Do you own a business in Winnipeg? Then finding the right insurance policies is essential for your long-term survival. Luckily, our dedicated team at LiabilityCover can help you acquire the best coverage for your company.
Consider this the only guide to business insurance in Winnipeg you’ll ever need.
Commercial Insurance For All Types and Sizes of Businesses in Winnipeg
Business liability insurance protects all Winnipeg business owners from financial losses from unexpected events like errors, property damage, and injuries. There are many kinds of commercial insurance available that keep your company safe from all eventualities.
What Does Business Insurance in Winnipeg Cover?
Technically speaking, business insurance isn’t one type of insurance. Instead, it’s an umbrella term used to describe a bunch of policies.
Some of the most popular types of business insurance in Winnipeg are as follows:
Commercial general liability insurance is typically every business’ starting point. It offers financial coverage for claims of third-party property damage and bodily injury caused by your company. Legal costs, compensatory damages, and medical bills are covered under the policy, no matter the lawsuit’s outcome.
We usually suggest the policy to any businesses where at least one of the following applies:
- Your clients visit you at home or your office.
- Your staff conduct business off-site.
- You visit your clients’ homes or offices.
Professional liability insurance protects you from clients claiming financial loss due to your services. Most policies also include misconduct, negligence, and failure to deliver services as advertised.
You should obtain a professional liability (otherwise known as errors and omissions) policy if:
- You provide or develop devices or products.
- You offer services or give advice for a fee.
Commercial property insurance gives you financial protection for the physical loss or damage to your property and its contents due to fires, thefts, or other insured perils. Everything from electronics to improvements you make as a tenant is covered under the policy.
However, you should be mindful of the four standard exclusions:
- Wear and tear to equipment due to standard usage
- Securities, precious metals, and cash
- Items that disappear without a logical explanation
- Properties left unoccupied or vacant for 30 days or more
Cyber liability insurance covers the expenses related to cybercrime involving your customers’ information and the company’s technology systems.
You should take out a policy if:
- You use computer or cloud-based systems to store information.
- You use a point-of-sale system.
- You store patient or customer data, including financial and medical information.
- You provide hardware or software services for a fee.
Product liability insurance protects you against claims of third-party bodily injury or property damage caused by your product. The most common conundrums covered under the policy include incorrect labelling and insufficient safety warnings.
We recommend product liability coverage if you sell, distribute, or manufacture items, including food and drinks.
Directors and officers insurance protects your executive-level board members and their assets should they be personally cited in a lawsuit.
The common areas of protection are as follows:
- Breach of fiduciary responsibility to shareholders
- Negligence in their duties
- Breach of common law duties
- Violation of federal laws
Who Needs Business Liability Insurance Coverage in Winnipeg?
No matter what type of business you run, having the right insurance is critical for the longevity of your company. Protecting yourself against the potentially expensive costs involved with third-party lawsuits is a sure-fire way to keep your business afloat for years to come.
What Is The Cost of Business Insurance in Winnipeg?
You should expect to spend around $650 per year on a standard commercial general liability insurance policy with a coverage limit of $2 million. However, the exact cost depends on a variety of factors, including:
- Industry — Every business comes with risks. But it’s no secret that some have more exposure to them than others. The riskier you are to cover, the more expensive your insurance policies will be. For example, you should anticipate spending more on insurance as a construction worker in Winnipeg than an advertiser.
- Claims history — If you have a track record of making consistent business insurance claims, you may face higher premium rates. Why? Because it’s an indicator that you’re likely to make more claims in the future.
- Location — Some areas of Winnipeg have a higher crime rate than others. If you operate in a statistically more dangerous location, you will typically pay more for commercial insurance. The areas with the highest crime rates in Winnipeg are as follows:
- Lord Selkirk Park
- Central Park
- William Whyte
- North Point Douglas
- Portage – Ellice
- Logan – CPR.
- Dufferin Industrial
- Your experience — As you become more experienced in your industry, you are less likely to make mistakes. Therefore, your insurance premium price decreases too.
- Revenue — Of course, a high revenue is brilliant for your business. However, there’s more at stake if somebody pursues legal action against you. So, you may need to pay higher premiums if your company makes a lot of money.
Why Choose LiabilityCover?
We have years of experience connecting business owners in Winnipeg like you to the country’s leading insurance providers. Our flourishing relationships with the top insurers allow you to access agents with profession-specific experience no matter your industry.
With LiabilityCover, you never need to deal with convoluted insurance processes again.
Frequently Asked Questions
How Do You Get Business Insurance in Winnipeg?
Obtaining business insurance in Winnipeg is easy with LiabilityCover. Simply follow these four steps:
- Complete our secure online form.
- We’ll analyze your insurance requirements based on your answers.
- Our team connects you to a specialist broker or agent with experience covering others in your industry.
- Your assigned broker or agent contacts you to help you through the process.
Where Do Small Businesses in Winnipeg Thrive?
Small businesses do particularly well in the following areas:
- West Elmwood
- South Point Douglas
- West Wolseley
- North Kildonan
- Sir John Franklin
- King Edward
- City Center
- Exchange District