For any business owner, a wise investment is always the smart move. Business insurance offers entrepreneurs peace of mind, ensuring their investments and livelihoods are well-protected from the potential risks lurking in the legal system.
Business owners know that even the best-laid plans can sometimes go awry, which is why insurance is such an important tool in mitigating losses due to unexpected events.
Every venture has its calculated risks, so to ensure that your business is well-protected in times of misfortune it's essential to factor the right kind of insurance into the equation.
With policies tailored specifically for various industries and sizes designed with protection as their number one priority – make sure you've got the right coverage; talk to us about your general liability, errors & omissions, commercial property, business interruption and cyber insurance needs.
We help Canadian Business Owners craft the perfect insurance policy for their business.
Our team takes pride in our relentless responsiveness. When you need us, we're here.
We compare rates and coverages across leading insurance companies to ensure you get the best value on your premium.
We craft the perfect insurance policy for your business so you can rest easy knowing you're covered.
Your dedicated account manager is there for you as your business grows ensuring your insurance policy grows with you
Here are a few of the industries we serve.
Don't see yours? We serve all kinds of Canadian businesses. Chat with us.
Developers and contractors, to landlords, accommodations and more..learn more
Lawyers, accountants, consultants, architects, engineers and more..learn more
IT , SaaS companies, media and agencies, developers and more..learn more
Machinery and equipment, plastics, food & beverage, wood products and more..
Ecommerce, to coffee shops, large product wholesalers and more..learn more
Gyms, spas, and medical clinics to nurses, dentists and more..learn more
Business Insurance can be complicated. We're here to help.
Business insurance protects business owners from losses due to unforeseen events that may occur in operating a business, including third-party property damage, errors, or bodily injuries.
There are many types of insurance available for business owners and the applicable coverages will vary depending on the business. The type of coverage your business needs relies on several factors, including industry, size, and revenue.
Choosing the right insurance policy for your business can be a complex and overwhelming process. Here are some tips for selecting the right coverage:
With the help of your broker, determine your specific needs and risks based on the nature of your business and any potential hazards.
Work with an insurance broker who can help you find the right policy and negotiate the correct coverages for you.
Review the policy carefully with your broker and make sure you understand the terms and conditions before signing on the dotted line.
Insurance is important for businesses of all shapes and sizes to ensure you are protected from catastrophic losses. Business insurance provides coverage for a variety of different potential perils, such as third party liabilities, property damage, or even professional negligence. Since every business is different, it is important to work closely with an experienced insurance broker to make sure your insurance policy matches your specific business needs.
Common business insurance claims may include property damage, loss or theft of physical assets, injury to staff and customers, financial losses due to an employee's dishonesty or negligence, legal liabilities for third-party bodily injury or property damage, and cyber liability related to data breaches. Business interruption insurance is also common as it covers financial losses from natural disasters or other unexpected events that disrupt operations.
Depending on the type of business, additional insurance policies may be necessary, such as product liability coverage or professional indemnity insurance. Business owners should discuss their specific needs with an insurance professional to ensure they have adequate coverage in place. Knowing that they have the right protection in place can help provide peace of mind and security in the event of a claim.
There are many benefits to having business insurance, including:
Protecting against financial losses: Business insurance can provide coverage for a variety of risks and liabilities that can result in financial losses for a business. This can include losses due to property damage, injuries to employees or customers, or legal expenses.
Meeting legal requirements: Many businesses are required to have certain types of insurance in order to operate, such as workers' compensation insurance or commercial general liability insurance. Having the required insurance can help a business comply with local, state, or federal regulations.
Maintaining customer trust: Customers may be more likely to do business with a company that has insurance, as it shows that the company is financially stable and able to handle unexpected losses.
Protecting business assets: Insurance can help protect a business's physical assets, such as buildings and equipment, as well as intangible assets like intellectual property and reputation.
Providing peace of mind: Having business insurance can give business owners peace of mind knowing that they are financially protected against unexpected risks and liabilities.
If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.
At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.
So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.
Business insurance is used as a broad term to describe a variety of different insurance types which cover your third-party liabilities and commercial properties.
Below are some specific types of business insurance that provide more detailed information:
Commercial General Liability Insurance (CGL)
Commercial Property Insurance
Professional Liability Insurance (also known as Errors and Omissions)
Cyber Liability Insurance
Directors and Officers Insurance
Product Liability Insurance
Business Insurance should never be sold solely on price. You are protecting your most important asset. Our mission is to find you the perfect coverage but also find the best priced policy with that coverage.
The exact cost for your insurance policy varies according to factors such as:
Years of Experience
Number of Employees
Yes, most business insurance policies can be customized to meet the specific needs and risks of the business. This may involve adding or removing coverage, adjusting policy limits, or including endorsements to provide additional protection. It is important to work with an insurance professional to tailor a policy to your business's unique requirements.
Business owners often overlook important aspects of their insurance policies, leaving them at risk of having inadequate coverage or not being able to make a claim due to exclusions or other conditions. Common pitfalls include:
Not understanding the scope of the policy: Business owners need to understand exactly what their policy covers and doesn’t cover in order to make sure it meets their needs.
Not getting the right coverage: Business owners need to make sure they’re getting enough coverage for all potential risks; if something isn’t covered, an insurance policy won’t help you in the event of a claim.
Not budgeting for insurance: Business owners should be budgeting for insurance costs just like any other business expense.
Not reviewing the policy regularly: Policies change over time and business owners need to review them regularly to make sure their coverage is up-to-date and still meets their needs.
Not informing employees of safety protocols: If an employee is injured while on the job, the business could be liable; business owners need to make sure their employees are aware of all safety protocols.
Not reading the fine print: It’s easy to miss important details or conditions in insurance policies if you don’t read them carefully. Take your time when reviewing any policy
Working with an experienced insurance broker is always the best remedy to these pitfalls.
To get a quote for business insurance, you typically need to provide the following information:
Details about the business: This includes the name and type of business, the industry it operates in, the number of employees, revenue information and the location of the business.
Description of the operations: This includes a description of the products or services that the business provides, as well as any specific hazards or risks associated with the business's operations.
Coverage details: This includes information about the type of coverage you need (e.g. general liability, property, workers' compensation), the amount of coverage you need, and any additional endorsements or riders you may want to include (e.g. employment practices liability coverage).
Loss history: Insurance companies will want to know about any past losses or claims made against the business.
It's a good idea to have this information gathered and ready when you speak with the experts at Summit. This will help the process go smoothly and ensure that you get an accurate quote.