Business Insurance

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Business Insurance is a general term of reference used for the package or suite of insurance products a business purchases to protect itself against direct loss or damage known as property insurance or actions brought by others, known as third party liability insurance. Another term of reference is Composite Mercantile Package. Some insurers brand their products with a trade name, especially if they target a specific business type like toolshops, small manufacturers or contractors. They are still all business insurance packages.

Business Property: A business may have property or buildings it owns or leases, furniture, equipment and stock. It may have machinery or equipment that is mobile, but not licensed for the road, such as contractor’s equipment. It may have stock in process, raw material and finished stock, all of which may impact the business’ earnings if damaged or lost due to a peril. Business Insurance can extend to not only cover property and stock but also business interruption or reduction in turnover as a result of damage to property. This is known as business interruption insurance. Business insurance can also incorporate Extra Expense insurance, to cover additional costs the business sustains in order to continue operating following loss or damage caused by a peril. These policies include many coverages, features and benefits that a licensed broker can explain to you. Most business insurance policies today in Ontario and Canada wide include coverage on a Broad Form perils basis only naming excluded perils, this used to be referred to as all risks insurance. Even flood, earthquake and sewer back up can be readily purchased in most regions in Ontario and Canada.

Third party or Commercial General Liability insurance is often part of the business insurance package covering you against claims alleging bodily injury and property damage to others arising from your operations or products.

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