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Toronto is Canada’s largest city and known worldwide as one of the best places* to both live and work. Some people are even calling it the new Silicon Valley* for small businesses, startups and entrepreneurs. Toronto has quickly become a hub of diverse, innovative and successful small businesses—and we’d like to keep it that way.
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
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?
According to Statistics Canada* most small businesses in Toronto are retail businesses, followed closely by businesses in the construction industry, and then the professional and technical services. Whichever category your Toronto-based business falls into, it’s important to understand the unique risks it may be facing so you can properly safeguard your business with strong insurance coverage.
What risks do you face in Toronto?
Here are some of the risks your small business may be facing:
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, derangement or centrifugal force.
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.
If your small business is located in the Financial District, the Yonge and Dundas area, or the Church and Wellesley Village, it may be more susceptible to theft and robbery* than businesses in other Toronto neighbourhoods.
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.
