When Should You Change Your Business Insurance?
Your business insurance isn’t working hard enough for you? You’re unhappy with your coverage? It’s easy to switch and save on your commercial insurance coverage for your business.
When should you switch? When there are big changes to your business like increased sales, new products, or new locations it’s time to think about it. Switching to Western Financial Group for business insurance can help you save time and money.
Western Financial Group, a 100% Canadian company, can help you navigate your business, car, home, and boat insurance during this period of economic uncertainty.
When to switch your business insurance
You should change your commercial insurance when you have:
- New locations
- New products or services
- Added employees
- Changed ownership or ownership structure
- Added vehicles
- Increased revenue/sales
- Selling online
Why switch to Western for business insurance?
Expertise: A Western Financial Group business insurance expert will get you commercial coverage that uniquely protects what you do and grows with your business.
Trust: Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance.
Ease: We do the insurance shopping for you. We get you insurance coverage quotes for you to choose from that suit your business’s specific needs.
What else can Western do for you when you switch your business insurance?
As an insurance broker, Western can provide you with specialized business coverage options at the best price for you because we have access to multiple insurance providers across Canada.
Western can advise you on insurance add-ons that you may need to cover unique risks that your business faces, such as being in a flood or earthquake zone, or being located in a building with aging infrastructure that could result in a sewer backup.
Do you need higher or lower deductibles limits? Western can help you set your limits, giving you strong protection at a competitive price.
Can I get discounts? Can I save with Western?
If you bundle your business’s commercial auto policy with your business insurance, you may qualify for discounts. Ask us about discounts for which you may qualify.
We’ll get you multiple business insurance quotes to help you save and get the best price fr your business.
How do I switch my business insurance?
Talk to a Western business insurance expert and get a quote.
Do not cancel your current business insurance policy until your new business coverage is in place to avoid any lapse in insurance protection.
Remember to contact your current insurance provider to tell them that you will be cancelling your commercial insurance. Ask about any cancellation fees or refunds for unused premiums.
Complete any cancellation forms and confirm the cancellation date to make sure your business stays protected with insurance.
Western’s commercial claims service
At Western Financial Group, we are with you every step of the way. Our commercial claims team will walk you through your policy and claims process to ensure that you receive the support you need.
Did you know? Many Canadian small business owners don’t bother with business insurance or are underinsured. Can you afford that? Let Western help you with business insurance at a value that’s right for you.
Your questions answered about business insurance
Why do businesses need general liability insurance?
General liability insurance typically covers the most common risks that businesses can face like a customer slipping and falling in your store or damage caused to a customer’s property by your employees. This type of insurance helps cover legal fees, medical expenses, and settlements or judgments.
What are other types of business liability insurance?
Professional liability insurance (also called errors & omissions insurance) protects professionals such as consultants, accountants, lawyers, healthcare professionals, and architects from claims of negligence, mistakes, or failure to perform professional duties. It covers legal defense costs and damages awarded to clients due to errors or omissions in services.
Product liability insurance
Product liability insurance covers businesses that manufacture, distribute, or sell products if their products cause bodily injury or property damage to their customers. It also protects against lawsuits related to defective products or product-related accidents.
Cyber liability insurance
Cyber liability insurance protects businesses from the financial consequences of data breaches, cyberattacks, and other cyber incidents. It helps cover the costs of customer notification, credit monitoring, legal fees, and regulatory fines.
Directors and officers (D&O) liability insurance
Directors and officers insurance protect your business’s board of directors from claims of negligence. Individuals serving on your board of directors, whether your business is a not-for profit, for profit, public, or private entity can be sued for the actions of the companies they serve. It helps cover legal fees, settlements, and judgments from lawsuits alleging mismanagement, breach of duty, or other governance issues.
Commercial umbrella insurance
Commercial umbrella insurance addresses liability coverage gaps. It’s used when the primary liability coverage, for example on your commercial general liability insurance, has reached its coverage limit.
The protection that umbrella insurance provides applies only to expenses related to liability such as legal fees, court fees, and legal settlements.
Other insurance coverages for businesses
- Commercial property insurance
- Course of construction insurance
- Pollution insurance
- Business interruption insurance
To sum it all up
Business insurance protects your business and what you’re building with it. You’ll need to change your insurance when it’s no longer working hard enough to cover your business’s needs. Switch to Western Financial Group and let us get you the best business insurance that’s tailored to your business’s unique needs.
5 FAQs
Why do I need business insurance?
You need business insurance to financially protect yourself against lawsuits, property damage, theft, and business interruption that threaten the survival of your business.
How is my business insurance premium calculated?
Your business insurance premium will be determined by factors such as your location, annual revenue, number of employees, type of business, and past claims.
How do I choose my business deductible limits?
You will need to choose your deductible limits based on your risk tolerance, cash flow availability, claim frequency, and industry standards.
What is a certificate of insurance?
A certificate of insurance outlines the insurance coverage and policy limits provided under your insurance policy on the date the certificate is issued. It is provided free by your insurance provider and it gives your clients peace of mind and lets them know you are insured.
Why do I need commercial auto insurance for my business?
Any vehicle(s) used for business must be insured for business purposes. Your personal car insurance won’t cover you if you are using your car for business purposes and get int an accident.
