Commercial insurance can help protect your business from costly claims. However, not all coverage is needed. To determine what type of commercial insurance in Ontario is necessary for your business, it’s important to understand the types of risks your business faces.
Let’s take a look at some of the most common commercial risks:
1. Property damage: This includes damage to physical property, such as buildings or equipment, as well as damage to intellectual property, such as trade secrets.
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2. Business interruption: This covers lost profits due to a temporary shutdown of your business.
3. Personal injury: This covers injuries that happen to employees or customers while they are working or using your services.
4. Liability: This covers you if someone sues you based on something that happened while you were running your business.
5. Crime: Coverage can protect you from criminal activity that occurs on or near your property, such as theft or vandalism.
Commercial insurance is designed to protect businesses from a variety of risks. Coverage can include property damage, liability, and accidents. To get a good estimate of the coverage you need, ask your insurer or consult an insurance broker.
Be sure to understand your policy's exclusions and limitations. For example, many policies do not cover intentional acts or vandalism. Also, be aware of what is considered an "occurrence." This refers to any specific event that triggers coverage, such as a fire that damages property. Generally, occurrences are limited to those that occur in the geographic area covered by your policy.