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Get small business owner insurance - all in one place.

One of the most effective methods of lifting your company off the ground is with the help of banks. Despite the unwillingness of most banks to invest in new companies, working towards their investment is a great option that you should consider. Having financial support can alleviate many costs and maintenance that your trade requires. Not only that, but financing can also lead to having a higher number of customers by making their products more affordable and convenient. As such, it is highly beneficial for you to win over the bank's support by displaying what you bring to the table. Learn the methods and techniques to receive as much financial backing as possible.


There are a lot of benefits and know-how that you will learn as you maintain your trade. One of the most important factors that you have to consider as a company owner is the severity of risks. If not properly handled, these risks may deliver thousands upon thousands of damage economically. Without the proper protection, your trade can fall victim to various lawsuits and malpractice claims, which may scar your company's financial prowess for many years to come. The best way to counter these attacks is to invest in a risk management plan. To prevent any lawsuits or malpractice claims from damaging your company financially, you can purchase the coverage beforehand to prepare for these attacks. With the help of insurance, your trade will not suffer from critical financial damages, ensuring that your trade will prosper and maintain for years to come.

As any small or medium start-up, the world of insurance might be brand new to you. With that being said, it can be a huge pain trying to figure out what you need or what you don't. That is why we are here to help with that process. There are many forms of policies that you can get. Hence, evaluating and determining which one is the most suitable is crucial for the owners. Look through and research every form of policy wording that you can thoroughly understand what will benefit you the most. These financial attacks will affect you a lot more drastically.

Everything You Need to Know About Business Insurance

It is an essential tool that protects against loss and legal responsibility, making it possible for businesses to implement their plans without worrying about all the risks involved. Especially considering how expensive lawsuits are today, having liability and other types of policy will help keep your trade afloat during tough times.

Some common risks that would cost a trade a lot of money if they were to happen without it, include:

Getting The Coverage You Need

Why is business insurance important?

No owner wants to think about the possibility of a disaster or lawsuit, but it's important to be prepared. That's where the small business insurance cover policy comes in. It helps protect your company from a variety of risks combining most exposure, including:

  • fire
  • theft
  • liability claims

Each type offers different protection. For example, property coverage can help cover the cost of repairing or rebuilding your trade if it's damaged by fire or another disaster. Liability policy can help protect you from lawsuits if someone is injured on your property or as a result of your operations.

If you're not sure what type of coverage you need, talk to a specialist to know your risk. Most owner will not survive a major lawsuit without commercial liability policy.

Is business insurance tax deductible?
Expenses such as utility, phone bill, electrical, heating, and business insurance cost are part of the cost of doing work, thus fully qualified to deduct from revenue before tax. However, employee benefits such as group health care insurance are considered a taxable benefit to the individual. Having commercial policy coverage is essential for any trade, as it protects against loss and legal. Always consult a tax professional to find out more about expenses and taxes.  

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Can business insurance cover any type of business?

As long as the company is operating legally and the insured has an insurable interest in the property, a trade can write a contract for their's and others' protection. However, it doesn't means every insurance company will cover extremely high risk operation as it is all depending on their resources to determine and do a proper risk assessment. These include having insurance that may seem amazed such as

  • launches rockets, 
  • a voice from a singer, 
  • hair and face from a supermodel, 
  • a medical doctor who performs surgery, 
  • a product manufacturer that sells to consumers, 
  • a building architect that design, 
  • the engineer that builds 
  • and the list goes on.
How much of business insurance do I need?

There are a lot of benefits and know-how that you will learn as you maintain your trade. One of the most important factors that you have to consider as a business owner is the severity of risks. If not taken care of, these risks can deliver thousands upon thousands of damage economically. The decision of how much coverage limit needed depends on:

 - how much you have from your company you will lose and 

 - looking at the cost of a lawsuit. 

A more general approach is to insure: 

  • Up to a million for liability or what your other interest party (such as the landlord) requested.
  • Up to the total renovation, stocks and machines you have invested on property coverage.
  • Having business interruption, so a fire on your work location does not paralyze your operation altogether.
  • Other liabilities coverage that your trade may deem necessary. (such as pollution, legal expense, cyber and many others depending on your industry.)
How much does It cost for a business insurance?

The industry is all about data and risk assessment. The premium cost depends on the risk. Should a business incur a high loss ratio or very frequently claim in the same area, or just the entire industry of the same nature. When it is deemed an unfavourable risk for an insurer due to a high chance of losing money, the insurer may increase the premium. All risk needs to be profitable to sustain. To make it appealing to insurers, you may consider reducing the risk. Action such as

  • moving your trade out of bad crime areas, 
  • hiring manager that has years of claim-free experience
  • installing security, 
  • new roof and pipe to prevent water leaks

Some of the above may reduce your premium cost.

Is it mandatory by law to have business insurance?
Insurance is an essential part of running a trade that takes responsibility for the basic framework and decisions. Your trade needs many different need for coverage. It may required before entering business transactions with other entities depending on your structure. In Ontario, it's mandatory to have business liability coverage if you want to work as a contractor for a business. Before signing any contract, it's important to read the fine print and understand what you are and aren't covered for. Make sure you're getting the business liability coverage you need at a competitive rate. A Broker can help you compare business insurance quotes from various providers so that you can find the best rate and coverage. You should find out what they are by checking with a risk specialist about how best to cover any situation that may come up.
I'm selling my company, can the insurance transfer to a new owner?
Insurance is a contract involving the insurer, the insured, and 3rd parties. Like all contracts, it needs these to be enforceable. A commercial insurance contract, when drafted, would have considered the owner's risk assessment, a process called "underwriting." All policies must have both the insurer and insured as legit legal entities, by changing to a new owner would mean voided the old contract as the legal entity has changed. In most cases, a new contract will be re-written.

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Is there a reason why I can't get business insurance?
To answer those questions, one has to understand the industry. Insurance is all about data and risk assessment. So, it will be deemed high exposure on trades that incur a very high loss ratio or very frequently claim. These risks will become unfavourable for a company to underwrite due to losing. Insurance needs to be profitable to sustain. Any trade that has the cost outruns the revenue will not be sustainable, so is the industry. If you cannot get it, it may be due to claims you have made in the past, or the property you need insurance is in a high exposure area. To make it appealing to insurers, you may consider taking action to reduce the risk, such as:
  • moving your trade elsewhere with lower crime rate
  • hiring a manager with years of claim-free experience
  • installing security alarm
  • increase deductible
  • reduce the amount of coverage limit, etc.
When is the best time to get business insurance?
No matter how large or small, any trade can be held liable for damages that may occur due to its operations. For this reason, business insurance is an essential part of any business plan. There are a variety of different policies available. It is essential to select the policy that best suits the needs of your trade. Insurance is a legal contract, and payout must occur after the policy is effective, not prior. Insurance underwriting will decline coverage if there are signs of a potential hazard resulting in a payout. It has to be accidental. Suppose your business depends on your physical presence. In that case, it makes sense to buy insurance against injuries or death that occur while you're at work—if they don't, obtaining coverage depends on the nature of your operation. Small online shops with no visitor clients, for example, probably don't need workers' compensation coverage.
How to get it at the best rate?
The best way to get good rate for your coverage is to compare quotes from different providers. Make sure you're getting the business liability coverage you need at a competitive rate.  A Broker can help you get the business liability and business property insurance you need at a competitive rate as they will ask for quotes from various insurers. The key to getting a reasonable rate is to persuade insurers that the chances of future claims are minimal.  Any loss prevention procedure such as handbook,  routine accident prevention seminar  a company has for their staffs are welcomed. It may encourage the underwriter to rate your risk as a preferred rate. Still, please make sure you have and did what you said. You can also save money on your premiums by taking advantage of discounts. Some policies may allow you to get a deal by bundling your business liability and business property insurance. By bundling your coverage together, many providers will offer additional discounts or lower rates for business owners who purchase both types from them.
Can a business insurance be paid with a PPP loan?
During the pandemic, the government provided funding for businesses under aid, relief, and Economic Security Act through the Paycheck Protection Program (aka PPP Loan). The program is to aid small retail owner in covering employee salaries, payroll costs, mortgage interest, rent, utilities, and other expenses. A policy premium is considered part of expenses; therefore, it is eligible but always consults your accountant for clarification.
Should the government Nationalised or Privatised Business Insurance?
Certain government passes law to turn insurance into public service. There are pros and cons of both privatizing and nationalizing the insurance industry. There is no one-size-fits-all answer to this question, as the type of commercial policy you need will vary depending on the nature of the business. However, it is worth noting that private business companies typically offer more comprehensive coverage than government-run schemes. As such, if your business is at risk of significant liability and has no privatized insurer willing to take on the risk, a public insurance scheme may solve the problem. Most business insurance coverage is privatised in Canada.
I do my trade "under the radar", do I still need business insurance?
Many owners in the trade think nobody will ever be sued for what they do because they are too small, but this isn't true. As long as a business is legit and legal, the owner should consider getting business insurance for their best interest. Examples of when owners may find themselves sued are when owners wrongfully fire an employee or are negligently liable for property damages or personal injury. The business insurance package will provide coverage for this type of lawsuit. That being said, any business that are not legal under the law, no contract is enforceable in the legal court under any juristiction.
Where should I get my business insurance?
There are a few ways to get your commercial policy. You can either go through a broker or online and get a free quote. When deciding on what type to purchase, it is crucial to consider the size of your trade, the nature of your trade, and your risk tolerance. Broker: A broker will assess the consumer coverage need and go shopping to find the right coverage at a competitive price. Brokerages have access to a wide selection of insurers. Most of the insurers they're contracted to do not sell directly to the public. A broker will help their client "get back to normal" in a fair and timely manner. The broker will advocate with the company when there is a dispute. A broker's connection and knowledge with the insurer can often help settle a disputed claim. Buying from an independent insurance broker means the consumer can buy confidently, knowing that the recommended coverage is suitable for their needs. Most importantly, a broker's advice is independent of any company. Any recommendations will be in the consumer's best interests. Our licensed Insurance Brokers will bring our experience and judgment to the consumer's benefit. Most importantly, brokers are free to make impartial recommendations. Their first and only responsibility is to serve the consumer's interests. It's advice you can trust, and our broker will negotiate with insurers to get you the fairest price.

Everything About Claim

How do I make an insurance claim?
Any insurance claim can be a daunting process. There are so many factors to consider, and it's important to make sure you have all the information you need before filing a claim. This article will provide an overview of these claims and what you need to know before filing one. First of all, it's important to understand the difference between business liability and property insurance. Business liability covers your trade if someone's property is damaged or injured due to the owner's activities. Property covers damage to or loss of your trade property. Should you're considering filing a claim, it's important to first understand that a claim is separate from income. The business liability insurance will cover any medical expenses, lost wages, and other damages resulting from an incident. Still, it won't cover losses if your property is damaged or destroyed. Let's say a customer falls in your store and sustains injuries, which you're held liable for. Your business liability insurance would cover the cost of medical expenses, legal fees, and any other damages awarded due to the lawsuit. However, if your business property is damaged in the same incident, that would be covered by your property coverage. It's also important to understand that these claims can take time to process. In many cases, claims can take up to six months or more to settle, depending on what caused the damage. You must understand this before filing. Hopefully, this article has given you an idea of what to expect when considering claims.
If you're considering business liability coverage, now is the time to compare business insurance policies and quotes. Make sure you're getting the liability coverage you need at competitive rates, too. With that said, business insurance claims can be complicated, and it's important to know what you're doing before filing one. If this claim is something you don't feel comfortable with, consider contacting a specialist like us. We can help you file a claim and make sure you get the coverage you need.
What doesn't business insurance cover?
Business insurance is commonly a combination of packages. If a claims fall under the coverage and the company does not have that policy in forced during claim, there wont be any coverage. Company must assess their risk on each of the contract if they decided to not having that coverage. The common contracts including the following
  • Commercial General Liability
  • Professional Liability
  • Commercial Property with options such as water and earthquake Business Interruption and other options
  • Cyber Risk
  • Commercial Vehicle including automobile, watercraft and aviation
  • Some features are optional or excluded from the general insurance mentioned above.

Insurance such as standard property policy may not have options for damage caused by floods or earthquake. Should your company located in a flood zone the additional water damage coverage may not be available as an add-on to your commercial property policy. Commercial Property does not cover damage caused by earthquakes without additional write up, as with water damage, a company located in an active earthquake zone, may find themselves without the option available to them due to high risk. A cyber security breach or hacker attack causing your clients' data to be sold for profit results in financial losses. You will need additional cyber insurance not covered under standard commercial general liability insurance.
Does business insurance claim a taxable income?
According to the CRA, claim payout by insurer, including liability claims or commercial property claims, are not taxable. It's important to understand the policy wording before getting into claim details. A liability coverage is different from property. The commercial property payout to an owners company will serves as a replacement of company assets and company should not profit from the payout. There are business tax deductions for many things related to company operation, but not a claim.
Will Business interruption coverage help with coronavirus?

The intention of this coverage is to helps a company to get back to its feet in the shortest period.

A claim should not result in a company's to make a profit. If your trade loses money, there's nothing that can restore it to profitability. Revenue may be covered by "business interruption" but this type of policy has its limitations.

When starting a field of work, it's important to have insurance policy to protect yourself against any potential liabilities that may arise. There are many different types of policy available, and it's important to select the policy that best suits the needs of your company. It is a legal contract, and payout must occur after the policy is effective, not prior. Underwriting will decline coverage if there are signs of a potential hazard resulting in a payout. It has to be accidental. A Business interruption policy can help your company get back on its feet in the event of a major disaster, such as the coronavirus if the wording has "environmental pollution" on it, but most insurance policy will have to purchase additional endorsement separate from a standard policy to keep the premium low. 

I stopped my operation and insurance but I need to claim now. Can insurance be backdated?

There is no definitive answer to this, as claims vary in complexity. In some cases, backdating of coverage may be possible due to some circumstances on continuing contract obligation.

It's best to speak with a risk specialist to understand better what's possible in your specific situation.

When are business insurance proceeds taxable?

Neither liability nor commercial property coverage payout is taxable except GST/HST for replacing some property. However, business interruption payout to employees is subject to income tax.

Will business insurance cover looting?

Yes, if you have commercial property coverage, it will covers looting in company property. It is important to understand your current policy wording and know your legal entity to determine the amount and limitation of the coverage on looting up to the coverage limit.

Will business insurance cover damage resulting from a riot?

Yes, it covers commercial property from riot damage. It is important to understand this and know your legal entity to determine whether it will protect the property from riot damage. Riot resulting in stolen goods, broken glass, vandalism, and damaged lock. As long as the policy has property coverage, the insurer will cover the damage. Suppose the replacement needs some days before the trade can operate as usual, a business interruption option will pay for the expense during the duration. Talk to your risk specialist for detail to learn about the limitation, deductibles, and exclusions.

Will business insurance cover natural disasters?
Yes, it covers natural disasters for different trades at no extra charge except when the damage is caused by water. You need water damage added to the policy. Some policy will limit water damage, so ask your risk specialist how much coverage you can have on the package.
What type of coverage do I need for food deliver?

There are various types of coverage for food delivery. One important type is commercial auto. This vehicle coverage is used for delivery for compensation. It is important, as they often use cars or trucks to transport food to their customers and because it is for compensation, a personal car policy will not cover when accident incurred. 

Commercial auto policy typically falls into two categories: business owner's policy (BOP) and commercial auto policy. The BOP's non owned policy can be more inclusive, typically offering higher coverage limits at a better price. However, the additional commercial general liability coverage on a company policy may not be required for food delivery drivers, who tend to drive very little and spend most of their time at home or on the job.

- Commercial property

If coverage is a requirement, company owners must choose commercial auto policy that fits their needs. One way to ensure you're getting proper coverage is to talk to a  risk specialist to determine the right coverage for your company.


Is there insurance for cleaners 

It is important for those who operate a company, it protect you from many different types of liability, including accidents that may occur on the job. For example, a cleaner left a wet floor unattended. If some passersby skid and fall injuring themselves, the policy would help cover the costs associated with the injury. 

More to the above, try to imagine this. What would happen if one of your employees breaks an expensive piece of equipment from one of your company's partner or client where you provide cleaning services to. You will most likely be responsible for the losses, but what if the losses are beyond what your company can incur as an expense? What would happen if one of your cleaners mopped the floors and another person fell and broke their hip? You might have mixed the wrong chemical on certain plants or fragile equipment or even lost a key to one of your clients. 

Whether your company is held liable or not, having liability coverage in these kinds of situations would be essential. 

 Cleaner and janitorial contractor need to know their policy coverage. The premiums you pay are much less than the compensation that a court can receive if your company is sued and found liable. Liability coverage is important for company owners if they are sued. 

Commercial Property is also an important part of the janitorial services because it protects them from property damage and other losses. Property damage includes things like fire and vandalism to buildings and property owned by the trade. This also includes furniture or clothing that may be damaged or stolen from the company.

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