Entrepreneurship & Small Business

Ask me anything about Business or Commercial Insurance!

[OP]
Sr. Member
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Jan 8, 2009
805 posts
65 upvotes
GTA
newby1983 wrote:
Mar 20th, 2017 10:29 am
Hi there.

I'm planning on investing in a commercial property that has 3 stores and 12 apartment units. I have two questions I hope you can help me out with.

1. Any recommendations on insurance companies for such a property?
2. What is the process for getting such a property insured? What info would they need, I assume site inspection needed, anything else?

Thanks
As a broker, we search multiple insurance companies and than compare than quote and coverage. Pricing would depend on the details of the building and occupants of the stores. Building inspection report would be a good start.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Deal Addict
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Dec 10, 2008
3503 posts
286 upvotes
St. John's
Do I need business auto insurance if I don't make over 30k and don't have a GST/HST number? Or does my personal insurance suffice?
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[OP]
Sr. Member
User avatar
Jan 8, 2009
805 posts
65 upvotes
GTA
RCGA wrote:
Jul 2nd, 2017 11:48 am
Do I need business auto insurance if I don't make over 30k and don't have a GST/HST number? Or does my personal insurance suffice?
Business auto insurance has to do with the usage of vehicle. If you use your vehicle for business than it has to be disclosed as such.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Deal Addict
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Dec 10, 2008
3503 posts
286 upvotes
St. John's
Insurance-Broker wrote:
Jul 3rd, 2017 5:47 pm
Business auto insurance has to do with the usage of vehicle. If you use your vehicle for business than it has to be disclosed as such.
Only to drive to a job, just like you would with a 9-5 job
Let's hug it out
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Jr. Member
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Feb 17, 2013
197 posts
70 upvotes
Newmarket, ON
What has changed in last couple years for business (retail) insurance rates? My premium has gone to 3900 from 1800 in 2015 to 2700 in 2016 and 3900 in 2017. No claims and nothing has changed in business at all. I have insurance with Aviva with ERB & ERB. Next January I am looking to change brokerage as rates are pretty high. Broker mentioned no one wants to insure commercial especially retail (pizzeria in my case) business that's why premiums are getting high.
[OP]
Sr. Member
User avatar
Jan 8, 2009
805 posts
65 upvotes
GTA
robbyp17 wrote:
Jul 23rd, 2017 11:06 am
What has changed in last couple years for business (retail) insurance rates? My premium has gone to 3900 from 1800 in 2015 to 2700 in 2016 and 3900 in 2017. No claims and nothing has changed in business at all. I have insurance with Aviva with ERB & ERB. Next January I am looking to change brokerage as rates are pretty high. Broker mentioned no one wants to insure commercial especially retail (pizzeria in my case) business that's why premiums are getting high.
Rates are also impacted by the industry in general. There have been more claims in food service business which is why the rates have been climbing. You may still find a better premium than what Aviva is offering so just shop around prior to renewal.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Newbie
Apr 1, 2016
21 posts
I sell socks online - about 100k a year in revenue. Should I have insurance? I don't care about my inventory, curious about liability.
[OP]
Sr. Member
User avatar
Jan 8, 2009
805 posts
65 upvotes
GTA
WinnipegRedFlager wrote:
Jul 31st, 2017 12:53 pm
I sell socks online - about 100k a year in revenue. Should I have insurance? I don't care about my inventory, curious about liability.
Yes, it's best to have liability coverage for your protection.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
[OP]
Sr. Member
User avatar
Jan 8, 2009
805 posts
65 upvotes
GTA
WinnipegRedFlager wrote:
Aug 8th, 2017 12:34 pm
OK, i'll look into it - who should I talk to?
Talk to a Broker in your area.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Sr. Member
May 17, 2012
860 posts
329 upvotes
grand valley
My wife is a personal support worker. She's currently a contracted employee of an agency. She is thinking about going on her own (home care / housekeeping) and we are wondering what insurance would be appropriate for her.

Also, if she were to offer driving services (Ie appointments) what would she need in terms of auto insurance?
[OP]
Sr. Member
User avatar
Jan 8, 2009
805 posts
65 upvotes
GTA
esoxhntr wrote:
Oct 14th, 2017 6:27 pm
My wife is a personal support worker. She's currently a contracted employee of an agency. She is thinking about going on her own (home care / housekeeping) and we are wondering what insurance would be appropriate for her.

Also, if she were to offer driving services (Ie appointments) what would she need in terms of auto insurance?
She would need at least liability insurance.

Auto insurance might be expensive or be declined for paid passengers.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Jr. Member
Apr 1, 2009
180 posts
128 upvotes
Winnipeg
Hey, perfect timing. I am about to launch a vinyl record mailorder that will be home based. I will not have customers coming to my house. I will be taking stock to events, and will be selling internationally, but primarily focused on Canada and the US by default due to postal prices. I will be selling online, but will likely be using third parties to process payments on my behalf. My insurance quotes have included coverage for cyber attacks and range between 900 to 1400 dollars.

Firstly, what should I be looking for as far as coverage (or more specifically, what can I exclude) for my home based operation considering I will not be having people coming to my house?

Secondly, If I am using third parties to process payments on my behalf, do I need additional coverage or will their role as payment processors shield me from liability? (Paypal, Square, Intuit/Quickbooks)
[OP]
Sr. Member
User avatar
Jan 8, 2009
805 posts
65 upvotes
GTA
100 wrote:
Oct 18th, 2017 10:30 pm
Hey, perfect timing. I am about to launch a vinyl record mailorder that will be home based. I will not have customers coming to my house. I will be taking stock to events, and will be selling internationally, but primarily focused on Canada and the US by default due to postal prices. I will be selling online, but will likely be using third parties to process payments on my behalf. My insurance quotes have included coverage for cyber attacks and range between 900 to 1400 dollars.

Firstly, what should I be looking for as far as coverage (or more specifically, what can I exclude) for my home based operation considering I will not be having people coming to my house?

Secondly, If I am using third parties to process payments on my behalf, do I need additional coverage or will their role as payment processors shield me from liability? (Paypal, Square, Intuit/Quickbooks)
You should have at least liability for the business/operation.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Jr. Member
User avatar
Dec 11, 2009
199 posts
19 upvotes
hamilton
Thanks for this, OP.

I own a house and live there. I am renting out 2-3 rooms on Airbnb and need to get revised homeowner's insurance to accommodate renters. Airbnb does offer insurance, but it is limited.

I sense that this kind of Airbnb arrangement is new to my Broker (and in fairness, probably a number of brokers, because it is so new). Do you recommend a firm or firms that accommodate Airbnb hosting? Feel free to PM me.

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