Compare and purchase the best business insurance rates in Ontario.
Business insurance in Ontario isn't one-size-fits-all. The type of work you do, the property and vehicles you rely on, and insurance requirements for your industry can all influence the coverage you need.
Surex makes it easy to compare business insurance rates from trusted providers, with support from licensed advisors every step of the way.
How business insurance works in Ontario
Business insurance, also known as commercial insurance, helps protect Ontario businesses from financial losses related to their operations, property, and liability. The coverage you need depends on the type of business you run, the work you do, and the risks you face.
While business insurance isn’t mandatory for every Ontario business, specific coverage requirements may apply depending on your industry, operations, or contracts. These can include:
- Workplace insurance: Most Ontario employers are required to register with the Workplace Safety and Insurance Board (WSIB), which provides coverage for work-related injuries and illnesses.
- Commercial auto insurance: Vehicles used for business operations, such as deliveries or transporting tools and equipment, generally require commercial auto insurance to cover work-related driving risks.
- Professional liability insurance: Certain regulated professions, such as lawyers and real estate agents, must carry liability coverage as part of their licensing requirements.
- Contract requirements: Clients, landlords, or lenders may require specific insurance coverage before you can sign an agreement or begin work.
Types of businesses we can help insure
Small Businesses | Contractors and trades |
We can help insure:
| Contractors face unique risks related to job sites, tool, We can help insure:
|
Work with licensed Ontario insurance advisors
Choosing the right business insurance can feel overwhelming. Surex connects you with a licensed Ontario insurance advisor who can help you navigate your options and find coverage that fits your needs.
Your Surex advisor can help you:
✓ understand Ontario business insurance requirements
✓ explore coverage options based on your business activities
✓ identify potential risks and coverage gaps
✓ compare business insurance quotes from multiple providers
✓ get answers to your questions before and after purchasing coverage
What Ontario business owners say about Surex
Find out why Ontario business owners trust Surex for their insurance needs.
I have been with Surex for quite a few years now and anytime I need something changed or even simple explained my insurance advisor is always there to help fast and efficiently! Would 100% recommend to anyone
I'm very happy with the service and my policy. Devlin was quick to respond and answered all my questions clearly. He made the insurance process easy and straightforward. I’m happy with my rate and the overall customer experience, and I really appreciated his helpful, professional service.
Lisa Clark helped me with my insurance! It was so easy and fast to get a quote and set it up. Super appreciative of Lisa and her hard work right when I needed it most. Got approved for insurance and am now driving my first car :)
10/10 service all the way around
Compare coverage options from trusted insurance providers
Surex works with a network of trusted insurance providers, helping Ontario business owners compare coverage options
and choose policies that fit their needs and budget.
Business insurance coverage options in Ontario
Business insurance needs vary depending on your industry, operations, and risks. While Ontario doesn't require every business to carry insurance, certain coverages may be mandatory based on your industry, business activities, or professional licensing requirements.
Type of Insurance |
Type of Coverage |
Common scenarios |
|---|---|---|
Commercial auto insurance |
Designed to help cover vehicles used for business purposes against accidents, damage, and liability. Commercial coverage is generally mandatory for vehicles used in business operations. |
- A delivery driver gets into an accident while transporting goods |
Professional liability insurance |
Helps protect against claims of errors, negligence, or mistakes in your professional services. Required for certain regulated professionals, such as lawyers and real estate agents, under Ontario’s licensing requirements. |
- A professional error causes a client financial loss |
Commercial general liability (CGL) |
Provides financial protection if your business is found responsible for injuries to others or damage to their property. May be required by clients or landlords. |
- A customer slips and falls at your business |
Commercial property insurance |
Can help cover damage to your business premises, inventory, and equipment from events like fire, theft, or vandalism. May be required by landlords or lenders. |
- A fire damages your retail store |
Tools and equipment insurance |
Offers protection that can help pay to repair or replace business tools and equipment if they’re damaged or stolen. |
- Tools are stolen from a job site |
Business interruption insurance |
Can help replace lost income and cover certain ongoing expenses if an insured event temporarily disrupts your operations. |
- A fire forces your business to close for repairs |
Does my work vehicle need commercial auto insurance?
You may need commercial auto insurance in Ontario if you use your vehicle for business activities, such as making deliveries, transporting equipment, or travelling between job sites. Whether you need a commercial policy depends on how your vehicle is owned and used, not just how it's registered.
Factors to consider:
- Vehicle use: Driving to and from your regular workplace is typically covered by personal auto insurance, while deliveries or regular business travel may require commercial coverage.
- Ownership and registration: Vehicles owned or leased by a business typically need commercial insurance. Personally owned vehicles may also need it, depending on how they're used for work.
- Tools and equipment: Regularly transporting tools, supplies, or materials to job sites may require commercial coverage.
- Type of business: Activities like delivering goods or transporting passengers for pay generally require commercial insurance.
Not sure whether you need personal auto insurance, commercial auto insurance, or both? A licensed Surex advisor can help you assess your needs and determine which coverage is right for you.
What affects business insurance rates in Ontario?
Business insurance rates in Ontario are affected by factors like your industry, operations, location, and the coverages you choose. Since every business has different risks and insurance needs, quotes can vary significantly.
Key factors include:
- Industry: The type of work you do, such as retail, construction, or electrical contracting, can affect your insurance costs.
- Location: Where you operate, including local crime rates, weather risks, and property values, can influence pricing.
- Business size: Your annual revenue, payroll, and number of employees may affect your rate, depending on the coverage.
- Property and equipment: The value of your business property, tools, and equipment can influence how much coverage you need and what you pay.
- Vehicle use: The type of vehicles you use, how they're used for work, and how often they're driven can affect commercial auto insurance costs.
- Claims history: Previous insurance claims can lead to higher premiums, depending on their frequency and severity.
- Coverage choices: Your coverage limits, optional protections, and deductibles can increase or decrease your insurance costs.
Comparing quotes from multiple insurers can help you understand how pricing and coverage differ for your business.
What to do if your business needs to make a claim in Ontario
If your business experiences an incident involving property damage, theft, liability, or another potential loss, you may need to file an insurance claim. While the exact process varies by insurer and policy, here are the steps you'll generally need to take:
- Make sure everyone is safe. Address any immediate safety concerns and contact emergency services if needed.
- Document what happened. Take photos, note when and where the incident occurred, and gather any relevant details.
- Report the incident. Contact your insurer as soon as possible and share the information needed to start your claim.
- Your insurer will review your claim. They'll assess the loss, review your coverage, and explain the next steps.
- Complete any required next steps. Follow your insurer's instructions for repairs, additional documentation, or anything else needed to process your claim.
Your Surex advisor can help answer questions about your policy and guide you toward the appropriate claims support.
How to prepare for a business insurance quote—and what happens next
Getting a business insurance quote starts with sharing a few details about your business and the coverage you're looking for. Having the right information ready can help make the process smoother.
What to prepare
Depending on your business and the type of insurance you need, you may be asked for:
- Business details: Your business name, location, industry, and a description of your operations.
- Business size: Information about your annual revenue, number of employees, or payroll, where applicable.
- Property and equipment: Details about the property, tools, equipment, or other assets you want to insure.
- Vehicle information: A vehicle licence or registration and, where required, a bill of sale for vehicles used in your business.
- Business documents: Articles of incorporation, if your business is incorporated and these documents are requested.
- Insurance history: Details about your current coverage and any previous claims.
GET A BUSINESS INSURANCE QUOTE
What happens after you start a quote?
Here’s what you can generally expect when getting a business insurance quote with Surex:
- Submit your information. Complete the online quote form with the details you have available.
- Connect with a licensed advisor. A Surex advisor can follow up to discuss your business needs and clarify any additional information required.
- Review your coverage options. Your advisor can help you explore available policies and compare pricing and coverage.
- Choose your coverage. Once you've selected an option, your advisor can guide you through the next steps to purchase your policy.
Business insurance in Ontario – FAQs
Business insurance isn't mandatory for every Ontario business, but certain types of coverage may be legally required depending on your industry and operations. For example, commercial auto insurance may be required for business vehicles, while certain regulated professionals, such as lawyers or healthcare providers, must carry professional liability insurance. Clients or landlords may also require coverage under their contracts.
The cost of commercial insurance in Ontario varies depending on your industry, business size, operations, and coverage needs. Factors like annual revenue, property value, vehicle use, claims history, and deductibles can all affect pricing. Comparing quotes from multiple insurers can help you understand the costs and coverage options available to your business.
You may need commercial auto insurance if you use your vehicle for deliveries, transporting tools or equipment, or other business activities. The type of coverage you need depends on how your vehicle is owned and used. A licensed insurance advisor can help you determine whether personal and/or commercial coverage is appropriate.
Commercial auto insurance is often more expensive than personal auto insurance because business vehicles may have higher liability limits, travel longer distances, or be driven by multiple employees. However, actual costs depend on factors like vehicle type, business use, driving history, and coverage choices.
Yes, registering a vehicle in your company's name typically requires commercial auto insurance or a business-rated policy. This is because standard personal auto insurance generally doesn't cover vehicles owned or registered by a business.
Commercial general liability (CGL) insurance helps protect your business against claims involving injuries to others or damage to their property. For example, it may cover eligible costs if a customer is injured at your business or you accidentally damage a client's property.
The insurance your small business or contracting business needs depends on the type of work you do, your property, employees, and potential risks. Common options include commercial general liability, commercial property, tools and equipment, and commercial auto insurance. A licensed Surex advisor can help you understand your options and find coverage that fits your business.
Getting a commercial insurance quote typically involves sharing details about your business, operations, and coverage needs. Depending on your business, you may also need vehicle documents, insurance history, or articles of incorporation. After submitting your information, a Surex advisor will follow up to clarify details and help you review available coverage options.
