Entrepreneurship & Small Business

Ask me anything about Business or Commercial Insurance!

Deal Addict
Jul 18, 2016
1839 posts
669 upvotes
Hi OP. Good thread. Are you familiar with any insurer that offers car insurance for couriers? I run a liquor delivery business. Thanks.
[OP]
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Jan 8, 2009
805 posts
65 upvotes
GTA
the pinch wrote:
Oct 20th, 2017 11:50 pm
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.
Who are you insured with at this time? Some companies will offer coverage as an add-on, which will be cheaper than getting a separate policy. What's your annual revenue from this?
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
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Jan 8, 2009
805 posts
65 upvotes
GTA
bewiseman wrote:
Oct 21st, 2017 1:42 pm
Hi OP. Good thread. Are you familiar with any insurer that offers car insurance for couriers? I run a liquor delivery business. Thanks.
Couriers are better insured with local carriers such as State-farm or Co-operators. Check with a local agent.
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
Jul 18, 2016
1839 posts
669 upvotes
Insurance-Broker wrote:
Oct 22nd, 2017 11:34 pm
Couriers are better insured with local carriers such as State-farm or Co-operators. Check with a local agent.
Yes, I have looked at all those local insurers. This appears to be an impossible thing to insure. Nobody seems to have a good solution.
Jr. Member
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Dec 11, 2009
199 posts
19 upvotes
hamilton
Thank you for getting back to me, OP.

I am with Gore Mutual, and think the world of them. I've had one incident in 20+ years involving a frozen sink pipe in 16. Total claim was $14K, and entirely satisfactory. Should I ask my broker to try again? Another firm has ponied up, but they will not insure me for flooding or the basement.

Cheers!
[OP]
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Jan 8, 2009
805 posts
65 upvotes
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the pinch wrote:
Oct 23rd, 2017 1:59 pm
Thank you for getting back to me, OP.

I am with Gore Mutual, and think the world of them. I've had one incident in 20+ years involving a frozen sink pipe in 16. Total claim was $14K, and entirely satisfactory. Should I ask my broker to try again? Another firm has ponied up, but they will not insure me for flooding or the basement.

Cheers!
I guess because of water claim, most companies will have an issue with water damage coverage. Gore is picky about what they do. You can try standalone coverage, minimum premium would be about $500 a year.
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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Mar 23, 2008
3786 posts
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Toronto
I don't know why my insurance company was completely clueless about a performance bond.

I thought it was a simple procedure and a small fee. I wanted to bid for a contract with the City of Hamilton. The city requested a performance bond of $10,000.00. I was like, "ok, no problem. I will contact my insurance company now to get it." Well they had no clue about what it was and said it had to go through a bunch of hulla hoops for underwriting. In the end, I never got to bid on this contract.

Do you have knowledge about performance bonds for tenders?
[OP]
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Jan 8, 2009
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NEMESIS_2008 wrote:
Nov 5th, 2017 10:15 pm
I don't know why my insurance company was completely clueless about a performance bond.

I thought it was a simple procedure and a small fee. I wanted to bid for a contract with the City of Hamilton. The city requested a performance bond of $10,000.00. I was like, "ok, no problem. I will contact my insurance company now to get it." Well they had no clue about what it was and said it had to go through a bunch of hulla hoops for underwriting. In the end, I never got to bid on this contract.

Do you have knowledge about performance bonds for tenders?
Yeah we can do bid/performance bonds. Will need your company details, experience, financial statement.

I am not sure why they had no idea about a bond. Are you insured through a broker or directly with an insurance company?
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
NEMESIS_2008 wrote:
Nov 6th, 2017 11:44 pm
Broker
May be they never did a bond or something. Like I said before, some documents and details are needed to setup a bond facility. Once done, you can get multiple bonds issued.
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
May 19, 2013
1 posts
Toronto
I run a moving business. My goal is to insure customers personal property during moving/handling process specifically damaged items, walls, floors and etc when it happens.
I have business liability and cargo insurance however my insurer claims that liability is only good when i was taken to court and cargo is for goods in transit. What is a good option for me to insure customer stuff and property in case we damage something.
[OP]
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Jan 8, 2009
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aksanteg wrote:
Nov 11th, 2017 9:39 pm
I run a moving business. My goal is to insure customers personal property during moving/handling process specifically damaged items, walls, floors and etc when it happens.
I have business liability and cargo insurance however my insurer claims that liability is only good when i was taken to court and cargo is for goods in transit. What is a good option for me to insure customer stuff and property in case we damage something.
Those are mostly small. You can look into DAS Legal expense that may cover third party claims that arise due to breach of contract, etc.
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
Insurance-Broker wrote:
Oct 19th, 2017 11:31 pm
You should have at least liability for the business/operation.
Thanks for the response. Whate level of liability would you suggest for a business with no visitors? I am being quoted 2 mil for coverage. Declined from a couple of places due to sales to the US.
Newbie
Jun 12, 2017
21 posts
5 upvotes
I'm looking at opening my own personal training studio in the next 12 months. I was just wondering how much I should expect to pay in commercial insurance for a space that is 400-800 sq ft with about 10k worth of equipment in it. Could you point me to some required reading as well? Thank you for keeping this thread running. We appreciate it!

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