Q. What is “business insurance”?
A. Business insurance is not a single type of insurance coverage – it’s different insurance policies tailored for businesses based on their exposures to risk.
Q. How do I find out what types of insurance my business needs?
A. A professional business insurance broker is qualified to determine what types of insurance coverage your business needs, based on a comprehensive risk analysis. Intact Insurance works with more than 6,000 broker offices across Canada. We can refer you to an insurance broker in your community – someone who understands your business and can help you find the right business insurance coverage.
Q. Do I need specialized insurance coverage?
A. Every business has unique risks. A business insurance broker with experience in your industry can determine whether or not your business risks justify specialized insurance coverage (for example crime, professional liability or sewer back-up).
Q. Why is my insurance premium increasing?
A. Business insurance premiums may increase for a number of reasons. Increased property values, or increased sales will cause a premium increase because the exposure to loss has increased. General Liability and Professional Liability premiums reflect your business’s sales. As sales increase, premiums typically increase even if rates stay the same.
Q. If I buy business insurance will it prevent lawsuits?
A. No – nothing can prevent your business from being sued. Good business practices reduce the probability of a lawsuit but a person or organization can sue your business for almost anything – frivolous or justified. Your business insurance coverage can help you pay to defend allegations or actions against your business.
Q. What types of insurance does Intact Insurance offer?
A. Intact Insurance is Canada’s largest home, auto and business insurance company. We provide our products through our cross-Canada network of brokers.