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null How much does commercial insurance cost?

Aspects that influence cost

The price of insurance can vary due to a range of factors. According to insurers, since all things are not equal, some aspects will weigh more heavily when evaluating the risks to be insured.

The following factors can have an influence on the cost of property insurance :

Business activities

  • Type of product or service offered
  • Value of assets (goods, inventory, equipment, etc.)
  • Business territory
  • Annual earnings

Building

  • Features (age, type, building materials, etc.)
  • Site (proximity to fire department, flood zone, etc.)
  • Location
  • Surroundings (the type of businesses nearby can impact the premium)
  • Added protective measures (sprinklers, alarm system, etc.)

The following factors may be considered when determining the cost of insurance for commercial vehicles 

  • Vehicle type
  • Use (deliveries, service, transporting goods, etc.)
  • Area of use
  • Drivers (number, age, violations, etc.)

Examples that illustrate insurance costs

Here are 2 examples—a chiropractor and an accountant—to illustrate how much business insurance can cost depending on the nature of the business and the coverage chosen.

Example 1: Chiropractic clinic

For 8 years, Stephanie has been renting space for her chiropractic clinic in Old Longueuil. Her business's annual earnings are $110,000 and her contents and equipment are worth $50,000.

As a member of the Ordre des chiropraticiens du Québec, she pays the group rate the Ordre negotiated with The Personal.

Her insurance coverage includes:

  • All-risk property insurance covering fire, theft, vandalism and water damage
  • Equipment breakdown
  • Sewer back-up
  • CyberOne – Computer attack
  • $2 million in business liability insurance

Stephanie's insurance will cost about $74 a month with a $1,000 deductible in the event of a covered loss.

Example 2: Accounting firm

Benoît has a small accounting firm in Vanier in Quebec City. He has been leasing the premises for 11 years. The business's annual earnings are $150,000 and the contents and equipment are worth $80,000.

As a member of the Ordre des comptables professionnels agréés du Québec, he pays the group rate the Ordre negotiated with The Personal.

His insurance coverage includes:

  • All-risk property insurance covering fire, theft, vandalism and water damage
  • Equipment breakdown
  • Sewer back-up
  • CyberOne – Computer attack
  • $2 million in business liability insurance

Benoît's commercial insurance costs about $73 a month with a $1,000 deductible in the event of a covered loss.

Choosing the right insurance protection

Comparing prices is great when you want to get an overall idea of insurance costs. But you're not just shopping for price when it comes to renewing or purchasing business insurance—you're also looking for coverage. That's why you should always be sure to ask yourself questions like:

  • How much is your business worth, including buildings, inventory, equipment, etc.?
  • What kinds of losses might impact your operations?
  • Do clients come and meet with you at your workplace?
  • Do you offer consultation services or do you work with your hands?
  • Do you require a vehicle for your business?
  • Do you sell your products online or in a store?

The answers to these questions will help you understand what kind of coverage your business may need. What matters is that you choose the right coverage, at a fair price, to ensure that your business is sustainable.

Get informed and speak with one of our damage insurance agents at The Personal to determine the best coverage for your business's needs. If you'd like more information about your line of business, visit our site.

How much does commercial insurance cost?

Many business owners are concerned about cost when considering business
insurance. It may be difficult to work out an exact figure, but you can learn
about some of the factors that influence the cost of business insurance. Here
are a few basic concepts to help you come up with a general idea of the cost of business insurance.

  Certain conditions, exclusions and limitations may apply. The terms and   conditions of the coverages described are set out in the insurance policy,   which always prevails. The situations presented are fictional examples and are   provided for illustrative purposes only.