Every Ontario insurer operates in a unique manner, with different requirements and recommendations for all their policies. Every company must meet these requirements in order to qualify for business insurance. However, most insurers will allow businesses to make the necessary adjustments, so they can qualify for coverage. It also helps that there are several different types of business insurance policies available, including general liability, commercial property, product liability and professional liability. You will first need to determine which types of these insurances are required in Ontario, before you start the application process.
Submit A Copy Of Your Business Plan
When you apply for a business license, you have to submit a business plan. This plan will be utilized throughout the life of your business, with a few minor adjustments. To ensure you qualify for business insurance, you should submit a copy of your most recent business plan, along with the application. This way, the insurer will have access to every aspect of your business, including the number of people you employ, the type of business you operate, business location, operational processes and the number of company vehicles you operate.
Always Be Honest
Every company has done things in the past that they are not proud of and they do not want to share them with anyone, especially an insurance company. However, you should just fess up, because the insurer will perform an extensive background check. So, if you are trying to hide anything it will be detected at some point.
Most insurers are willing to work with businesses that are less than perfect. But, they must be honest and upfront right from the very beginning. If you have any concerns about being denied for business insurance, you can always sit down with an agent in a one-of-one meeting. By explaining your situation to the agent, you may be able to find out if you qualify for insurance and spare yourself the extensive application process.
Beginning Your Search
As you probably already realize, Ontario is full of amazing companies that offer insurance. This is definitely a good thing. The added competition ultimately helps the consumer. With extra competition, you’ll likely be able to shop around and find a lower price. With this in mind, you should begin your search by finding the top insurance providers within the province of Ontario. There are definitely plenty to choose from. Aviva, Econ, Creechurch and Intact Insurance are all good options.
Be sure to take down the website details and contact information for each and every one of these companies. This will help to ensure that you’ll be able to get in touch with these companies quickly, conveniently, and easily. Eventually, you’ll need to contact each of these companies to apply and asks for quotes.
Then, you’ll want to compare the coverage options and the quotes. This information will ultimately allow you to find the best company for your individualistic needs.
Learn About Your Unique Needs
When attempting to determine whether or not you’re eligible, the insurance company will attempt to determine how risky your company is. If they deem that your company is a high risk, they may refuse to work with you. Alternatively, they may decide that you’re eligible for insurance, but they’ll require you to pay a higher fee. When attempting to apply for business insurance coverage, the company will want to know exactly what you need for your business.
Before rushing in too quickly, you should take the time to compile a list of your individualistic needs. How much coverage do you need? What types of coverage do you need? Remember that you can easily customize your coverage. You can choose from a wide range of coverage options. Businesses can choose between crime insurance, errors and omissions insurance, business interruption insurance, and so much more.
There is a chance that you believe business interruption insurance is important, but crime insurance may not be a necessity for your business. With this in mind, you should sit down and familiarize yourself with your unique business needs. It is in your best interest to only acquire the coverage that is actually needed.
When trying to acquire business insurance for your company, you should always go above and beyond to ensure that you get the lowest cost possible. Your company needs to consistently make more money than you’re spending. This is why the premium cost is so enormously importantly. Before attempting to qualify for business insurance, you should take the time to acquire quotes from Canada’s top insurance companies. Premier Marine, Trisura, and Intact have websites, where you’ll be able to obtain a free quote.
Provide the company with accurate information, so they’ll be able to provide you with the most precise cost estimation. Then, you’ll know exactly how much you’re going to be required to pay with each company. From there, you’ll want to try qualifying with the companies that provide you with the lowest premiums and the most comprehensive coverage. Just take your time and do as much research as possible. This will help to ensure that you get the lowest cost and the most protection possible.
Finding A Broker
In some cases, it is a good idea to get assistance. You probably do not know everything there is to know about insurance. And, you’ll probably have a difficult time fully understanding commercial insurance. This is why you should consider hooking up with a good insurance broker. An insurance broker will be able to provide you with insight into your options. The broker will also be able to walk you through the entire qualifying process. Just remember that there are lots of schemers out there too.
It is absolutely vital to make sure that you move forward with caution. Carefully research the broker and make sure that you choose one that will put your interest at heart. Your broker of choice will be happy to guide you through the application procedure. And of course, they should also help you obtain a lower premium as well.
Your Industry Matters
It is absolutely essential to realize that each company is unique. You may run a manufacturing company or you might work in transportation and logistics. When attempting to acquire insurance, you must realize that your industry will make a world of difference. If you work in a risky industry, there is a possibility that the insurance companies might be a little hesitant to work with you. Some companies will not be willing to insure high-risk businesses.
If you run a business that is deemed high risk, you can guarantee that you’re going to be required to search around a little more to find a company that is willing to work with you. There is also a good chance that you’ll be required to pay a little more. Nevertheless, it is entirely possible for high-risk businesses to qualify for commercial insurance.
The Various Ways To Qualify
As a modern business owner, you’ll quickly discover that your options are plentiful. Thanks to the Internet, getting insurance coverage has never been easier. By visiting the official website of one of Ontario’s biggest insurance companies, you should have little to no trouble applying or qualifying. Just submit the online application form and wait it out. The online application is definitely the easiest and it shouldn’t take more than a few minutes to complete. Alternatively, you may want to consider calling the company directly.
By doing so, you will be able to speak directly with one of the company’s representatives. This individual will walk you through the entire procedure. You might not be able to complete the application over the phone, but you might be able to determine whether or not you qualify. Finally, you should consider completing the application and sending it through the mail. This is definitely the slowest method, but a lot of business owners prefer the traditional methods.
How Long Does It Take To Qualify?
As a business owner, you’ll definitely want to get insurance as quickly as humanly possible. It is in your best interest to get coverage, before you serve a single customer. Failing to do so could result in serious repercussions in the near future. The good news is that getting qualified isn’t overly difficult. Nevertheless, it can take a little bit of time for the insurance company to respond. Remember that each insurance company is different. Llyods of London might be able to get your application processed quicker than Econ or vice versa.
Depending on the specific company that you’re working with, you might be able to get the application processed in just 24 hours. Some companies will actually be able to tell you whether or not you qualify on the same business day. Be patient! Remember that the company wants your business, so they’ll always work diligently to respond to your inquiry.
Well Worth Your Effort
When it comes down to it, applying and qualifying for commercial insurance can be a long, tedious process. It may take several days, before you’re able to get coverage. Just remember that this is not a process that you should rush. It is in your best interest to acquire a sufficient amount of insurance. If you fail to do so, there is a risk that your company will face a terrible situation and that situation could force you into a premature bankruptcy. Take your time and do an excessive amount of research.
By putting in the time and effort, you will be able to fully protect your company, your employees and your family. Simultaneously, there is a chance that you’ll be able to acquire a much lower premium.
High Crime Location
Some businesses are located in high crime areas, putting their employees and assets at risk. Regardless, they still need to obtain business insurance, before they become operational. Some insurers may be leery about offering such businesses coverage, because it puts them at risk. If your business is classified as high-risk, you will end up paying a higher premium, compared to companies that are low-risk.
If your business is located in a high-crime area, you should contact your local insurance company and speak to an agent about the situation. If you do not qualify for insurance it is possible that you might end up having to close your doors and change locations. However, there are some insurance companies that work specifically with high-risk companies. But, you should expect to pay a higher premium, because the risks are extremely high for insurance companies.
If you plan to open a business in Ontario, chances are you will need to obtain a business license first. If you fail to obtain this vital document, you will not qualify for business insurance. Some types of businesses are not required to obtain a license in advance, but it may be extremely difficult for such businesses to obtain insurance coverage.
Qualifying For Business Insurance With An Indictable Offense
Filling out an application for business insurance with an Ontario insurance provider like LiabilityCover only takes around five minutes or so. For the most part, all the information that is required will be pretty basic stuff. For instance, you will have to provide your business history, location of your business, name of your business, the type of business that you are in, number of employees that you have, the amount of coverage that you want, along with a few more basic details.
However, there will be one section that is going to ask if you have ever been convicted of an indictable offense or not. So, what happens if you have been convicted of an indictable offense? Does this completely disqualify you from acquiring the insurance? What if your business partner is the one that was convicted of the offense? These are all legitimate questions that you should concern yourself with.
Well, you will be happy to know that in Ontario there are no laws that prohibit a provider from providing you with insurance if you have been convicted of an indictable offense. So, why do they ask this question? Insurance providers are not big risk takers and they always like to weigh the risks of any of their applicants. While you cannot be disqualified for having one of these offenses on your record, you can be charged a higher premium. The real trick is to find a provider that won’t take this into account when providing you with coverage.
Other Insurances That You Will Need To Qualify For
Unfortunately, your insurance needs won’t stop at general liability insurance. In Ontario, it is a law that any independent contractor who employees one or more individuals must cover those individuals with workers’ compensations coverage as well. In addition to this, there are several other forms of insurance that you may be required to obtain depending on the type of business that you are in. If you are going to be supplying employees with company vehicles and allowing them to operate heavy machine, you will also need auto insurance.
Always make sure that you are well aware of what is required of independent contractors in your industry, because you never want to get caught without insurance. Not only will it put your business at risk, but also if the situation is dire enough, someone might try to come after your own personal assets, which will affect your family.
What To Do When A Claim Is Filed
No matter how careful you are, or how many precautions you take, there is going to be a time when a claim is filed against your insurance. After all, this is why you have insurance in the first place, so there is really no need to panic. However, you do need to know what to do in this type of situation. When an incident occurs, you should immediately notify your insurance provider and explain the situation in detail to them. Be sure to include pertinent information like the date the incident occurred, the names of the people involved, and any witnesses that might be able to testify to the incident.
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Other frequently asked questions about business insurance
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