Business Insurance – Ontario
As a business owner in Ontario, you wear many hats – and you know firsthand the investment it takes to make one successful. With the risks associated with running a business, it’s important to not only have business insurance, but have the right business insurance in Ontario. Through a comprehensive review of your operations, our team can help create the perfect commercial insurance policy. It’s a holistic approach to building a risk and insurance portfolio that will help you accomplish your business goals.
Our expertise in business insurance is your resource to ensure your business is well protected. We can help maximize the benefits of business insurance in Ontario by connecting you to the right coverage, at the right price.
Get InsuranceBusiness insurance in Ontario, explained
Also referred to as commercial insurance, business insurance in Ontario can protect business owners, operations, and employees from unforeseen circumstances. There are many types of business insurance available – like liability, small business, and cyber insurance, to name a few – and the protection you get with each varies.
When thinking about commercial insurance options in Ontario, it’s important to assess your business model. The type of business and how its run will inform the type of business insurance you need in Ontario to keep your operations intact. Business insurance policies are typically offered according to the type of risk you’re looking to be protected from or the industry you’re in.
Westland has access to national and international markets to offer specialized insurance, no matter what’ industry you’re in. From basic liability insurance to entertainment and film insurance and even insurance for oil and gas contractors, our advisors can help you build the ideal commercial insurance policy in Ontario.
Types of business insurance in Ontario
Liability insurance in Ontario protects your business if someone pursues action as a result of bodily injury or property damage. This could be from the actions of your employees, your products or operations, or an incident that occurred at your place of business.
Cyber insurance for businesses can help you safeguard your business from cyber-attacks and hacking attempts. With many businesses – regardless of the industry – relying on digital solutions to house customer and other confidential information, cyber-attacks and data breaches pose a real threat to businesses in Ontario. Cyber insurance policies can cover you for business interruption, forensic support, legal support, and cyber extortion defense.
Also referred to as professional liability insurance, this covers your business in case you’re accused of alleged negligence. If a client claims a loss or damages due to a service your business provided, E&O will help cover your legal costs and damages. This could be related to errors or omissions related to your services or failing to deliver goods or services.
If your business’ usual operations have been interrupted by an event covered by your policy – like flooding or a fire – business interruption insurance will help you recover lost income and operating expenses.
Farms are specialized businesses that need specialized insurance policies. From relying on favorable weather to ensuring your equipment and machinery are in working condition, there’s a lot that goes into the successful operation of a farm. Farm insurance can include a range of coverage – from equipment breakdown insurance to coverage for your livestock, we have the insurance solutions you need to safeguard your harvest.
Whether you’re running a small bed and breakfast or opening a new franchised restaurant, it’s important to have the right insurance policy in place. Hospitality insurance policies can include a variety of coverages ranging from liability, property, business interruption, and money & securities coverage.
Commercial auto insurance covers everything from a van with an electrician’s equipment to a car making baked good deliveries. Whether you have one car that’s used for business-related errands or a whole fleet of vehicles that help keep your operations running, Westland has the commercial auto insurance you need in Ontario.
Think of it as home insurance for your business. Commercial property insurance in Ontario can help businesses recover from the financial impact of a covered loss, including repair and replacement costs for your property and inventory, as well as coverage for lost income and expenses.
Dealing with complex risk? Learn about Corporate Advisory & Specialty
Corporate Advisory & Specialty serves our complex risk commercial clients. Our CA&S business consultants will help you identify and quantify risk, determine your risk appetite, and structure cost-effective risk transfer and mitigation programs.
How much does business insurance cost in Ontario?
How much business insurance costs in Ontario largely depends on your business, and the exact type of coverage you need. The easiest way to find out how much it’ll cost to insure your business is to reach out to an advisor at Westland. We’ll collect details about your business and get you prices from multiple providers, and even help you compare packages to ensure you’re choosing the right policy.
What factors determine the cost of business insurance in Ontario?
How much you’ll pay for business insurance in Ontario depends on the type of insurance you need, the coverages you select, and other factors including:
Business consultants offer their services without a need for storefront or tangible goods. This means they’ll require different coverage – like cyber insurance, for example. If you use a vehicle to deliver products, you’ll need to have commercial auto insurance as part of your overall business insurance policy in Ontario.
Your insurance policy needs to match the value of your business and its operations. Running a farm, for example can include many components – from cultivating crops, taking care of livestock, and running a storefront. The upkeep and expenses of a farm can outweigh that of a marketing consultant, for example. This will affect the amount (and type) of coverage you need, impacting the cost of your business insurance policy.
All insurance policies, commercial or not, are calculated based on risk. The risk that a graphic designer assumes can be much different than a bakery owner, for example. Things like your location, number of employees, and the nature of your business all contribute to how much risk your business is exposed to.
How to save on business insurance in Ontario
The best way to save on business insurance in Ontario is to review your policy regularly with an advisor. Taking the time to assess your coverage and policy limits allows you to adjust them as needed – and avoid paying for coverages you may no longer need. Plus, keeping your advisor abreast of any changes in your business will help them ensure you have the right protection you need, every step of the way.
Discounts on business insurance in business
Looking to save on your business insurance in Ontario? Some providers offer extra savings when you have more than one policy, or for if you consent to a credit check. Always ask your broker about discounts you may be eligible for.
Why choose Westland for your Ontario business insurance needs?
We're committed to going one step further for our business insurance clients. Whether you're seeking a small business insurance policy in Ontario that checks all the boxes, or require a sophisticated solution to manage complex risk, choose Westland and experience coverage that goes further.
Ease & convenience
We make it easy for you to access the best insurance solutions for your business, and we’re always there for you when you need us.
Best value
We leverage our network of insurers to provide you with peace of mind that you’re receiving the best coverage, at the right price.
Experience & expertise
We'll be there to guide you when you need it. Rely on our business insurance expertise in Ontario to ensure you have the right protection.
Access to markets
Our access to national and international insurance capacity guarantees world-class protection, tailored to meet your needs
Claims
If you experience a loss, we’ll be there for you. Westland has a dedicated claims department providing unrivaled expertise and advocacy
Community
We're committed to giving back. Our Amplifying Communities initiative supports community projects across Ontario and all of Canada
Example of a business insurance claim
Let’s say you have a bakery that’s been affected by a flash flood. Your commercial baking equipment has been affected, product has been lost, and you’re left with no choice but to close your doors until you can get things back in order. What now?
Parts of your business insurance policy in Ontario may step in to help you make the necessary repairs and replacements to get back on your feet:
- Business Interruption coverage
You’ll be covered for lost income – including employee wages – while you’re getting things back in working order. - Equipment Breakdown coverage
Your commercial sized mixer is out of order, and now there’s no way to mix the batches of dough you need to keep selling. Get help to repair equipment essential to your operation.
Connect with us
Our expert advisors are waiting to help you find the perfect business insurance policy.
Find a branch
Come in and speak to an advisor to get a customized policy made just for you.
Request a quote
Start an online quote at your convenience, and we’ll help you select a plan that works for you.
FAQs about business insurance in Ontario
How much is liability insurance for a small business?
The cost of liability insurance for small businesses varies on the risk. That means the type of business, the coverages you need, and the risks you’re exposed to all impact the cost of business insurance. Start a quote online to compare prices and plans from different providers.
How to get business Insurance?
You can request a quote from Westland Insurance today to get started. We’ll get in touch with you to discuss insurance options for your business.
What is business insurance?
Business insurance is a safety net for business owners to cover emergency repair or replacement costs in the event of an insured loss, so they don’t have to pay for them out of pocket. Business insurance can also provide liability protection, and cover expenses like lost income if your operations are interrupted.
What is business interruption insurance?
Business interruption insurance could be a part of your standard policy or an additional coverage you add to level up your protection. It usually steps in to cover operating expenses and lost income if your business is unable to operate due to an insured loss.
What does business insurance cover?
It depends on your policy type and the coverages you choose to add. Business insurance typically includes commercial property coverage, liability, and business interruption protection.
Do I need business insurance?
Businesses require significant time and money, and most owners want to protect theirs with a comprehensive business insurance policy. It ensures you’re not left to cover emergency and unexpected costs out of pocket and provides peace of mind you won’t have to dig into your emergency fund. In the end, it’s up to you whether you need business insurance.
Is business insurance mandatory in Canada?
While business insurance is not mandatory in Canada, it’s protection that business owners are strongly recommended to invest in.
What insurance do I need for my business?
There are many types of business insurance options based on the risks your business may be exposed to, and the industry you’re in. Our local insurance advisors can conduct a comprehensive review of your business to help you create an insurance policy that provides the protection you need.
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Buy business insurance in Ontario with confidence
No matter the size of your business or industry you’re in, our advisors have the expert knowledge to help you build the perfect policy to get the coverage you need. Connect with us today to get coverage that goes further.
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