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10 factors to consider when you renew your business insurance

1. Variation in product inventory during the year

Depending on the type of business you run, you may need to hold a lot of stock during peak season, and much less at other times. For instance, many wholesalers and retailers carry a much larger inventory during the holiday season.

2. Addition or modification in business activities

You might need extra business property and commercial vehicles group insurance if you offer new services like online sales and delivery.

3. Renovation or extension to the building

Any improvements to your business premises can affect the cost of rebuilding. It’s important to tell your insurer about any changes as soon as possible.

4. Increase in business income compared to previous years

If your turnover is a lot higher than last year, your policy’s Loss of income coverage might not be enough anymore. To better protect your business income, you can add optional coverage.

5. Commercial property assessment

  • Valuable records and documents
  • Material and/or equipment specific to your industry
  • Telephone and computer systems
  • Machinery and tools
  • Products and merchandise
  • Furniture and valuables

6. Export to another province

You might need to increase your insurance coverage depending on your company’s operations and income.

7. New hires

Some specialized fields involve additional risks for employees, so you may want to increase your civil liability insurance or add additional coverage options.

8. Security equipment installation

Equipment like alarm system, surveillance cameras and access control helps protect your building and property. For that reason, insurance companies will often give you a discount on your premium.

9. Change in the neighbourhood

Vacant premises nearby might be considered an insurance risk. You should notify your insurer of any changes in your business environment.

10. Building assessment and reconstruction cost

If you had to rebuild after a fire, would the coverage amount in your insurance policy be enough?

There’s a lot to think about in assessing the building value, including demolition, labour and building materials and building code standards. To get a fair and realistic assessment, we recommend that you call on a chartered appraiser (website in French only).

Don’t wait for your renewal to report a change!

You must tell your insurer about any changes to your business activities, property or building! You’ll be able to update your coverage, so it meets your new business needs.

For more on this topic, visit:

Property and liability insurance
Assessing your building’s value and reconstruction cost (PDF)

10 factors to consider when you renew your business insurance

When it comes to insurance, the first thing a lot of us think about is price. Before renewing your business insurance, read the following to help you define your needs.

The information and advice in this article are provided for information purposes only. The Personal shall not be liable for any damages arising from any reliance upon such information or advice. The Personal recommends using caution and consulting an expert for comprehensive, expert advice.