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July 22, 2021
When considering business insurance, many business owners are concerned about cost. You may not be able to work out an exact figure, but you can learn about some of the factors that influence the cost of business insurance. The information below is a good starting point to help you come up with a general idea of the cost of business insurance.
A number of factors can cause the cost of insurance to vary. Insurers don't consider all these factors to be equally important, so they give some factors more weight than others when assessing insurance risk.
When it comes to property insurance, the following factors can have an impact on cost:
Business activities
Building
As for commercial vehicles, here's a list of factors that can have an impact on the cost of insurance:
Here are 2 examples—a hair salon and a bakery—to illustrate how much business insurance can cost depending on the nature of the business and the coverage chosen.
Amalia has been renting space for her hair salon in the Britannia area of Mississauga. Her annual earnings are $98,000 and her equipment is worth $45,000.
Her insurance coverage includes:
Amalia's insurance costs about $103 a month with a $1,000 deductible in the event of a covered loss.
Noah has owned a small bakery in Toronto's hip Kensington Market area for 7 years. He leases the premises, his business's revenues are $145,000 and the insured value of the contents and equipment is $75,000. He had a fire alarm system installed to protect against accidents.
His insurance coverage includes:
Noah's business insurance will cost $160 a month with a $1,000 deductible in the event of a covered loss.
Comparing prices is certainly helpful, as it gives you a good idea of insurance costs overall. However, when it comes time to buy or renew your business insurance, you need to look not only at the cost but also at the coverage included. Take a few moments to ask yourself relevant questions like:
Answering questions like these is a good way to familiarize yourself with the kind of coverage your business needs. The important thing is to have the right coverage at the right price to ensure that your business is sustainable.
Ask questions, get informed and speak with your local Desjardins Agent to find out what type of coverage best suits your business's needs. If you'd like more information about your line of business, visit our site.
These tips are provided for information and prevention purposes only. They are general in nature, and Desjardins Insurance cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.
Desjardins Insurance refers to Certas Home and Auto Insurance Company, underwriter of automobile and property insurance or Desjardins Financial Security Life Assurance Company, underwriter of life insurance and living benefits products.