Protect your business from the difficulties that may affect your livelihood. We put together the packages that are best suited for you.

Business Insurance in Ontario

From first-time entrepreneurs to experienced business owners, achieving success in a venture can be challenging and rewarding.  Any business, be it a home-based, small business, a brick-and-mortar establishment, or a digital venture, is likely to be at risk for certain perils and difficulties that a comprehensive business insurance policy will cover. However, there are unique risks that can affect different types of businesses. Your Ontario small business insurance needs can differ from those of a larger company. As such, there are a wide variety of policies that an informed business insurance broker can help you navigate when seeking complete coverage against perils that can affect your company and livelihood.

Comprehensive Business Insurance

If you are an employer, having business insurance in Toronto, Brampton, Mississauga, and other parts of the Greater Toronto Area is extremely important to ensure some peace of mind. At the least, any business owner should have business liability insurance coverage and property coverage for their policy. These coverages protect you from the unexpected events that might occur on your business premises or as a result of your business actions. These coverages are meant to protect you from financial loss from events which included, but are not limited to, accidental injury of a third-party, damage or loss of equipment or property, or legal claims related to services or products purchased from your business.

Business Liability Insurance Coverage

Liability coverage for businesses can be called Commercial General Liability. This coverage is specifically meant to protect you and your business from liability claims that result from your business services, actions of you and your employees, or relate to a product you sold. These claims might be for third-party property damage, and personal injury or death of a third-party. A common example of something you could be liable for is if someone slips on the front doorstep and injures themselves as they enter your place of business.

There are five main types of Coverage is most commonly covered in your business liability insurance plan and in Commercial General Liability policies: Bodily Injury and Property Damage Liability, Advertising Liability, Personal Injury Liability, Medical Payments, and Tenants’ Legal Liability.


What is in a Standard Commercial General Liability Insurance Policy?

This liability coverage is meant to protect you if your products, employees, services, or company are considered legally responsible for causing physical injury, or damages or loss to a third-party.

Your business insurance broker will notify you about certain perils that are excluded from this coverage, and it is best to speak to your broker about specifics. Generally, Bodily Injury and Property Damage Liability excludes coverage for:

  • Punitive/Exemplary Damage – damages issued by a court for the punishment of wrongdoing or outrageous acts.
  • Intentional Injury – expected or intended injury on another person.
  • Commercial Automobile Damage – damage to your commercial vehicle(s) and any third-party liability related to their use would be covered under a separate Commercial Auto Policy.
  • Injuries to your own employees their property, or property you own, rent, or occupy.

Advertising Liability coverage protects a policyholder against claims related to alleged offenses that were made during the course of advertising a business’s goods, products, or services. This coverage is relevant for when a business’s use of advertising leads to accusations of libel, slander, invasion of privacy, or copyright infringement. If a business intentionally advertises falsely, then the business would be excluded from this coverage.

Personal Injury Liability is meant to cover you and your business from injuries other than bodily injuries. This includes false arrest, detention, or imprisonment; wrongful eviction; slander and libel; invasion of privacy; and malicious prosecution.

Medical payment coverage pays for a third-party’s medical expenses after they have suffered accidental injury due to your company’s operations or while on your business premises. This does not necessarily mean you are legally responsible for a claim. For example, if someone is hurt through a slip and fall injury on your business premises, rather than heading to court, you may choose to cover the injured party’s medical costs. This coverage does not apply for anyone who was already excluded from Property Damage and Bodily Injury.

Tenant’s Legal Liability is relevant to anyone who runs their business in rented property. If you as a tenant cause some sort of damage or loss to your landlord’s property, this covers you if you are considered legally responsible for the damage. The damage must be caused by perils that are included in your policy. Whatever exclusions apply to you and your business can be discussed with your business insurance broker.

This optional coverage protects you as the employer from any liability claims made by someone who works for you. If someone suffers damage or loss while under your employ while conducting business on your behalf, and on your business property, this coverage can help with costs for legal proceedings.

Other types of Business Insurance:

Errors and Omissions (E&O), or Professional Liability Insurance

Professional Liability Insurance is also known as Errors and Omissions Coverage. This insurance policy covers your liability if you make a mistake or omit information while providing your services to your clientele or customers. This insurance coverage is necessary for any professional who provides direct advice or consultation as part of their service. This could include accountants, lawyers, estate planners, architects, and financial consultants.

Commercial Auto Insurance

Any vehicle that operates for your business or is used for your business services must be covered by a commercial auto policy. A commercial auto policy is very similar to a standard auto policy and offers similar coverages.

Commercial Property Insurance

Commercial property insurance coverage is meant to specifically protect your business property- the physical assets, which includes the building, your electronics and equipment, your inventory, and any fixtures like signs, fences, and landscape. Commercial property insurance policies come in two types - all risks and named perils. Named perils insurance covers damages or losses caused by perils (accidental or events beyond your control) that are named in the policy. All-risks coverage is for any peril that is not specifically listed in the policy.

Business Interruption Insurance

Business interruption insurance is not a separate policy. Rather, it is often added on to property coverage or included in a comprehensive package policy. Business interruption insurance covers the replacement of income when your business suffers from a disastrous peril, such as fire. This does not include interruption because of pandemic. Pandemic coverage is offered as an add-on by some companies, but in most cases companies will decline the coverage.

Overall, this is a general overview of basic business insurance coverage. There are specific types of coverages available for different businesses. Owners’ small business insurance plans will include liability, which is vital to keep operations running. A contractor’s needs for risk protection will differ from someone operating a home-based business. Whatever your needs are, a professional business insurance broker can help you distinguish the appropriate coverage that suits your profession and business needs.

What makes sense for you?

For every type of business there are risks and probabilities that you have to account for. Your business insurance choices help you when it matters most - in times of crisis or in moments of unforeseen difficulties. No matter the type of business you own or operate, there are ways to protect your livelihood. Your business is a vital part of who you are, and you do anything you can to ensure it succeeds. At CIS, we want to help ensure your ongoing success. Our business insurance brokers can help you navigate the wide range of suitable policies so you can find peace of mind.