What Oshawa’s Small Business Owners Should Know about Insurance Coverage
Operating a small business in Oshawa or in any other municipality across Durham Region can be particularly gratifying for the owner and their employees. Regardless of the type of business and the scope of its products or services, efforts to establish a solid customer base in a commercial sector and sustain a measurable level of success over time could undoubtedly generate a significant sense of pride and accomplishment.
However, for a vast majority of these small business owners, any degree of achievement will most likely come with figurative and actual price tags. The intangible costs are often rooted in the countless hours invested in worrying about the overall direction and growth of the company and in activities not directly related to producing revenue; then there are the tangible costs associated with running a business: salaries, utility bills, maintenance, advertising/marketing, taxes, etc.
All of the above reasons and more serve to validate the importance, the non-negotiable importance, of small business insurance for all entrepreneurs/start-ups in Oshawa; there is simply too much at risk for the owner to operate their small business without sufficient protection against potential legal action or other threats to their livelihood.
In many cases however, Oshawa’s small business owners may not be thoroughly familiar with all of their insurance needs, i.e., the explicit elements that should be incorporated in their policy in order to best safeguard themselves, their employees, and their assets. To help them in this regard, here are the aspects most commonly included in small business insurance coverage, based on their type of products, services, and/or business practices:
- Fire, theft, burglary, and other physical damage
- Liability coverage relative to legal actions/lawsuits
- Product Liability
- Claims relating to defects, malfunctions, injuries, etc.
- Professional Liability
- Allegations of negligence in any work or services provided
- Interruption of Business
- Income lost from the inability to operate due to insured loss
- Workplace Safety (WSIB)
- Coverage for all employees (mandatory in Ontario since 2013)
- Commercial Auto Insurance
- Damage to vehicles used in conducting company business
- Liability determined by law against the owner of the vehicles
- Crime and Fidelity Protection
- Theft, dishonest acts, computer system fraud by employees
Moreover, while most Oshawa small business owners will agree that having commercial insurance is an essential operating cost, a substantially lesser number might be aware of how their premiums are actually calculated; there are in fact several considerations that will influence these rates:
- Type of policy
- Type of business
- Company revenues
- Number of employees
- Location of the business
- Amount of physical workspace
- Work history/previous contracts
- Any prior history of insurance claims
The complexities involved in creating a commercial insurance plan that encompasses the specific needs of a small business can be fairly overwhelming for the owner. Without the appropriate investment of time and effort, this can result in a policy that has inadequate or unnecessary coverage and excessive premiums.
Working with an experienced insurance broker such as Petley-Hare Limited in Oshawa can help avoid these types of pitfalls and ensure that the business has the most appropriate coverage at the best possible rate.
Oshawa Brokers Offering Extensive Experience with Small Business Insurance
Knowledgeable professionals at Petley-Hare Limited have been counselling Oshawa and area small business owners on their insurance requirements for almost 100 years. This insight and experience spans a wide range of clientele, including but certainly not limited to the following business sectors within Durham Region:
- Consulting Services
Accordingly, Petley-Hare Limited may be the ideal brokerage to help any new or existing small business owners in obtaining adequate insurance protection for their personal and operational needs, while simultaneously ensuring that their clients are receiving the best value for the cost of such an investment.
Please go to for further information on the support offered by the small business insurance experts from Petley-Hare Limited in Oshawa.
To learn more about protecting yourself, your business and your bottom line, call the team at Petley-Hare Limited in Oshawa at 1-800-216-5324 today to speak with one of our small business insurance specialists or contact us to request a no-obligation quote.