financially if you experience an insured loss and be back to normal as quick as possible.
How Much Does Business Insurance Cost in Ontario?
Just as businesses differ across Ontario, so do the risks and exposures which impact the cost. The following factors will impact the cost of your business property coverage:
Just as businesses differ across Alberta, so do the risks and exposures which impact the cost. The following factors will impact the cost of your business property coverage:
- Building Construction
- Value of Building
- Age of Building/Upgrades
- Value of Other Assets
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!
Fire is one of the most common claims we see when it comes to business property. For example, your property experiences a fire resulting in damage not only to the structure but to the stock and inventory stored as well. The right business insurance policy will help mitigate these risks and get you back to normal as quickly as possible.
Our goal is to find the best coverage for your business so you can focus on what’s important. To learn more about being a Westland client, click here.
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.
- The Royal Ontario Museum is the largest in Canada, and the fifth largest in all of North America. It sees a total of one million visitors a year who stop by to see many collections in over 40 galleries.
- Another driving force for the province is the food processing industry. Ontario has over 3,000 companies that make both food and beverage products. Companies include Kraft, Nestle, Kellogg’s, Coca Cola and PepsiCo.
- With over 25,000 restaurants in Ontario, it’s not surprising that some famous dishes have originated in Ontario. The Hawaiian pizza didn’t originate from the islands of Hawaii, rather at the Satellite Restaurant in Chatham!