New Year, Time to Review Your Commercial Property & Casualty Insurance

Now that the new year is underway, businesses across Durham Region and Ontario should reassess their commercial insurance coverage. This annual review helps protect your business from potential risks and aligns your coverage with new goals, budgets, and growth plans. We’re here to help businesses of all sizes ensure they’re set up for a successful year.

Whether you're a small startup in Whitby or a large enterprise in Oshawa, the start of the year is the ideal time to re-evaluate your policies and address potential gaps. Comprehensive and up-to-date coverage provides peace of mind and allows you to focus on what truly matters—running and growing your business.

Key Areas to Address in Your Insurance Review

A proactive approach to your commercial insurance can save your business money and mitigate risks. Here are the critical areas you should evaluate with the guidance of a trusted insurance broker:

1. Update Property Values

As your business grows, so do your assets. Ensure your buildings, equipment, and inventory coverage reflect current replacement costs. Underinsured properties can lead to significant financial strain in the event of a loss.

2. Review Liability Coverage Limits

Liability claims can be particularly costly, especially for industries like construction, manufacturing, or professional services. Verify whether your general liability, professional liability, and umbrella policies offer sufficient limits to cover potential exposures.

3. Assess Changes in Operations

Your risk profile will likely change if your business adds new services, products, or locations in the Durham Region or beyond. Ensure your insurance coverage reflects these updates to avoid costly surprises.

4. Evaluate Cyber Liability Coverage

Cybersecurity threats continue to grow, and no business is immune. From ransomware to data breaches, cyber liability insurance is essential. Confirm that your policy offers robust protection against evolving digital risks.

5. Check Business Interruption Coverage

Natural disasters, supply chain disruptions, or other unexpected events can halt operations. Ensure your business interruption coverage accounts for current revenue streams and includes contingent coverage if you rely heavily on key suppliers.

6. Plan for Industry-Specific Risks

Different industries face unique risks. For example, contractors in Port Perry may need equipment coverage or additional insured status, while retail businesses in Ajax might require theft and spoilage coverage. Partner with a broker who understands your industry to tailor your policy accordingly.

7. Evaluate Deductibles

While higher deductibles can reduce premiums, they may strain your finances in the event of a claim. Adjust your deductible levels to align with your cash flow and risk tolerance.

8. Consider Emerging Risks

The risk landscape is constantly evolving. Examples of emerging concerns include climate-related risks, remote work setups, and ESG (Environmental, Social, and Governance) liabilities. Ensure your policies address these new exposures to stay ahead of the curve.

9. Conduct a Claims History Review

Analyzing your claims history can reveal patterns or highlight areas needing additional risk management. A clean claims record can also strengthen your negotiating power for better premiums.

New Year. New Insurance.

At PetleyHare Insurance Brokers, we want to emphasize the importance of starting fresh with policies that truly reflect your business’s needs. Our team of Commercial Account Executives works closely with businesses across Ontario to identify gaps, recommend enhancements, and provide cost-saving solutions tailored to your industry.

Insurance for Local Businesses in Durham Region and Ontario

We’re proud to support businesses in Ajax, Oshawa, Pickering, Whitby, and beyond. Here’s why local companies trust PetleyHare:

  • Expertise in Ontario-Specific Risks: From understanding unique regional challenges like climate-related risks to tailoring coverage for local industries, our brokers provide unparalleled local expertise.
  • Tailored Solutions for Every Industry: No matter your business size or sector, we’ll customize your coverage to protect against industry-specific risks.
  • Commitment to Community: As active participants in Durham Region’s business community, we’re dedicated to helping our local partners succeed.

Final Thoughts

The insurance market is constantly shifting, with fluctuating premiums and new coverage options. A policy review ensures your business stays protected and prepared for whatever the year brings. Contact PetleyHare Insurance Brokers today to schedule your review and take the first step toward a secure and prosperous 2025.

Here’s to a new year filled with growth and peace of mind!