Business Insurance in Ottawa
Find Affordable Business Insurance in Ottawa with McDougall Insurance
Business insurance in Ottawa helps to preserve our economy’s greatest assets: our small businesses. With McDougall Insurance, you can find insurance that protects your small business against losses due to unforeseen events – in minutes.
These events can occur during your day-to-day operations without any warning; and without coverage, you’d be left high and dry having to recuperate out-of-pocket. That’s not possible for many start-up businesses or businesses without the proper financial muscle.
We have been operating for well over 75 years, and we learned the importance of the work done by hardworking business owners. At McDougall Insurance, we want to support our community by offering them comprehensive business insurance in Ottawa at affordable rates. We’ll straighten out the various types of insurance you may need depending on your business size, revenue, and industry. You can get free business insurance quotes in Ottawa with the help of our experts. Begin online or give us a call today.
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Ottawa Business Insurance Coverage
Purchasing insurance is easier than it has ever been with McDougall Insurance. Our easy-to-use online quoting system allows business owners to purchase their insurance, get insured, and continue working with ease – and without worry. You can compare rates across multiple leading insurance providers to guarantee you’ll find the best possible price thanks to our access to the top competition in the market. Business insurance coverage comes in many different forms, and you’ll need to purchase insurance according to your business’s needs and exposures.
At McDougall, we are experts in risk management and analysis, and we work to make sure you benefit from our knowledge gained throughout 75 years of experience in the insurance industry.
Commonly, a business insurance policy for most of business insurance brokers may include general liability insurance coverage and commercial property insurance, and it can potentially also include errors and omissions coverage.
General Liability Insurance
As a general rule of thumb, general liability insurance is something all small businesses should carry – whether they have been operating for years without incident or have just gotten started. General liability insurance protects you against liability claims if your business operations should indirectly or directly result in someone’s injury or damage to their property.
Commercial Property Insurance
Commercial property insurance works to cover your business property for damages resulting from fire, vandalism, theft, storms, falling objects, etc. This also includes detached private structures, like signage, fencing, landscaping, and even contents within the property, such as office supplies. If your business has a physical premise, it needs this coverage. Your building is very well imperative to your business’ function. If you work from home but have a warehouse with inventory, commercial property can still be of great help.
Errors and Omissions Insurance
Errors and omissions insurance, sometimes also referred to as professional liability insurance, is a special type of insurance designed for professionals who require that added layer of protection. E&O insurance protects professionals against claims of negligence, errors, and omissions resulting in financial losses. These allegations do not have to be true to result in a lawsuit, and they can cause tens of thousands, or even hundreds of thousands, in losses.
It’s important to note that not all businesses will need all three types of business insurance. It largely depends on the industry and how the business operates.
In addition to these three components of business insurance, you may discuss a variety of other business insurance options with your Ottawa business broker. Those options may include:
- Business Interruption Insurance
- Commercial Vehicle Insurance
- Cyber Liability Insurance
- Product Liability Insurance
- Directors and Officers Insurance
- …and more!
Ottawa Business Insurance Frequently Asked Questions
Small and medium sized businesses may pay anywhere between $500 to upwards of $1,000 per year for an average $2,000,000 general liability insurance policy. This figure doesn’t take into account additional insurance options. Costs may vary based on the following:
- Business size
- Business location
- Number of employees
- Annual and projected revenue
- Years of experience
- Insurance claims history
It is not required by law that you purchase business insurance in Ottawa; however, it is recommended because it protects you from costs associated with lawsuits, repairs, etc. That being said, E&O or professional liability insurance is sometimes required for various industries. As an example, accountants and lawyers must carry some level of professional liability insurance to practice in the province of Ontario.
Unlike personal insurance policies, like home and auto, there’s no standard business insurance policy because every business has different needs. “Business insurance” is a term used to describe the most common types of insurance that business owners may buy to cover third-party claims and liability lawsuits. General liability insurance and commercial property insurance are two of the most common coverages, and they cover your business against liability (if you’re responsible for injuries or damages due to your operations) and the physical structure of your business.
Your business insurance coverage will not cover anything that is not listed on your policy, and it generally will also not cover intentional actions, criminal activity, contractual liability, cost guarantees, or cost estimates that you provide. It may also not include coverage for your employees and/or yourself, as it is designed to provide coverage for incidents involving third parties.
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