Commercial Insurance

Impact Assurance Defends Small Businesses with Commercial Property Insurance

Your business is much more than the physical building it operates out of. It’s the team, the work you do, and the people you serve – but, all the same, your commercial space, leased or owned or even a private office in your own home, is critical to the operation of your business. Commercial property insurance for Quebec businesses helps defend your business property against losses or damages as a result of theft and vandalism, fire, hail damage, and much more.

Commercial property insurance includes coverage that protects the physical structure of your property, which includes any detached exterior fixtures like signage, landscaping, fencing, etc., as well as the physical assets and business property contained within. That expensive printer that your office uses so much? Your desks, computers, chairs – the beanbags in the wellness room? Those will all be covered. ImpactCo gets you free commercial property insurance quotes in Quebec for free.

What Commercial Property Insurance for Quebec Businesses May Cover:

A standard commercial property insurance policy in Quebec will cover the physical structure of your building as well as its assets within. It will not cover liability claims due to slips and falls. Commercial property can help get you back to normal following an unexpected loss without much interruption. Like any standard property insurance policy, you can purchase enhanced coverage to extend the perils your commercial property insurance will cover, as well as the limits of your coverage. Here are some of the standard inclusions for commercial property insurance:

Building Coverage

Whether your physical building is a massive factory that contains tens of subdivisions and various garages or if it’s just a home office, coverage for your physical building is necessary no matter what. The building coverage portion of your commercial property insurance policy can offer replacement or repair damage costs due to unforeseen disasters that are covered by your policy.

Inventory Coverage

In addition to covering your building’s physical structure, commercial property insurance also contains coverage for items within your building that are imperative to your operations. This includes equipment, furnishings, electronics, inventory, etc. If your merchandise, including food items, were to be damaged in the event of theft, fire, etc., your commercial property insurance would provide coverage to repair or replace the items to ensure you can get back to operations as per usual.

Exterior Fixtures

Does your business have any exterior fixtures or detached structures that were damaged as a result of an unforeseen event? Luckily, those will typically be included in your commercial property insurance policy. This includes things like signage, fencing, and even sheds and garages. Note that this may not include damages to any commercial vehicles on your property; for that, you would need a separate commercial auto insurance policy.

Quebec Commercial Property Insurance Rates & Calculations: How It Works

The cost and level of commercial property insurance coverage you will need may vary from business to business. The riskier you are, i.e., the more likely you are to make a claim, the higher your insurance premiums will be. Here at ImpactAssurance, our highest priority is our customers’ satisfaction. Already insured? We’re confident that we have the knowhow to help you find a lower rate. With our access to numerous top-rated insurance markets, we can find you competitive quotes to compare from.

If you have a physical premise, commercial property insurance should be viewed as a necessary expense. We believe that no business with roots should go without this critical coverage. As an insurance brokerage whose dedication to its clients has never faltered, we are beyond happy to work with you and help you find more affordable rates without slashing great coverage. Below is a list of a few of the factors which could be affecting your rates:

The age of your property
The condition of your property
Where the property is located
Type of property
Type of business
Insurance history
Business history
…and more!

Purchasing commercial property insurance doesn’t have to break the bank. InsuranceCo, as dedicated partners of multiple insurance providers, wants to lend our expertise to you so that you can find great coverage at a great price. Give us a call or apply to get a free commercial property insurance quote in Quebec today – online, from wherever you are.

Quebec Commercial Property Insurance FAQs

In addition to helping you find great coverage at a competitive price, ImpactCo also lends its insurance knowledge and expertise to you to help you better understand your coverage. There’s no surprises or sudden twists if the time comes to ever make a claim. Below are a few of our most frequently asked questions regarding commercial property insurance in Quebec.

What does commercial property insurance not cover?

Typically, a commercial property insurance policy will exclude coverage for: the disappearance of items that cannot be explained or proved, wear-and-tear on equipment and building premises, the theft of securities, precious metals, and cash, and property that has been left at vacant/unoccupied locations for over 30 days. It will also not cover acts of war, civil unrest, or intentional acts.

When do I need to purchase commercial property insurance?

If you have a physical premise, you’ll need commercial property insurance. You’ll need commercial property insurance whether you own or lease a building (or even equipment), if you have an office, if you use portable electronics, if you or your employees are conducting business off-site, or if you use computers/hardware for business purposes.

How do deductibles work for a commercial property insurance policy?

A deductible will generally be included in all commercial property insurance policies. It allows the insurer to reduce premiums and keeps things more affordable for both parties. Either a waiting period deductible will apply, which is a specific amount of time before coverage will set in, a percentage deductible will apply, which is a specific percentage of a policy’s limit/property value, or a flat deductible will apply, which is a specific dollar amount designated to each loss.

Is it mandatory to carry commercial property insurance?

No. The small exception may be if you are leasing your commercial property and the landlord/owner of the property requires you to carry commercial property insurance to cover all remaining business assets, like your equipment, furnishings, etc.

Will commercial property insurance cover vacant properties?

No, properties that are vacant for over 30 days may need special insurance to have coverage. This is because non-residential property that is considered vacant is seen as high-risk. You can potentially purchase commercial property vacancy insurance, or you can limit coverages during a period of vacancy to reduce your costs but remain insured.

Is employee theft covered by my commercial property insurance?

No. Employee theft can be covered if you purchase a crime insurance coverage add-on, but it is not included in standard policies. Commercial property insurance will cover property damage issued by third parties, but this won’t extend to stolen securities or money. If you are concerned about cases of forgery, theft of money and securities, computer fraud, etc., purchase crime insurance.

How much commercial property insurance do I need?

Your limits will depend on the overall value of your property, the value of your assets contained within your business, and the cost it would take to fully replace all you have as it stands today. You can work with a broker or a professional appraiser to determine your ideal coverage levels.

ImpactAssurance Provides Commercial Auto Insurance in Quebec

Businesses use commercial automobiles for any variety of reasons. ImpactAssurance designs commercial auto insurance to keep your business rolling.

Commercial auto insurance is designed specifically for non-personal vehicles that are purchased by organizations to be used for business purposes, like doing deliveries or transporting clients. It protects the business’ civil liability, plus physical damages done to the vehicle or vehicles in question.

Impact’s brokers are skilled commercial auto insurance brokers who assist their customers in obtaining the finest coverage for their business – whatever industry that business might be in. Working with a brokerage like Impact might ease some of your stress and let you shift gears to focusing on the growth of your business rather than managing all the risks and potentials on your own. Get a free commercial auto insurance quote from us by clicking below.

What It Means?

Commercial auto insurance is similar to personal auto insurance. It may be purchased for any vehicle used to do deliveries or transport passengers for money.

Commercial auto insurance is just that – insurance for commercially-used vehicles. Personal use vehicles may be covered under auto insurance and, in Quebec, under a combo of public and private coverage. Commercial vehicles face unique risks that personal vehicles aren’t exposed to; the former may be used more frequently and be under contract, which calls for tailored insurance.

What It Covers?

Commercial auto insurance, like personal auto insurance, must comply with provincial regulations. Any coverage afterwards is considered optional.

A commercial auto insurance policy may include:

Civil Liability Insurance – In Quebec, all public automobiles, whether commercial or business, are required to carry at least $50,000. This mandatory basic coverage is designed to cover any property damage that you are responsible for causing to others.
Collision and Upset – This optional coverage is designed to protect you from the cost of any damages to commercial vehicles after rollover or collision.
All Perils – This optional coverage can protect your vehicle against the cost of repairs arising from theft, vandalism, glass breakage, flood, hail, and fire, depending on the policy.
Loss of Use – Again, this coverage is optional, but it can cover the cost to temporarily replace one of your commercial vehicles if it is damaged or written off in an insured loss.

In addition, Quebec also requires any vehicles transporting goods or people to hold a private insurance policy of at least $1 million. If your vehicles transport dangerous substances, that limit must be upped to $2 million. Familiarize yourself with your provincial requirements before purchasing insurance or consider asking an Impact broker for advice.

Who Needs It?

Technically, any kind of business could have commercial vehicles. Whether your vehicle has a single sedan or multiple vans, it needs commercial vehicle insurance.

Any kind of business could employ commercial vehicles for a variety of purposes – from enlisting that vehicle to do deliveries of a product on behalf of the business, transport clients, shuttle visitors from one area to the next, etc. There are really no parameters for what business can or cannot have commercial vehicles. Keep in mind as well that any business with five or more vehicles has a “fleet” and may benefit from fleet insurance, whether those vehicles are all the same type or not.

Pros and Cons of Having Commercial Auto Insurance

Commercial vehicle insurance, or commercial auto, means protecting what could very well be the lifeblood of your business. Here are some pros to securing it, plus some cons for going uninsured.

Pro no. 1: Legal Compliance

Commercial auto insurance is mandatory, and to remain legally compliant with provincial regulations (and the regulations of wherever you choose to take your automobiles) you must purchase adequate insurance coverage.

Pro no. 2: Risk Mitigation

Vehicles be costly, and whether your business owns one single sedan to transport goods, or it owns several huge trucks, losing those vehicles in a terrible collision can be astronomically costly. Commercial auto insurance mitigates your risk and protects you financially.

Con no. 1: Legal Penalties

Auto insurance in Quebec is mandatory, and commercial automobiles are not exempt from this law. By choosing to go uninsured, you could be fined at least $2,000 – and beyond, depending on the circumstances of you being found uninsured.

Con no. 2: Financial Exposure

Legal costs and medical bills resulting from a motor vehicle collision can be astronomical; the invention of auto insurance was intended to combat this. Without coverage, you could be left having to pay the tremendous costs of damages by yourself – plus whatever legal fines you’ll be awarded for driving any commercial automobile without coverage.

What Can Impact Insurance Brokers Do for You

Our objective has always been and will always be to provide you with the finest protection at the cheapest pricing. Comprehensive insurance that is custom designed is difficult to find, but our contacts and commitment to providing excellent service make it simple.

Commercial auto insurance could mean the difference between a long-term business and a sudden, unexpected shutdown. If you are concerned about cost, ImpactCo will work with you to locate reduced prices. We have a large range for you to pick from because of our access to top-rated markets.

And, if you ever require advice, we’re here to help. Running a business with one or even a dozen commercial vehicles is not easy, but you make it seem that way! We relieve some of your stress and allow you to focus on expanding your business while we handle the insurance.

ImpactAssurance Provides Construction Insurance in Quebec

Whether you’re an independent contractor, a builder who owns a renovation company, an HVAC technician, etc., having construction insurance in Quebec is a critical component of running your business.

In Quebec, construction insurance not only protects your business and its property, but it may also be required in many situations, and you may not be able to find work without it. Even if you are a seasoned professional in your industry, having construction insurance can go a long way to ensuring your business has what it needs to take on numerous successful and profitable construction projects.

A comprehensive construction insurance package can be just the thing to help protect your livelihood. Your hard-earned business should be protected, for all its worth to you and all its worth to your customers. Click the link below to get started on a construction insurance quote for your enterprise.

What It Means?

Construction insurance is an overarching term for multiple different types of commercial insurance, packed together specifically to protect construction professionals and their businesses.

It may contain commercial property insurance, general liability, workers’ compensation, and professional liability. For example, general liability insurance is one aspect of a comprehensive construction insurance package that may help cover a business for property damage and bodily injury resulting from construction operations. It can include settlement costs, medical bills, repair costs, and more. Commercial property, on the other hand, can cover a business’ physical property if it is damaged by theft or vandalism, natural disaster, and more. All these coverages work together to protect a business from the various risks it may be faced with.

What exactly a construction insurance package includes is down to the individual business. Working with a professional insurance broker may help to narrow down your options and decide what exactly your business needs to be fully insured.

What It Covers?

Construction insurance may offer coverage for a wide range of liabilities and risks that may occur during the construction process, while dealing with clients, or even on the way to a worksite.

What each policy covers is dependent on the specific coverage limits of your construction insurance policy, and it may also depend on the type and size of your business, as well as what individual risks it faces. The liability portion of a construction insurance policy, for example, may cover:

Medical bills due to bodily injury suffered by third parties.
Repair costs due to property damage suffered by third parties.
Legal fees due to a lawsuit brought against your construction company for bodily injury or property damage.
- Administrative fees
- Settlement fees
- Judgement awards
- Attorney fees
Compensation for libel/slander accusations by third parties.
And more.

The physical damage component of a construction insurance policy, for example, may cover:

Replacement costs for buildings, equipment, machinery, and infrastructure.
Repair and restoration costs if any buildings, equipment, machinery, and infrastructure is damaged because of an insured peril.
Any replacement/repair costs may be applicable if your property is damaged due to an insurable peril, such as the list below:
- Fire and smoke
- Lightning
- Wind
- Hail
- Theft and vandalism
- Vehicle impact
- Earthquake
- And more

A policy may also contain errors and omissions insurance, workers’ compensation, pollution liability, equipment breakdown, and more, all of which can cover different aspects of a construction company and its assets. The more comprehensive the coverage, the more your business is protected. Discuss with a broker if you are uncertain as to what coverage your business needs, or how it can protect you.

Who Needs It?

Construction insurance helps to protect a wide variety of different professions in Quebec. Whether you work as a solar panel installer or a general handyman, having construction insurance can go a long way to protecting your profession and business.

Here are some of the professions that may need construction insurance:

Architects
Brick masons
Electricians
Foremen
Glaziers
Home renovators
HVAC Technicians
Roofers
Tilers
Solar technicians

If you work in construction and your profession isn’t listed above, contact us to discuss comparing, choosing, and saving on your construction insurance today.

Pros and Cons of Securing Construction Insurance

Here is a list of pros of getting construction, complimented by some drawbacks of not getting the construction insurance your business may need.

Pro no. 1: Legal Compliance

In Quebec, many contracts or construction projects will require your business to obtain insurance per their contractual agreements. Having the right insurance guarantees that you remain legally compliant and can avoid any potential legal disputes.

Pro no. 2: Protection Against Loss

Having construction insurance protects your business against potential financial losses because of damage to equipment or business property due to accidents and other unforeseen circumstances.

Con no. 1: Financial Risk

Going about business without construction risk leaves your business significantly exposed to possible financial losses because of damage, accidents, or theft on the job site.

Con no. 2: Lack of Credibility

Without adequate insurance, your business could risk its reputation/credibility being damaged and lose its status as a reliable/responsible contractor or construction company.

What Can Impact Insurance Brokers Do for You?

At ImpactCo, our mission is your satisfaction, while offering the best protection at the best price. Protecting construction workers and their businesses is a part of what we do.

We help you get great coverage and inform you of all the various reasons why it is so important for your business to have the right insurance. As far as coverage is concerned, we know that you are busy with handling all day-to-day tasks of your business. We will handle the insurance, while you can focus on doing great things!

Click the link below to get a free construction insurance quote today, or give us a call to discuss your construction insurance protection.

Impact Assurance Helps Tailor-Make Business Owner’s Policies in Quebec

What is a business owner policy? A business owner policy, otherwise known as BOP, is an insurance package designed to combine numerous forms of commercial property and liability coverages in a single, comprehensive and tailor-made bundle. Think of it like a “combo meal” – where you can pick and choose what best suits you and put it all together in one uniform package. No business owner policy is designed exactly the same, as every business operates uniquely. ImpactCo helps cover Quebec businesses with their own tailor-made business owner policy.

The great benefit to purchasing a business owner’s policy in Quebec, as opposed to purchasing each coverage individually, is that a BOP is typically sold for less premium than the total cost of each individual coverage lumped together. Depending on the extent of your business owner policy, you can have coverage against business interruption, liability, property damage, and more. Get started on your business owner’s insurance policy with ImpactAssurance today.

What a “Business Owner Policy” in Quebec May Cover?

Business owner policies will cover different perils and assets, varying from one policy to the next. The point of purchasing a comprehensive BOP is that it is specifically designed to cover the risks that your business may be exposed to, whether that’s due to its physical location, its industry, its operations, etc. Here are just a few of the items that your business owner policy insurance may include:

Commercial General Liability

CGL, or commercial general liability insurance, is an insurance policy designed to protect businesses from third-party liability claims alleging property damage or bodily injury as a result of your business’ operations or at a client’s site while your employees are doing work. This is the most integral form of coverage a business can purchase, as it offers basic liability coverage against claims that could otherwise put your company out of work for good.

Commercial Property Insurance

Commercial property insurance keeps your business running smoothly if your property should ever sustain damages that would impact or stall your operations due to events such as fires, break-ins, vandalism, storms, and flooding/earthquakes (with the appropriate endorsement.) Commercial property helps cover the cost of repairs and replacements so you can get back to business as usual.

Business Interruption Insurance

Should your business be impacted by an insurable peril - say, a fire - you may be unable to work for a few weeks or even months while repairs are being done. This can be hugely impactful to your business’ ability to generate revenue. Business interruption insurance can provide compensation for numerous lost costs during a period of forced closure, such as loss of income, employee wages, utility bills, rent, and so forth.

Quebec Business Owner Policy Costs & Calculations: How It Works?

Satisfaction is our highest priority here at ImpactAssurance. Are you already insured? Get a quote with us - we’re confident that we can find you a lower rate. ImpactCo has access to top-rated markets, through which we can find you competitive quotes and help you along to comprehensive insurance easier and faster. Rates for business owner policies in Quebec are gauged based on your risk factor and the likelihood that you’ll have to make a claim, meaning higher-risk businesses may pay more. Moreover, higher policy limits will typically increase your rates.

Business insurance should be viewed as a necessary expense. A business owner’s policy covers all major liability and physical risks in a single insurance package and the more coverage you buy, the more you’ll have to pay for your rates. ImpactCo will work with you to help you find lower, more affordable rates without sacrificing excellent coverage. Here are a few of the factors that may affect your premiums:

Your business experience
Size of your business
Annual average and projected revenue
Your location
Your industry
What you do
Coverage options
Coverage limits
Employees
…and more!

For a small to medium-sized business, it can be as little as $500-600/year to purchase a business owner’s policy in Quebec, but costs may range into the higher amounts depending on a lot of factors, including what you do, where you do it, what you sell, your employees, coverage options, and more. ImpactAssurance is prepared to help you receive affordable quotes without sacrificing incredible coverage. Phone us today or get a free business owner’s policy insurance quote in Quebec.

Quebec Business Owner’s Policy FAQs

A business owner’s policy is not the same as buying any individual insurance coverage. They can be tailored accordingly to different business owner’s needs, include a variety of coverages, or just the basic liability and property coverage. ImpactCo’s main mission is your satisfaction, which we believe comes with having you better understand your policy. Here are our most popular FAQs.

What does a business owner’s policy cover?

It depends. A standard business owner’s policy may cover business liability insurance, commercial property insurance, and business interruption insurance, but you can always elect to include other coverage options, such as commercial auto, errors and omissions, etc. Working with a broker is your best guarantee for getting the comprehensive coverage you need.

What is the difference between a business owner’s policy and general liability insurance?

Business owner’s policies are all-encompassing insurance packages, which may include general liability insurance within them. General liability insurance is an insurance option that provides third-party liability coverage for bodily injury or property damage claims.

How much does a business owner’s policy cost?

Again, the answer depends. Your coverage costs may vary depending on the actual options you choose, the level of coverage you want, your business’ industry, experience, insurance history, etc. For small to medium-sized businesses, coverage can cost as little as $600 and range upwards into the $1,000s for larger businesses or businesses that may be exposed to more risk.

Who is the best business owner policy insurance company?

Do I need to buy a business owner’s policy?

No, it is not mandated that you carry a business owner’s policy in Quebec. However, depending on your insurance, some coverage options may be mandatory. If you own a law firm, having professional liability insurance may be a necessity. If you are leasing or renting your property, your landlord may ask that you purchase commercial property insurance or some level of contents’ coverage and liability protection against third-party risks.

How do I get a business owner’s insurance policy in Quebec?

Start with a quote from ImpactCo. We are confident that we can meet your needs easier and have access to competitive quotes from top-rated insurance markets. Once you’ve received quotes, choose the best option and go from there right to purchase.

Impact Assurance Protects Small Businesses with Comprehensive General Liability Insurance

It goes by many names – commercial general liability insurance, CGL, small business liability insurance, or just general liability insurance – but what it covers is all the same: your business’ liability in the event it is held legally responsible for damages or injuries caused to another party or their property. A standard general liability insurance policy for Quebec businesses may cover roughly the same circumstances, but the levels of coverage that may be purchased vary from provider to provider and your business may necessitate more or less, depending on what it does.

Some businesses may need solely general liability insurance, or they may need additional liability coverages to enhance their protection and lessen their exposure to industry or business-specific risks. As an example, product liability may be a necessary purchase for those that sell merchandise as a part of their operations, or E&O may be a consideration for businesses of a professional nature. Business liability insurance is a no-brainer for all businesses. Get a free general liability insurance quote in Quebec with ImpactAssurance today.

What General Liability Insurance for Quebec Businesses May Cover

What general liability insurance for Quebec businesses will typically cover is all roughly the same, although levels of coverage will vary from one insured to the next. Essentially, general liability insurance or commercial general liability insurance is designed to protect your business if you are ever found legally liable for property damage and/or bodily injury to someone attending your business premise, or as a result of your operations at a customer’s location.

General liability insurance covers:

Bodily Injury Protection

As an example, imagine a guest was at your retail store. A floor had recently been mopped, but no sign was put up declaring that the tile was wet. The customer slips, falls, and breaks their arm. They sue your business for their loss of income, medical bills, etc. With a commercial liability insurance policy, your Quebec small business has compensation for the third-party that was injured, as well as protection against settlement charges and legal defence fees up to your policy limit.

Property Damage Protection

Reckon that you owned a contracting business, and one of your subcontractors was working at a client’s property. They drop the hammer that they were using on the newly finished wooden, tiled floor, and the hammer cracks the flooring, causing several hundreds of dollars worth of damage. The client sues you for damages. Your general liability insurance would pay to compensate for the loss, including covering the repair costs and potentially any legal expenses that could ensue from the incident.

Advertising or Personal Injury Protection

Your business has been posting a series of ads recently to boost its reach. Unfortunately, in one of your ads, you accidentally make a claim about a competitor. The competitor accuses you of libel and slander. Depending on the nature of your business, your general liability insurance can protect your business and help you defend your business in court by providing the financial compensation you’ll need to cover your legal defence fees.

Quebec Business Liability Insurance Rates & Calculations: How It Works

Here at ImpactAssurance, your satisfaction is our highest priority. If you are already insured, we’re confident we can help you find a lower rate. We have access to a top-rated market through which we can get you competitive quotes. Rates for business liability insurance in Quebec are based on your likelihood of making a claim, meaning a higher-risk business may pay more. Additionally, higher policy limits will increase your rates.

As far as commercial policies go, business liability insurance should be seen as a necessary expense. No business should operate without CGL insurance in Quebec. We’re more than happy to work with you to help you find lower, more affordable rates without sacrificing great coverage. See below for some of the factors which may be impacting your rates:

Your business’ size
Business history
Average and projected annual revenue
Industry
Location
What you do
Employees
Coverage limits
…and more!

General liability insurance can be as low as $500/year for some small businesses and upwards of $1,500 for others. It depends on a lot of factors, including what you do, where you do it, what you sell, and so much more. ImpactAssurance is ready to help you get affordable quotes without skimping on great coverage. Give us a call or get a free business liability insurance quote in Quebec today.

Quebec General Liability Insurance FAQs

Beyond helping you find great quotes at a competitive price, ImpactCo offers its advice to you in order to help you better understand your coverage. We understand that you’re a busy business owner who is working on perfecting your craft, and that’s fine! We’ll fill in the gaps for you so that you can run your business with peace-of-mind. Here is some of our most frequently asked questions regarding commercial liability insurance in Quebec for businesses.

How much does it cost to buy general liability insurance in Quebec?

Your business liability insurance policy may cost you more or less than the average, depending on the amount of coverage you select and what you do, but an average policy will cost $500 for a small or medium-sized business in Quebec.

What can I do to lower my business insurance rates?

Work with a broker like ImpactCo, of course. There are numerous ways you may be able to reduce your rates for general liability insurance in Quebec. Here are our top tips:

Only buy as much coverage as you need. Work with a broker to narrow down your choices.
Improve your business’ security precautions.
Stay with a single provider long-term to qualify for a loyalty discount.
Review your property with a broker annually.
Categorize your employees properly.
Minimize your risks and exposures.

Why work with a broker like ImpactAssurance?

Because we have the insurance knowhow you need to get quality, comprehensive protection at an affordable cost. We have access to insurance markets not available to the general public and can get you quotes that you wouldn’t be able to find on your own. Not only do we save you money, but we’re a resource you can go to for whenever you need insurance advice!

Is it mandatory to carry general liability insurance in Quebec?

No, it is not. However, as a base insurance policy, it is always recommended that any business purchases CGL insurance to protect their hardwork. Work with a broker to determine your coverage needs for general liability insurance in Quebec.

Does general liability insurance in Quebec cover product failure?

It depends. For businesses that generate the majority of their revenue through selling products, it might be wise to consider purchasing product liability insurance in addition to your general liability insurance policy. This can protect you from claims alleging product malfunction, defect design, bodily injury claims, illness due to a food or beverage product, and so much more.

What is the difference between commercial general liability insurance and professional liability insurance?

These insurance policies work in tandem. While you may always need a CGL policy, only some industries necessitate additional professional liability insurance. PLI insurance was initially designed for doctors, engineers, and lawyers, but anyone who offers a professional service or advice in exchange for monetary compensation needs professional liability insurance. Professional liability insurance may also be referred to as errors and omissions insurance and is designed to cover breach of contract, inaccurate advice or information, delays in delivery, defective designs, and more.

How much commercial general liability insurance do I need?

It depends. Limits typically come in the form of $1 million, $2 million, and upwards of $5 million. Smaller businesses may only need $1 or $2 million dollar limits, but it costs you very little to increase your coverage limits and, with the increased frequency of litigation resulting in lawsuits with small businesses, it might be wise to do so and protect your investment.

ImpactAssurance Provides Entertainment Insurance in Quebec

The world of entertainment in Canada is booming lately, encompassing businesses in film, music, live events, television, and more.

This industry is fast paced, interacts directly with the public, and thrives on the creativity and talent of its professionals. With great talent comes great risk, seeing as the entertainment industry often faces unique risks and challenges. This field is extremely dynamic, and as such the insurance that covers each business needs to be flexible to meet its needs.

Impact Assurance helps cover entertainment businesses with personally designed entertainment insurance packages. While you work hard to bring your craft to the world, the right insurance policy should be just what you need to fully protect your business against potential losses – for all that it’s worth to you, and all that it’s worth to your viewers, audiences, clients, etc.! Click the link below to get a free entertainment insurance quote.

What It Means?

Entertainment insurance is not a singular insurance coverage but rather an overarching term used to describe numerous types of entertainment insurance, all compiled together to fully protect your business against potential losses.

For example, one package for a film company might include protection insurance, commercial general liability insurance, commercial property insurance, and equipment breakdown insurance. These coverage(s) work together to protect the business’ liability for production delays or errors, liability claims, property damage, and loss of equipment/temporary replacements.

Each business has its own unique needs, of course. No entertainment insurance package may look exactly the same. If you are unsure of what you need, an ImpactCo insurance broker would be happy to work with you to help you find the individual coverage solutions you require to be sufficiently insured.

What It Covers?

An entertainment insurance package can cover any number of items to fully insure a business in the entertainment industry from potential exposures.

Impact understands the various needs of different enterprises and companies operating within the industry and can offer different coverages to help fully insure your entertainment business. For example, an entertainment insurance policy may include (but is not limited to) the following coverage(s):

Commercial General Liability (CGL) Insurance
Errors and Omissions (E&O) Insurance
Commercial Property Insurance
Equipment Breakdown Insurance
Cyber Liability Insurance

To break these down, an entertainment insurance package might contain commercial property insurance and equipment breakdown insurance to cover its assets from physical damages. This might mean that this company’s physical assets, such as its cameras, tools, equipment, infrastructure, buildings, sheds, storage areas, and stages could be covered against (but not limited to) the following damages/perils:

Theft and vandalism
Fire and smoke
Lightning
Hail
Impact by vehicle, aircraft, etc.
Falling objects
Water
Earthquake
ETC

An entertainment business might also have commercial general liability and/or errors and omissions insurance, which can protect you from liability claims. Where CGL insurance covers your entertainment business against third-party claims of body injury or property damage, E&O or errors and omissions insurance may cover you for any professional services or advice you offer. Both of these policies can cover costs such as:

Attorney fees
Repair costs
Medical bills
Settlement fees
Judgement awards
Defense costs

Of course, what a policy may include will vary depending on the actual business and what it needs. Policies may also include coverage(s) like equipment breakdown insurance, pollution liability, production insurance, workers’ compensation, and so on, all of which can help to insure an entertainment business and all its assets. An Impact broker can help you work through what your business needs.

Who Needs It?

The entertainment industry in Canada is booming, and features a diverse portfolio of companies, from film companies that distribute Hollywood blockbusters to developers who create best-selling video games.

Insuring entertainment businesses isn’t so cut-and-dry and should never be. There are so many diverse businesses in the industry. Some insurable occupations and professions in the entertainment industry that Impact can work with include:

Actors
Amusement parks
Arcades
Bowling alleys
Film producers
Nightclubs
Theatres

While what you do or your particular “area of business” may not be included as a list member above, Impact insures a wide range of different entertainment businesses! Give us a call or apply for a free entertainment insurance quote and we’d be happy to connect with you and help you get insured.

Pros and Cons of Securing Entertainment Insurance

Below is a detailed list of the various benefits of securing entertainment insurance, plus some drawbacks of failing to acquire sufficient coverage.

Pro no. 1: Protection Against Loss

Entertainment businesses may face any kinds of losses, from property damage – cameras falling, fires, etc. – to liability claims, and more. Having the right insurance helps professionals in the industry better protect themselves, their projects, and their assets.

Pro no. 2: Reputation Support

Reputation is everything when running an entertainment business. If the public doesn’t look upon you favourably, then you are unlikely to succeed. Libel and slander claims can impact your business’ reputation. Luckily, insurance may help cover the costs to rework your business’ public image.

Con no. 1: Financial Risk

Failing to acquire insurance exposes your entertainment business to financial risks, such as property damage, liability claims, equipment breakdown, project interruptions, and more. Many entertainment businesses may not be able to recoup from certain losses and could therefore be putting their entire company at risk.

Con no. 2: Failure to Comply

Some entertainment businesses may be under contract to acquire insurance, whether it’s to perform at a specific venue or to offer a specific service. Film production companies, for example, may need insurance before beginning to film, and going without insurance may breach your contract.

What Can Impact Insurance Brokers Do for You?

The entertainment industry plays a critical role in preserving our dynamic and diverse world of entertainment. Impact’s brokers want to help preserve the entertainment industry and its businesses.

From live events and performances to film and television production, having entertainment insurance to provide a safety net for your business or as a professional is crucial. Whether you’re a filmmaker, an event planner, talent manager, or even a musician, mitigating financial risks, such as liability claims, property damage, and production interruptions can go a long way to helping you stop worrying about the what ifs and focus on delivering experiences to the world.

Already insured? Impact can help you find a better rate. Get insured in a matter of minutes and keep your entertainment business afloat for as long as you need it. We protect what matters most and work hard to keep your livelihood intact. Get a quote and begin comparing, choosing, and saving ASAP.

ImpactAssurance Offers Equipment Breakdown Insurance in Quebec for Contractors & Construction Workers

If you are a Canadian small business that makes use of expensive equipment and tools to conduct business everyday, then equipment breakdown insurance is vital.

Consider equipment breakdown insurance an imperative addition to a fully comprehensive contractors, construction, or other business insurance policy! Without your crucial equipment, your business might suffer a loss in sales as you wait for repairs or, worse, must forgo your equipment/tools altogether following an unexpected loss. Equipment breakdown insurance can help cover the cost to replace or repair your damaged equipment.

Impact prioritizes your satisfaction, with the best protection at the best price. We’re here to guide you on your insurance purchase and fill you in on all you need to know about equipment breakdown insurance to see if this policy is the right choice for your and your business. Get a quote or read on for more information about equipment breakdown insurance.

What It Means?

Also referred to as “boiler and machinery coverage,” equipment breakdown insurance is included in a small business insurance package and used to cover the cost of equipment breakdowns due to various unexpected reasons.

Equipment breakdown insurance is an insurance agreement between your business and a provider that goes beyond your typical property insurance policy to cover equipment breakdowns due to covered perils, such as mechanical or electrical failures, pressure-related incidents, and even external events.

Where a commercial property insurance policy might be limited in covering your special or high-value equipment, equipment breakdown insurance mends the gap. It’s a valuable risk management tool for any business that utilizes their equipment to conduct daily operations.

What It Covers?

Equipment breakdown insurance is a specialized coverage used to cover the financial repercussions of unexpected breakdowns, failures of equipment, malfunctions, etc., including the entertainment, retail, and security sectors.

This coverage is particularly crucial in construction, where equipment plays an integral role in the carrying out of various tasks and jobs. Here’s a breakdown of what equipment breakdown insurance may include:

The cost to repair or replace equipment, such as heavy machinery, plows, audio systems, boilers, fridges, production machinery, cameras, computers, and more.
The cost to offer a temporary replacement in the event a piece of equipment breaks down.
Expedited expenses, to cover the cost to speed up repairs, such as shipping costs, repair services, and labour charges if you need your repairs to come faster.
Contamination and spoilage, if the breakdown of your property resulted in the spoilage or contamination of a product.

Equipment breakdown insurance may also cover your business’ equipment and machinery against a wide range of different damages or malfunctions. Those can include:

Mechanical breakdown, i.e., mechanical failures resulting in wear and tear. This includes failure of pumps, compressors, gears, motors, etc.
Electrical breakdown, such as short circuits, power surges, or electrical arcing that causes damages to your equipment.
Pressure-related events, such as pressure-incidents involving hydraulic systems and boilers.
External causes, such as any external damages like fire, earthquake, flood, hail, etc. that can directly or indirectly cause equipment failure/damages.

What each policy covers exactly may vary. Every policy and every carrier are different. Review your policy with the aid of an Impact Insurance broker.

Who Needs It?

Equipment and tools are used by a wide range of different businesses and industries, all for various purposes.

Some businesses depend more on their equipment than others, and some simply cannot go about their daily tasks without them. All businesses that own expensive or higher-value mechanical/electrical equipment may greatly benefit from an equipment breakdown policy.

Here are some examples of businesses who may need equipment breakdown insurance:

Warehouses and manufacturers
Contractors
Handymen
Tradespersons
Restaurants
Bakeries
Retail businesses with alarm systems
And more!

This list is finite, and therefore does not encompass every business there is that may or may not need equipment breakdown insurance. It is worth noting that each business has its own unique needs and therefore may have different insurance requirements. Ask Impact if you’re unsure whether your business may benefit from purchasing equipment breakdown insurance.

Pros and Cons of Acquiring Equipment Breakdown Insurance

The pros and cons below detail what the advantages are to acquiring equipment breakdown insurance, and what drawbacks you might face if you choose to forgo coverage.

Pro no. 1: Financial Protection

Equipment breakdown insurance offers critical financial protection against the various costs that are associated with replacing or simply repairing damaged/malfunctioning equipment. This coverage can be a great help in covering the potentially significant expenses that are involved in equipment repair and can greatly minimize the financial burden on your company.

Pro no. 2: Continuity of Business

Equipment breakdowns can easily result in disrupted operations, often resulting in cancellations, loss of revenue, and other delays. With equipment breakdown insurance, you can receive the cost to cover a temporary replacement to continue business with in the meantime, or at least until your original equipment is fully restored.

Con no. 1: Business Disruption

Without the right insurance, suffering an equipment breakdown can result in serious disruptions to your business operations. The downtime that is needed for equipment replacements and repairs may result in missed deadlines, project delays, and more. Dissatisfied clients can leave a mark on your business’ reputation, resulting in future loss of work.

Con no. 2: Financial Risk

Insurance offers financial protection, which you would forgo by not acquiring equipment breakdown insurance for your tools and machinery. Equipment breakdowns can be extremely costly, particularly for specialized or high-value equipment that your business utilities everyday.

What Can Impact Insurance Brokers Do for You?

Acquiring equipment breakdown insurance is a prudent choice for any business in the relevant sectors; if you make use of special or high-value equipment/machinery, this insurance is important for you.

An Impact Insurance broker can go over the details and benefits of acquiring coverage, explain to you why it is necessary, and help you out in navigating coverage limits, and more. If you are already insured, then Impact can find you a better rate. We believe that getting affordable insurance in an efficient, easy manner is integral to running your business better. No more worrying about what could happen when you get an equipment breakdown insurance quote with Impact.

ImpactAssurance Provides Home Business Insurance

Running a business out-of-home is a great opportunity to create your own startup with minimal costs. As home businesses rise in popularity, so does the need for home business insurance.

With a home-based business, you exempt yourself from many expenses that would otherwise cost your business significantly in upfront fees: rent, buying a commercial space, etc. When you operate out of your own home, you are not having to operate or maintain a space aside from your personal property, and you save on expenses that come with having an office, such as taxes and utilities.

Home-based businesses have become increasingly popular in Quebec, but to run one successfully it is essential to understand the significance of having proper home business insurance coverage. Home business insurance coverage may look very different than your standard commercial insurance; working with an expert is key to getting the right protection.

What It Means?

Home business insurance is exactly what it sounds like. It is specialized insurance designed to shield individuals who operate businesses out of their home.

Home business insurance is designed to protect home-based business from potential risks and liabilities. It goes beyond the scope of regular homeowners/renters’ insurance, since those both may only focus on liability and personal property for non-business-related activities. Home business insurance instead focuses on the unique risks that come with conducting business operations in a residential setting, plus it considers the unique industry you operate in, if you allow clients to attend your home, and more. With this insurance, entrepreneurs can mitigate the potential risks that could jeopardize their entire operations.

What It Covers?

Depending on the business, home business insurance may cover many aspects of your operations. From your supplies to your liability, each package looks different.

Home business insurance offers coverage for a broad range of liabilities and risks that are unique to operating out of your personal residence. It designates protection beyond what a homeowner’s policy could provide, and realistically costs you less than an industrial-scale commercial insurance policy. Below are some common types of coverages included in home business insurance:

Commercial General Liability Insurance – Your home insurance’s liability coverage will not cover you for any business-related liability claims. Having CGL, or commercial general liability, is crucial to protecting your operations – and finances – against bodily injury and property damage claims made against you by third parties.
Property Insurance – Home business property insurance defends your physical assets, such as your inventory, equipment, and supplies. If a fire destroyed your office, for example, this commercial property insurance would cover the cost to replace the damaged belongings.
Business Interruption Insurance – If a covered loss forces your home business to cease its operations temporarily, business interruption coverage offers compensation for ongoing expenses and lost income. If your home office suffered damage due to a burst pipe, and you were unable to work until repairs were completed, this would provide you temporary cover for your loss of income.
Errors and Omissions Insurance – If your business is service-based, you must have this coverage to protect your home-based business against liability claims of negligence.

Note that these are just examples, and what your policy includes may differ.

Who Needs It?

Home-based businesses are becoming increasingly popular. Any professional or entrepreneur may operate their business out of home.

Here are some examples of businesses and professionals that could operate from the comfort of their residence and may need home business insurance:

Freelance Services, including virtual assistants, graphic designers, writers, web developers, media managers, and consultants.
Bloggers and Content Creators.
Online Retailers and E-Commerce Store Managers.
Personal Trainers and Fitness Coaches.
E-Learning/Online Course Instructors.
Daycare or Childcare Services.
Pet Services, like daycares, dog walkers, boarding, trainers, etc.
Home-Based Bakeries.

Again, this is not an exhaustive list. If you operate from home and aren’t sure if you need home business insurance, give us a call.

Pros and Cons of Securing Home Business Insurance

It’s always better to be safe than sorry. Here are some pros for getting home business insurance, as well as some drawbacks for going about business uninsured.

Pro no. 1: Comprehensive Protection

Home insurance is not enough to cover some home businesses, and as such you will need to secure home business insurance to have sufficient protection against your unique risks. Home business insurance offers comprehensive protection against the elements.

[H4] Pro no. 2: Financial Security

Home business insurance extends beyond home insurance and gives your business financial security against its unique risks. Plus, it gives you peace of mind to operate without worry.

Con no. 1: No Interruption Coverage

If your business was forced to temporarily close due to an unexpected loss, you would have no business interruption coverage from your home insurance. All of that loss would come straight out of your pocket, which could severely impact your business’ financial health.

Con no. 2: Vulnerabilities

Leaving your business uninsured, or assuming your home insurance is sufficient, leaves your business exposed to significant liability vulnerabilities. You may not have the protection necessary to cover yourself against the risks associated with running a business out of your home, and you could be held personally liable for legal expenses and injuries.

What Can Impact Insurance Brokers Do for You?

Impact Assurance has plenty of experience helping home-based businesses. Give us a call and see what we can do for you and your home business.

Home businesses are becoming increasingly popular nowadays, and for all good reasons. They’re convenient, allow you to make your own schedule, and give you a little more “hands on reins” control of your business and how it grows. For a lot of entrepreneurs, this is more than enough reason to operate out of the comfort of their own residence.

It’s a misconception that home insurance will cover a home-based business. Having home business insurance is crucial to your business’ success. Give us a call or get a quote today to begin.

ImpactAssurance Secures Professionals with Professional Liability Insurance in Quebec

Any business needs liability insurance to defend itself against the risks associated with serving clients on a day-to-day basis. Anything could happen. There could be a slip-and-fall, an employee damaging a client’s home, accidental libel and slander – or, in professional settings, a client sues due to having suffered a loss as a result of an error in your work. General liability insurance is designed to cover claims of bodily injury and property damage. Professionals will need heightened liability insurance, in the form of professional liability insurance, to safeguard their operations.

Professional liability insurance in Quebec, or errors and omissions insurance, is a type of insurance coverage designed to protect professionals if a client should ever claim to have suffered a loss due to your business’ negligence, misinformation, or error. It doesn’t matter if you are found guilty of these claims or not – you’ll still have to defend yourself in a court of law, which can be hugely costly. Let ImpactCo find you E&O insurance quotes for free.

What Errors and Omissions Insurance for Quebec Businesses May Cover:

Professional liability insurance in Quebec is designed to cover defense costs if you are ever taken to court as a result of a claim alleging financial loss by a client, usually stemming from your negligence or failure to provide a promised service. Whether these allegations are founded on truth or not, you could find yourself facing a lawsuit that could put you out hundreds, thousands, or even millions of dollars!

Here are a few examples of the types of situations where your professional liability insurance in Quebec may cover you and your business.

Negligence

If you should make a mistake in the course of offering your service or advice which is perceived as inaccurate or misleading and results in a client’s financial loss, you could be sued. Lawsuits can be expensive, as can defense costs, no matter the outcome. E&O insurance in Quebec can help cover any judgement costs, settlement awards, defense fees, and more.

Inaccurate Advice

Offering important advice to a client is great, rewarding work, but it can come with risks. If a client perceives you to have given inaccurate advice and sues you for their losses, you could be faced with a nasty lawsuit. Professional liability insurance for Quebec businesses can cover instances like this.

Misrepresentation

If a client believes you have provided advice that is misleading or inaccurate, they can sue you for misrepresentation. This can also happen if a client believes that you have promised a service/quality of advice which you did not meet, consequently resulting in their financial loss. Your E&O insurance will cover claims alleging misrepresentation.

Quebec Professional Liability Insurance Rates & Calculations: How It Works

Professionals should already have a general liability insurance policy in place to protect their business from run-of-the-mill liability claims that any business could technically face. Errors and omissions are separate insurance coverage, not an endorsement, purchased on top of your existing insurance coverages. This type of coverage gives you and your clients peace of mind that if financial loss is ever suffered due to your error or negligence, everyone’s protected.

That being said, errors and omissions insurance comes at a cost. Working with ImpactAssurance is one of the best ways to keep your rates low. Depending on the following factors, you may be looking at higher or lower insurance premiums:

Your industry
Business experience
Insurance experience
Levels of coverage
Where you are located
Number of employees
Quality of contracts
…and more!

Costs should not be what causes you to hesitate on purchasing professional liability insurance. E&O insurance for Quebec professionals should be viewed as a non-negotiable expense. Here at ImpactAssurance, your satisfaction is our highest priority. We’ll help you get insured at an affordable rate without sacrificing great coverage.

Quebec Professional Liability Insurance FAQs

Ask us any questions you may have about professional liability insurance and we can guide you to a solution. With ImpactCo, you can get insured in minutes – but what good is great coverage if you don’t understand what it protects you against? Here are our most frequently asked questions about professional liability insurance in Quebec. If you’re still confused, give us a call to discuss.

How do I get professional liability insurance in Quebec?

Apply for a (free) quote with ImpactCo. We have access to top-rated markets and can get you a better rate if you’re already insured. Simply apply for a quote and we’ll go from there.

Is it mandatory to carry professional liability insurance in Quebec?

No province technically may mandate professionals to carry professional liability insurance, but some industries will be required to purchase E&O (although it may go by a different name.) As an example, most medical practitioners will be required to purchase medical malpractice insurance. Lawyers and financial advisors, depending on the scope of what they do, may also be mandated to carry professional liability insurance in some form.

What coverage level do I need for my professional liability insurance?

Different insurance companies may offer different levels of protection. Commonly, coverage limits will come in the form of $1 million, $2 million, and $5 million. These limits are the maximum amount that your insurance company will pay out over the duration of a 12-month policy period, for all combined claims. Work with a broker to determine the level of protection you need for your industry, your clients, and the value of the advice or service you provide.

Is professional liability insurance subject to a deductible?

In most instances, yes. The deductible that you will pay is typically determined by your company’s overall revenue and it can be anywhere between $250 to as high as $1,500. The higher the deductible, the less you will pay for your premiums, but be aware that this is the amount you’ll be required to pay in the event of a claim before your insurance company steps in to cover the remainder.

What is the difference between errors and omissions and professional liability insurance?

They’re the same thing. Errors and omissions insurance and professional liability insurance are interchangeable terms used to refer to insurance coverage designed to protect professionals from claims of negligence or errors.

How do I keep my professional liability insurance rates low?

The best way to ensure you can keep your PLI rates low is to be as claims-free as possible or practice reasonable mitigation efforts to reduce your odds of being involved in a lawsuit. Those include:

Keep records of everything that is discussed with clients.
Have a clear contract of what is expected of both you and the client. Deadlines and fees should always be laid bare.
Stay as organized as possible to lessen your risk of missing out on important communication or potentially forgetting a crucial detail.
Have proper procedures in place to avoid errors.
Refer out – if you can’t perform a specific service or if the request from a client extends beyond what you’re capable of, refer your client to someone who can help.

What professions need professional liability insurance?

Any business that offers a professional service or gives advice in exchange for compensation should assess the potential of purchasing professional liability insurance. Examples of industries that may benefit from this insurance include the following list:

IT professionals
Engineers
Consultants
Counsellors
Contractors
Managers
Legal professionals
Financial advbisors
Photographers
Therapists
Forensic experts
Construction consultants
…and more!