Small Business Insurance Ontario | Liability Insurance Quotes (2024)

FAQs

How much is insurance for a small business in Ontario? ›

Average Costs for Ontario Businesses

Typically, Ontario small businesses might expect to pay between $450 and $2,000 annually for general liability coverage with a $2 million limit. This span accommodates the diverse nature of businesses, from sole proprietorships to more extensive operations with multiple employees.

On average, an insurance policy that offers coverage for up to $2 million can cost about $30 a month in premiums.

A $5 million umbrella policy costs around $375 to $525 per year, on average.

Insurers calculate how much your business insurance costs using several basic factors, including your profession, number of employees, and coverage needs. You can expect to pay above the average rate if you require more coverage, lease a unique property, or have a claims history.

As a general rule, you'll want to get business insurance quotes from at least three different companies.

USAA, Nationwide, Travelers, Erie, Geico and Progressive are the cheapest car insurance companies nationwide, according to our analysis. Car insurance costs continue to rise as we approach fall.

1. General Liability Insurance (GLI) General liability insurance helps protect your business from claims that it caused: Bodily injury to someone else.

How much does a $1000000 liability insurance policy cost? ›

On average, Insureon customers pay $42 per month, or about $500 annually, for a $1 million general liability insurance policy. Additionally, 29% pay less than $30 per month, and 40% pay between $30 and $60 per month. Customers who need more coverage will likely pay a higher premium.

For example, a $500,000 term life insurance policy might cost around $18 to $70 per month, depending on age, health, and smoking status.

On average, commercial umbrella insurance costs about $75 per month for each $1 million of additional coverage. We recommend using our online tool to find the umbrella insurance plans that fits your specific business needs.

Generally, the larger the business, the higher premiums will be. Location: Where a business is located can also impact insurance costs. For example, a business located in an area prone to natural events like hurricanes or earthquakes will likely have higher insurance costs than one located in a low-risk area.

A $2 million umbrella policy costs around $225 to $375 per year, on average. Every policyholder's umbrella insurance premium will vary based on their personal risk factors, so individuals who own more cars or properties will be more expensive to insure, as will people who are particularly likely to be sued.

Business property insurance covers your buildings, the contents within those buildings, and loss of income if you're out of business due to a claim. It can help protect your business in case of unexpected accidents or tragedies like fire, theft, wind damage, or even a building's collapse under the weight of snow.

As a general rule, you should insure against things you wouldn't be able to pay for on your own. This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments.

Commercial Auto Insurance Cost in Canada

On the lower end, premiums can start as modest as around $600 per year for each vehicle. However, for some businesses, especially those with higher risk factors or extensive coverage needs, these costs can escalate to as much as $10,000 annually per unit.

Commercial general liability insurance protects you and your business against claims for bodily or personal injuries, advertising liability, as well as property damage to third parties arising from your operations or products or occurring on your business premises.