Your province is Ontario.

Find your group

Enter a valid group. Search by your profession, employer, union, association or alumni. What is a group?
Select a province.
Skip to content
null Reviewing your business insurance: 10 points to look at

To avoid nasty surprises in the event of a claim, we recommend that you do a review to make sure your business insurance policy still reflects your situation. Here are 10 points to consider when reviewing your insurance.

1. Review your business activities

It’s important to notify your insurer of any changes that affect your operations. You might need extra coverage if you’ve added new products or services, like online or home services.

2. Assess the value of your business assets

Buying new assets may mean you’ll need to update your file. Calculate the value of furniture, telephone or computer systems and other equipment related to your business sector, and check if you have enough business insurance coverages.

3. Check your inventory

If you sell products, keep a close eye on your inventory. A new product on the books may mean there’s a disparity between the value of your inventory and the amount of coverages you have. Is that amount still enough to cover you in the event of a loss?

4. Review your service offer

If you’ve rolled out new services or hired specialized employees to perform new tasks, you might have to add coverages to your policy or increase your liability coverage.

5. Update your business income

Did you revise your service offer, land a new contract or hire new employees? These changes can increase your revenue. Speak to your insurer, who can help you determine what you need. 

6. See if your neighbourhood has changed

Businesses that change their operations or close may present a higher insurance risk. Let your insurer know about any changes to your business environment.

7. Review your service area


If you now sell online or have new clients outside the province or outside Canada, you might have to update your business insurance coverages to reflect these changes.

8. Document changes to your building

Expansions and renovations can impact your building’s reconstruction value. Note the changes you’ve made and tell your insurer. Your file will be up to date and you’ll have the right coverage in the event of a loss.

9. Update your list of security systems

There are many ways to prevent your place of business from being broken into. You may have installed an alarm system or surveillance cameras to protect your business. It’s a good idea to have that added to your insurance file.

10. Update your automobile fleet

Buying a new vehicle to offer a new service or providing service out of your home are changes that might require you to update your commercial auto insurance policy.

Don’t wait until it’s time to renew your insurance to inform your damage insurance agent of changes to your building, assets or operations. Your property and casualty insurance agent can advise you on what steps to take after a change so you can avoid a lot of problems in the event of a claim, making sure you still have the coverages you need.

If you have any questions about your insurance coverages, contact The Personal. Our damage insurance agents are available and ready to help.

Reviewing your business insurance: 10 points to look at

Anything from difficult weather conditions, a recession or any other crisis situation can have an impact on your business.

Certain conditions, limitations and exclusions may apply. These tips are provided for information and prevention purposes only. They are general in nature, and The Personal cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.