Commercial Insurance

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Video Transcript

Commercial Insurance for Canadian Entrepreneurs

If you’re a Canadian starting a new business, you’re probably thinking about the risks your business could face. Accidents can happen, anywhere, and at anytime, and as a business owner, you could be on the hook even when you’ve done nothing wrong.

This is why commercial insurance is so important.

Last year, insurance companies paid out over seven billion dollars in commercial insurance claims in Canada. Yeah, that’s a lot of money.

Let’s look at a couple of scenarios. A customer slips on the wet floor of your office, injures themselves, and proceeds to sue your business. One of your employees damages your client’s property while working on it, or a customer gets injured by a product that you sold. The risks can be endless.

Commercial insurance, also known as commercial general liability insurance, is the most basic insurance policy recommended for all businesses. If you want protection in the event of bodily injury or property damage to third parties, you should definitely get commercial insurance.

Depending on the particular needs of your business, you can add additional coverage on top of your commercial insurance policy. Cosverages such as professional liability, if you’re providing a service, commercial property coverage if you own expensive property and equipment, or cyber liability, if your business accepts online payments or stores electronic data.

To get your commercial insurance policy today and to find out what other insurance coverages your business may need, head over to www.zensurance.com, click on ‘Get A Quote,’ and simply start to type out the name of the industry that you work in, and that’s it. Based on your industry, we’re going to recommend the best policy for you and we will get you a price estimate. In case any additional information is required, one of our insurance brokers will be in touch with you to clear up some questions. It’s that easy and it’s that simple.

If you have more questions about business insurance in Canada, we have a number of different ways to help you. Go to the chat function on our website, send us an email at info@zensurance.com, or give us a call on our Canadian toll free number at 1 888 654 6030

What is Commercial Insurance?

Commercial insurance, also known as business insurance, is an insurance policy that provides financial protection against common liability claims or lawsuits brought against you and your business.

Regardless of the industry you operate in, commercial insurance is essential to the long-term survival of your business.

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What does Commercial Insurance cover?

Commercial insurance provides coverage for common scenarios you may run into as a business owner, including:

Accidental injuries to customers or suppliers while visiting your office.
Off-site injuries or property damage caused by an employee (e.g., while visiting a customer).
Injuries caused by the products you create or sell (“product liability”).
Injury caused by libel or slander (also known as “reputational injury”).

A commercial insurance policy may cover legal fees, out-of-court settlements, medical expenses, and monetary judgements.

Who needs Commercial Insurance?

Regardless of industry, every business has some level of risk. You need commercial insurance if:

You have clients or suppliers visiting your office or home office.
You or your employees visit clients or suppliers.
You manufactor or sell a physical product.
You rent an office or commercial space.

What is the cost of Commercial Insurance?

On average, a small- to medium-sized business owner can expect to pay $650 for a commercial insurance policy with a $1M limit. Much like insurance coverage, the cost of your insurance premium will vary based on several factors, including:

Industry
Level of Experience
Annual Revenue
Number of Employees
Location

Getting insured is quick and easy!

If commercial insurance is what you need, request a free quote now

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Which Businesses Require Commercial Insurance?

Regardless of the type of business you own, commercial insurance is critical for almost any business including:

Accountants
Accounting Firm
Actuaries
Advertising
Aerial and ground based Photographers / Videographers
Alternative Energy
Architects & Engineers
Appraisers
Bookkeepers
Broadcasters
Building Designers (Bill 124)
Business Consultant
Chiropodists
Civil engineers
Collection Agencies
Consultants
Chiropractors
Design Firms
Directors and Officers
Employment Agencies/Recruiters
Engineers
Environmental Engineers
Energy Audits & Assessments
Financial Advisors

Financial Planners
Foreign Legal Consultants
Holistic Professional
Hotel Consultant
Home Inspectors
Human Resources (HR) Consultant
Immigration Consultants
Information Technology & Computer Consultants
Interior Designers
IT Contractor
IT Specialist/Technician/Programmer
Independent Contractor
Product Designers
Professionals Liability
Lawyer’s Excess Professional Liability
Management Consultants
Medical Related
Medical Professionals (Malpractice Insurance)
Medical Students (Malpractice Insurance)
Multimedia designers
Mortgage Brokers
Naturopaths
Occupational Health and Safety Consultants
Quality Control Consultants

Placement Agencies
Podiatrists
Process Servers
Private Investigators
Project Managers
Property Managers
Paralegals
Publishers and Printers
Recruitment and Employment Agency
Recruitment Consultants
Safety Engineers
Service Organizations
Solar & Wind Farm Engineers & Consultants
Staffing Agencies
Structural Engineers
Sub Contractor
Surveyors
Therapist Professionals
Training Providers/Trainers
Travel Agencies
Travel Agents, Tour operators
Excess & Umbrella Liability
Web-Site Designers
Web Developers

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Common scenarios where Commercial Insurance is useful:

A customer visits your restaurant and injures themselves while walking up the stairs. Your coverage covers the legal and medical expenses, totaling $15,000.

While renovating a client’s property, you accidentally damage a pipe, causing severe water damage to their hardwood floors. Your insurance covers the cost to replace and repair the damage, totaling $23,000.

A manufacturing flaw in a product you sold caused your client’s toddler to choke. Your product liability coverage under your commercial insurance covers the legal expenses, totaling $17,000.