Entrepreneurship & Small Business

Ask me anything about Business or Commercial Insurance!

Sr. Member
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Jan 8, 2009
830 posts
66 upvotes
GTA
ly8606 wrote: Hi.
If I own a small IT consulting business (inc.) and just about to buy a car. Which one below is the best for me:

1. Register the car on my own name, use my own insurance and bill the company incentive
2. Register the car as a company car and use the company insurance
3. Register the car as a company car but use personal auto insurance (I heard this is doable)

Thanks.
You can do them all! Are you going to carry any equipment/supplies in the vehicle or will it have any decals/advertisement?
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
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Jan 8, 2009
830 posts
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GTA
dani_toronto wrote: OP: I PM'ed you last week.
Replied
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
User avatar
Aug 20, 2014
23 posts
1 upvote
Westmount, QC
Hi, we are launching a new printing and promotional product business in Montreal.
It will be set at our home, so I get I need to have both a home insurance and a commercial insurance?

We will have about 50,000 in equipment to insure. Maybe 10,000 in inventory and that's it. We don't need coverage for errors and omission.
We will use our private cars and pay ourselves the kilos for it. Do we need commercial insurance for the cars as well?

Thanks in advance! :)
Newbie
Apr 25, 2017
22 posts
4 upvotes
We have a small clothing alterations and repairs shared with a dry cleaning shop. We sub-leased 1/2 the rent. What type of insurance should we buy? Can we buy the insurance for our part only? The landlord said if we buy insurance we should buy for the whole shop too (include for her own half). Is that right? Thanks.
Last edited by cgy1984 on Oct 28th, 2016 12:46 am, edited 1 time in total.
Sr. Member
Aug 15, 2013
881 posts
419 upvotes
Guelph
I had a question for liability insurance. I work for a company, we have a small plant and an office building.

So when we hire services of electricians, plumbers, snow removal guys etc, do we have to have insurance coverage to cover if they were to get injured on our site? I mean they are employees of some other company or sole proprietors, and us the customers. So i would think as customer you are not responsible to have insurance for your supplier. Also, does the supplier(plumber, snow removal etc) having WSIB coverage remove the risk of liability insurance for an injury on our site? Should we even need them to have WSIB coverage?

Thanks.
Sr. Member
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Jan 8, 2009
830 posts
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GTA
cgy1984 wrote: We have a small clothing alterations and repairs shared with a dry cleaning shop. We sub-leased 1/2 the rent. What type of insurance should we buy? Can we buy the insurance for our part only? The landlord said if we buy insurance we should buy for the whole shop too (include for her own half). Is that right? Thanks.
Coverage will be for the whole unit. You sub-tenant can apply for their own equipment/supplies/liability requirement.
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
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Jan 8, 2009
830 posts
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GTA
dundeal wrote: I had a question for liability insurance. I work for a company, we have a small plant and an office building.

So when we hire services of electricians, plumbers, snow removal guys etc, do we have to have insurance coverage to cover if they were to get injured on our site? I mean they are employees of some other company or sole proprietors, and us the customers. So i would think as customer you are not responsible to have insurance for your supplier. Also, does the supplier(plumber, snow removal etc) having WSIB coverage remove the risk of liability insurance for an injury on our site? Should we even need them to have WSIB coverage?

Thanks.
Best to make sure they have their own coverage
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 Fanatic
Nov 18, 2005
5110 posts
1544 upvotes
Kitchener
Electrical contractor that is planning on getting licensed with the Ontario Electrical Safety Authority (ESA), $2mil liability required by the ESA, one employee, mostly residential work at other peoples houses, maybe some commercial. one late model company/personnel truck, $20,000 in tools, will use my house garage as an office/ storage area/ business address, don't need a shop. Annual insurance estimate?
Deal Fanatic
Sep 21, 2004
8687 posts
1541 upvotes
I'm looking at setting up a consulting business for engineering consulting services. This is only for a side business by either myself and maybe my wife. income would be predicted at less than $20ka year and vehicle usage for business would be 10%. Only assets would be the car and anything else in the home office.

What kind of rates would I be expecting for business liability and business car travel?

Since the anticipated income is so low, it would seem crazy to pay a large percentage of income for insurance. Eg. I'd rather not claim the vehicle for business usage, etc.

Tia.
Sr. Member
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Jan 8, 2009
830 posts
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GTA
Stock R wrote: I'm looking at setting up a consulting business for engineering consulting services. This is only for a side business by either myself and maybe my wife. income would be predicted at less than $20ka year and vehicle usage for business would be 10%. Only assets would be the car and anything else in the home office.

What kind of rates would I be expecting for business liability and business car travel?

Since the anticipated income is so low, it would seem crazy to pay a large percentage of income for insurance. Eg. I'd rather not claim the vehicle for business usage, etc.

Tia.
Business liability insurance should be about $1000-$1500/year. Auto quote would depend on your details.
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
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Jan 8, 2009
830 posts
66 upvotes
GTA
Drthorne wrote: Electrical contractor that is planning on getting licensed with the Ontario Electrical Safety Authority (ESA), $2mil liability required by the ESA, one employee, mostly residential work at other peoples houses, maybe some commercial. one late model company/personnel truck, $20,000 in tools, will use my house garage as an office/ storage area/ business address, don't need a shop. Annual insurance estimate?
Liability quote would be about $1500.

Auto quote will depend on your details.
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 Fanatic
Oct 7, 2007
9401 posts
5364 upvotes
I didn't see your thread before posting my question as a separate thread. I would appreciate your comments on the following situation:

Someone I know is really struggling right now because their insurance underwriter is not covering a claim that in all reality should be covered.

Here are some questions that have come up as a result of this:

1. Now the "insured" is faced with having to get insurance in place because they feel that their current insurance is not doing what it was supposed to. How can one check out the reputation and honourability of various commercial insurance carriers to know whether they are on the shady side or are honourable? Are their statistics available to know what percentage of liability claims are denied by any given underwriter?

2. If you had to estimate, how many cases of denied commercial claims did you hear about from your customers in the last year and what percentage of them were denied?

3. What advice would you give a client of yours faced with such a situation if your client can prove that the claim is being improperly denied.

Any advice you have would be most appreciated. Thank you in advance for your sharing your expertise and knowledge.
Deal Fanatic
Oct 7, 2007
9401 posts
5364 upvotes
choclover wrote: I didn't see your thread before posting my question as a separate thread. I would appreciate your comments on the following situation:

Someone I know is really struggling right now because their insurance underwriter is not covering a claim that in all reality should be covered.

Here are some questions that have come up as a result of this:

1. Now the "insured" is faced with having to get insurance in place because they feel that their current insurance is not doing what it was supposed to. How can one check out the reputation and honourability of various commercial insurance carriers to know whether they are on the shady side or are honourable? Are their statistics available to know what percentage of liability claims are denied by any given underwriter?

2. If you had to estimate, how many cases of denied commercial claims did you hear about from your customers in the last year and what percentage of them were denied?

3. What advice would you give a client of yours faced with such a situation if your client can prove that the claim is being improperly denied.

Any advice you have would be most appreciated. Thank you in advance for your sharing your expertise and knowledge.
bump
Deal Addict
Sep 11, 2006
1382 posts
360 upvotes
Toronto
Thanks op and contributors for this thread and let me bump it up for you. I have family looking to get into their own businesses. How much would insurance be ROUGHLY more or less for the following start up companies:
Plumber
Electrician
Both are for startup residential service work. Both need $2,000,000 liability. Both have had no insurance claims in over 5 years and both have very clean drivers records if it makes a difference. Both are located in Bradford Ontario and their business's will be operating out of a their own home and out of a service vehicle to start.
I understand that there are many factors in determining prices but I would just like a ballpark figure.

Secondly, how would you suggest shopping around for insurance and which insurance brands are the best for start up tradesmen looking to save on commercial insurance as much as possible to keep startup costs at a minimum?

Lastly, one of these family members have group insurance with Td meloche monnex and they are receiving a great home/auto insurance rate. Do you know if Td meloche monnex also offers commercial insurance? I believe Td meloche monnex main insurer is Primum insurance company? I'm not sure though.
Member
May 2, 2010
384 posts
249 upvotes
Another question... If you purchase a commercial building with several tenants, what kind of insurance do you as the building owner need? Tenants have their own separate insurance I assume? I will have to satisfy the bank/lender too I imagine. If I can get access to the former building owner's policy, can you let me know it's pros/cons and see if you can find a comparable rate?
Sr. Member
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Jan 8, 2009
830 posts
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GTA
DIrty-D wrote: Thanks op and contributors for this thread and let me bump it up for you. I have family looking to get into their own businesses. How much would insurance be ROUGHLY more or less for the following start up companies:
Plumber
Electrician
Both are for startup residential service work. Both need $2,000,000 liability. Both have had no insurance claims in over 5 years and both have very clean drivers records if it makes a difference. Both are located in Bradford Ontario and their business's will be operating out of a their own home and out of a service vehicle to start.
I understand that there are many factors in determining prices but I would just like a ballpark figure.

Secondly, how would you suggest shopping around for insurance and which insurance brands are the best for start up tradesmen looking to save on commercial insurance as much as possible to keep startup costs at a minimum?

Lastly, one of these family members have group insurance with Td meloche monnex and they are receiving a great home/auto insurance rate. Do you know if Td meloche monnex also offers commercial insurance? I believe Td meloche monnex main insurer is Primum insurance company? I'm not sure though.
Business liability and business auto will be two different coverage. I'm not sure if you are asking about both or just auto?

Basic liability coverage will usually be around $1000-$1250 a year. You can cover some tools for another $250 or so.

Business auto will depend on your driving record. You can send me your details for a quote.

I don't think TD offers any commercial insurance.
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
User avatar
Jan 8, 2009
830 posts
66 upvotes
GTA
hotski7 wrote: Another question... If you purchase a commercial building with several tenants, what kind of insurance do you as the building owner need? Tenants have their own separate insurance I assume? I will have to satisfy the bank/lender too I imagine. If I can get access to the former building owner's policy, can you let me know it's pros/cons and see if you can find a comparable rate?
What type of building is this? Residential or commercial? Free-hold or condo?

You would need at least liability coverage as an owner.
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!
Member
May 2, 2010
384 posts
249 upvotes
Insurance-Broker wrote: What type of building is this? Residential or commercial? Free-hold or condo?

You would need at least liability coverage as an owner.
Some of this is in my post, but to be more clear it is a 2-story, freestanding 100% commercial building. Liability of course, but I need coverage for the cost of the building in case of fire and so forth, right?

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