New business insurance

Starting a new business in Ontario is both exciting and nerve wracking. With so many things to do, it is easy to inadvertently let details slip between the cracks. One critical thing not to overlook is protecting your new venture and yourself with adequate commercial insurance. In the event of a claim, new business insurance removes the risk of major losses due to an accident, natural disaster, or business interruption.

Your basic business or commercial insurance policy should include these fundamental types of coverage:

Your exact coverage can be designed according to your specific insurance needs. A good insurance professional should ask you questions about your new business and fully explain coverage options to you before you sign anything.

Comprehensive general liability coverage protects your business against claims due to accidents and injury that might happen on your premises, as well as risks related to your products. For example, if a visitor slips and falls at your office and injures himself, general liability covers their claim against you.

Businesses operating a fleet of vehicles or company cars for their employees are at particular risk if one of your employees is involved in an accident. Commercial car insurance is a must, even if you have just one delivery truck<, to help cover any losses incurred when using any vehicle for business purposes.

The vast majority of business insurance is written on an all-risks basis rather than a named-peril basis, which as the name suggests, covers any loss specifically named in the policy. Always make sure that your commercial property insurance offers all-risks coverage, and consider purchasing replacement cost insurance so you will receive enough money to fix/replace your property at today’s cost.

While your property insurance will cover your business in the event of a fire, it does nothing to cover your losses as a result of lost business owing to the fire. In other words, you want to insure all the income you are losing while your business is being repaired. Business interruption insurance will provide you with the coverage you need to meet your overhead expenses during the transition.

Before you decide what business insurance you need, ask questions and get no-obligation quotes from someone who specializes in business insurance. Call us at 1-800-731-2228 or email commercialsales@nullmitchinsurance.com to speak with one of our experienced business insurance brokers. They’d be happy to discuss any type of commercial insurance with you and help you protect your business at affordable rates.