22 minute read
Toronto is Canada’s largest city and known worldwide as one of the best places to live and work. It should come as no surprise that it is also considered one of the top spots in the world to start a business.
Popular neighbourhoods in Toronto for small businesses:
From east to west, each Toronto neighbourhood is full of its own unique character.
- The Danforth
- Leslieville
- Cabbagetown
- Riverside
- Corktown
- King East
- Church Wellesley Village
- Kensington Market
- King West
- Queen West
- Dundas West
- Liberty Village
- Parkdale
- Little Italy
How much is business insurance in Toronto?
If you’ve started researching how to get business insurance in Toronto, you’re probably wondering how much it’s going to cost. Every business is unique and faces different risks. Some factors that can affect the cost of your business insurance premium include the following:
- Type of business
- Location
- Risk factors
- Additional coverage options you select (This can include business contents, tools & equipment and cyber risk & data breach).
Did you know that Queen Street West at Dufferin, and Spadina Avenue at College Street, are two of the worst intersections in Toronto for collisions?
Do you need business insurance in Toronto?
No matter where your small business is in Ontario, it’s important to have business insurance to help you when your business faces risks.
Property damage
Whether you rely on your electrical oven to make those trendy gourmet donuts everyone loves, or you depend on your expensive tools and equipment to bring that modern condo design to life, you’re going to want to protect your property. Some common risks that could damage your property include theft, vandalism, fire and flood.
Commercial property
When you’ve suffered a property loss, a strong commercial property insurance policy can help with the repair or replacement costs of the damaged item(s) to help limit your business’ downtime and protect your bottom line. Some things that are typically covered in a commercial property policy include the building itself, tools and equipment, inventory, and furniture.
Equipment breakdown
Equipment breakdown insurance helps with the costs associated with the sudden and accidental breakdown of your small business’ equipment. Generally, this coverage extension will address equipment issues caused by internal sources, including explosion damage, mechanical or electrical breakdown.
Commercial auto
Depending on what kind of business you own, you may rely on your vehicle to transport goods or travel from job site to job site, and the streets of Toronto can be tricky to navigate. Without proper insurance coverage, your business could face significant downtime and expensive repair costs if you’re ever involved in an accident.
Liability risk
Liability risk can come in a few different forms depending on what industry your small business falls under. For Toronto-based businesses, some common forms include:
- Bodily injury liability
- Product liability
- Product damage liability
- Cyber liability
Commercial general liability
Commercial general liability (CGL) insurance can help with liability claims related to bodily injury or property damage. For example, if someone trips, slips or falls at your business as a result of your negligence and suffers an injury, your CGL policy can help with the costs associated with the liability lawsuit, should they decide to make a claim against your business.
Product liability insurance
Did you know that if you sell a product that causes bodily injury or property damage to a third party, you could find yourself tangled up in an expensive lawsuit? Product liability insurance can help protect your Toronto-based business from the expenses associated with a product liability lawsuit.
Cyber risk:
These days, you can’t walk down Bay Street without seeing everyone glued to their mobile devices. Our world is becoming more and more dependent on technology, and with that digital shift comes a higher risk of cyber attacks and data breaches. Hackers are getting smarter and more creative with their techniques, making it increasingly difficult for small businesses to combat this risk.
Cyber risk and data breach coverage
If your business collects and stores any kind of sensitive data or information, you should have cyber risk and data breach insurance. Cyber risk and data breach coverage can help with expenses that may incur when your business experiences a data breach, loss of data, or damage to your system after a cyber attack.
Get covered
But wait, there’s more:
There’s more to your TruShield policy than meets the eye. Here are a few other ways we make your coverage that much better.
Risk Management Assist:
Every TruShield customer has access to our team of Risk Services specialists who can help guide you through any questions or concerns you may have about the risks your business faces, and how to prevent loss.
Trauma Assist:
Suffering a loss to the business you’ve worked so hard to build is not an easy experience. Our Trauma Assist service is designed to help owners and employees cope with the emotional effects of a covered loss.
Legal expense insurance:
Each TruShield policy includes up to $50,000 of legal expense insurance coverage to help cover legal costs associated with a variety of issues your business could face.
Legal assist:
Legal situations can get complicated and difficult to understand—we’re here to help with that. TruShield customers have unlimited telephone access to general legal advice to discuss legal matters related to your business.
