Entrepreneurship & Small Business

Ask me anything about Business or Commercial Insurance!

[OP]
Sr. Member
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Jan 8, 2009
795 posts
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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
3479 posts
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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
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Jan 8, 2009
795 posts
63 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!
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Dec 10, 2008
3479 posts
279 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
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Jr. Member
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Feb 17, 2013
197 posts
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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
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Jan 8, 2009
795 posts
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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
20 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]
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Jan 8, 2009
795 posts
63 upvotes
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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
795 posts
63 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!

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