Commercial Insurance Broker in Toronto
Do you own or operate a business in Toronto? The comprehensive commercial insurance might be just what you need. No matter the size or industry of your business, Levitt’s certified commercial insurance brokers can help you protect it.
Without commercial or business insurance, one lawsuit or instance of property damage could lead to financial ruin. But with comprehensive coverage, your business will be safeguarded in a wide range of circumstances.
Let the experts at Levitt help you find the right coverage for your Toronto business. From commercial general liability insurance to commercial property damage, keep reading to learn more about commercial insurance in Toronto and how a Levitt broker can help you.
Finding a Commercial Insurance Broker in Toronto
A good commercial or business insurance broker knows the ins and outs of the commercial insurance industry and can ensure you choose a policy that provides adequate protection. They are also well-versed in helping businesses of all sizes across all industries find insurance.
Factors to Consider When Choosing a Business Insurance Broker
With so many insurance options on the market today, choosing the best commercial insurance broker is no easy task, especially in a large city like Toronto. To make this task easier, we’ve put together a list of qualities that make a great commercial or business insurance broker.
- First, the commercial insurance broker you choose should take a customer-first approach to insurance. This means that they get to know your insurance needs by asking you insightful questions about your business. It also means that they take your needs, budget, and lifestyle into consideration when searching for commercial insurance solutions.
- Second, the best commercial insurance broker is one that does all the heavy lifting. By this, we mean contacting the top insurance companies in Canada to obtain quotes on your behalf, comparing these quotes, and presenting you with multiple options. Of course, your broker should also answer any questions you may have and walk you through each policy, cover to cover.
- Finally, a great commercial or business insurance broker provides unbiased advice on the best policy for you. As commercial insurance experts, they should be able to offer their objective opinion on the best coverage options for your business.
Commercial Insurance Coverages
Commercial insurance coverage varies depending on the policy you choose. However, most commercial insurance policies consist of two main coverage types: commercial general liability insurance and commercial property insurance.
Commercial General Liability Insurance
Commercial general liability protects against claims of third-party bodily injury and property damage. The causes of these claims can be anything from negligence or misconduct to unexpected accidents.
If a third-party files a claim against you, commercial general liability insurance typically covers the compensatory damages awarded against you and any legal defence costs. It’s important to note that these costs may be covered regardless of the lawsuit’s outcome.
Commercial Property Insurance
Commercial property insurance can protect your business against physical loss or damage to your property (e.g. office space) and any business-related contents (e.g. computers or tablets). Coverage applies to loss or damage caused by specific incidents, known as perils. Perils vary by policy but may include fire, theft, vandalism, water damage, and more.
What Does Commercial Insurance not cover?
Typical commercial insurance policies feature commercial general liability insurance and commercial property insurance. However, oftentimes this may not be enough. In such cases, additional coverage will need to be added to your policy.
Below is a list of commercial insurance coverage types that are not included in standard policies but can be added for extra protection.
Professional Liability Insurance
Professional liability insurance, sometimes referred to as errors and omissions insurance covers the cost of a lawsuit alleging error, misconduct, negligence, or failure to deliver a service as promised. This is especially useful for professionals who provide services to their clients, such as doctors, lawyers, or accountants.
Cyber Liability Insurance
Cyber liability coverage offers financial protection to Toronto businesses in the event of a data breach, hack, or cyberattack. For example, if a hacker steals sensitive client information, your insurance provider would cover the cost of legal fees associated with the incident, as well as the cost of technical recovery support, credit monitoring, client notification, and more.
Business Interruption Insurance
Business interruption insurance aims to protect your Toronto business from consequential losses relating to property damage. For example, if a large portion of your inventory is damaged due to an insured peril, such as theft, business interruption coverage may reimburse your company for orders it cannot fill due to the missing inventory.
Workers’ Compensation Insurance
Workers’ compensation insurance provides financial protection in the event an employee is hurt on the job. Specifically, it can help cover medical bills, lost wages, and lawsuits arising from injuries. Canada’s provinces and territories have their own regulations surrounding workers’ compensation insurance, so it’s important to ask a commercial insurance brokerage about the mandatory coverage requirements in your region.
Commercial Auto or car Insurance
Commercial auto insurance is one final coverage type that can be added to commercial insurance policies. It typically covers liabilities and damages that occur when an employee is driving a vehicle for business purposes. Please note that most commercial general liability policies and personal car insurance policies do not include commercial auto insurance coverage. Commercial auto or car insurance coverage varies but can include third-party liability coverage, uninsured car coverage, accident benefits coverage, collision coverage, and comprehensive coverage.
FAQs
What is a commercial insurance broker?
A commercial insurance broker specializes in finding insurance policies for businesses. They take the time to understand the unique needs of your business and find you a policy with the coverage you want and need.
When do I need to get commercial insurance?
You could likely benefit from commercial insurance in the following scenarios:
- If you are a business owner or lease an office space, equipment, or inventory;
- You have staff who conduct business off-site;
- You visit the office spaces or homes of your clients;
- Clients visit your office space or home;
- You or your employees drive vehicles for business purposes;
- You use computers, hardware, portable electronics (laptops, tablets, etc.), or machinery for business purposes.
How does commercial insurance work?
Commercial insurance works by protecting your business from everyday risk. Should an event that is covered by your commercial insurance policy occur, you can file a claim with your insurance company and be reimbursed for the cost. For example, if a client slips and falls in your office and sues you, your insurance provider might cover the cost of defending yourself in a lawsuit.
Choose Levitt Insurance For Your Commercial Insurance Needs
Are you ready to invest in commercial insurance for your business? Contact Levitt Insurance Brokers today!
Our knowledgeable registered insurance brokers are always available to take your call or answer your email. They will take the time to understand your unique insurance needs, obtain and compare policies on your behalf, and offer unbiased, personalized advice on the best commercial insurance policy for your Toronto business.
Get in touch with Levitt Insurance Brokers Association for more information.
