Entrepreneurship & Small Business

Ask me anything about Business or Commercial Insurance!

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Jan 8, 2009
830 posts
66 upvotes
GTA
robbyp17 wrote: 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
55 posts
1 upvote
I sell socks online - about 100k a year in revenue. Should I have insurance? I don't care about my inventory, curious about liability.
Sr. Member
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Jan 8, 2009
830 posts
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WinnipegRedFlager wrote: 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!
Sr. Member
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Jan 8, 2009
830 posts
66 upvotes
GTA
WinnipegRedFlager wrote: 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!
Deal Addict
May 17, 2012
3197 posts
2220 upvotes
ontario
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?
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Jan 8, 2009
830 posts
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esoxhntr wrote: 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!
Sr. Member
Apr 1, 2009
669 posts
970 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)
Sr. Member
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Jan 8, 2009
830 posts
66 upvotes
GTA
100 wrote: 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!
Member
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Dec 11, 2009
216 posts
22 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.
Banned
Jul 18, 2016
2014 posts
786 upvotes
Hi OP. Good thread. Are you familiar with any insurer that offers car insurance for couriers? I run a liquor delivery business. Thanks.
Sr. Member
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Jan 8, 2009
830 posts
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the pinch wrote: 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!
Sr. Member
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Jan 8, 2009
830 posts
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GTA
bewiseman wrote: 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!
Banned
Jul 18, 2016
2014 posts
786 upvotes
Insurance-Broker wrote: 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.
Member
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Dec 11, 2009
216 posts
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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!
Sr. Member
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Jan 8, 2009
830 posts
66 upvotes
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the pinch wrote: 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
4059 posts
452 upvotes
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?
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Jan 8, 2009
830 posts
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NEMESIS_2008 wrote: 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!

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