Home Business Insurance Ontario

A comprehensive home-based insurance policy is crafted to suit your business’s unique needs, depending on the type and scale of your operations. Many home-based business insurance policies include the following coverages:

• Commercial General Liability (CGL) Insurance: CGL, or general liability insurance, covers third-party bodily injuries and third-party property damage caused by your business’s operations or incidents on your premises. For example, if a delivery person visits your home to deliver a package and is injured in a fall on your front steps, CGL may cover their medical and rehabilitation expenses.

• Commercial Property Insurance: Commercial property insurance covers your home office from damages and losses caused by fire, water, a natural disaster, theft, and vandalism. It includes coverage for your business contents, such as your work computers, office equipment, and inventory or merchandise if they’re damaged by unforeseen events (like fire) or stolen. 

• Product Liability Insurance: If your home-based business sells goods to the public online or offline, you need product liability insurance. It covers you for third-party bodily injury and third-party property damage claims arising from the products you manufacture, distribute, or sell.

• Errors and Omissions (E&O) Insurance: If you provide your clients with advice or services, adding E&O insurance to your policy is crucial. Also called professional liability insurance, E&O insurance covers you if you face claims of professional negligence, make a mistake, or fail to deliver a service as promised.

• Cyber Liability Insurance: Cyber liability insurance is vital for every business in any industry. It helps your business recover quickly following a data breach or cyber-attack. If your home-based business has a website, point-of-sale (POS) system, uses cloud storage, email, and social media, cyber liability insurance may cover your fees for repairing and restoring affected software systems, crisis management and credit monitoring services, legal advice, and lost income from a sustained system outage following a cyber-attack or data breach.

• Equipment Breakdown Insurance: Equipment breakdown insurance covers internal mechanical or electrical malfunctions that damage expensive equipment and computers your business uses. It covers a broad range of equipment, including office equipment, laptops and desktop computers, alarm systems, and HVAC systems.