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Car Insurance For Business Use In Canada: Commercial Coverage
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In 1992, 79-year-old Stella Liebeck bought a cup of coffee from her local McDonald’s in Albuquerque. As she tried to remove the lid to add cream and sugar, the cup tipped over and spilled scalding hot coffee on her lap, causing severe third-degree burns. Liebeck later sued McDonald’s, a judge ruled in Liebeck’s favor and determined that McDonald’s irresponsibly heated his coffee and awarded Liebeck millions of dollars in damages.
This famous case is a good example of why companies need business insurance. While McDonald’s can bear the costs of the settlement, any case of any size could be hit hard if it goes to trial. Companies can be held liable for all kinds of incidents, including property damage, car accidents, or an injured employee. They happen – and business insurance can help protect your company.
Business insurance protects businesses against financial losses related to unexpected events, including property damage, lawsuits, loss of income, theft, employee injuries and illnesses, and workers’ compensation. Simply put, in the event of an injury or damage, your business insurance will cover all or part of the costs incurred by your company. Think of business insurance as a layer of protection.
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“Business insurance” — sometimes called commercial insurance — is an umbrella term, not the name of the business insurance policy you can buy. In fact, when you start researching business insurance, you’ll find that there are as many types of policies as there are companies. Depending on the type of insurance you need and the policy you choose, business insurance may include:
You can also purchase a business owner’s policy (BOP), an insurance package that combines general liability insurance, commercial property insurance, and business income insurance into a single policy.
Commercial property insurance covers damage to your business property from fire, hurricane, theft, and other property-related incidents, depending on the policy. These policies generally do not provide flood protection, but this often requires additional coverage.
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Common types of commercial property insurance policies include business personal property, business income, commercial auto, commercial flood, and home business insurance.
Liability protection policies cover legal liability for all the ways your company could be sued. This includes personal injury, property damage caused by your company (not including damage to your company property), advertising injury, employment practices, and errors or omissions. Common types of liability policies include general, commercial umbrella, directors and officers and professional liability insurance.
Small business owners need business insurance policies, too: If your US-based business has three or more employees, federal law requires you to carry workers’ compensation and disability insurance. Workers’ compensation covers lost wages if your employees are injured on the job and unable to work, and is often used as a venue for lawsuits. If the employee’s bills are not covered by these two, employer’s liability insurance covers the additional costs.
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Disability insurance can be short-term or long-term. Long-term disability insurance is usually reserved for wealthy individuals or provided by the government, while short-term disability insurance is provided by a company. It is used for injuries that result in work time longer than that covered by workers’ compensation, but usually less than one year. It can also cover illnesses or injuries that occur outside of work.
No matter what your company does or how big it is, it’s a good idea to have business insurance. Every company—from a small sole proprietor to a large corporation—is vulnerable to accidents, natural disasters, and lawsuits. This is the reality of business.
Business insurance protects businesses from the costs of unexpected events or disasters. This is important because major events such as a lawsuit, natural disaster, or workplace accident can devastate a business financially.
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There are different types of business insurance, including commercial property insurance, liability insurance, and workers’ comp insurance, each covering different aspects of business operations.
Business insurance varies from industry to industry and business to business. In general, business insurance covers business assets, including physical property, financial assets, and intellectual property.
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An Easy Guide To Average Car Insurance Costs In Ontario (2023)
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Try it 3 days free, no credit card required. By entering your email, you agree to receive marketing emails. How much is the average car insurance for Canadians? The average amount of car insurance that Canadians pay varies from province to province. For example, Ontario and British Columbia drivers will pay twice as much as Quebec and Prince Edward Island.
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So what is the average car insurance cost you can expect to pay and why? Here’s a closer look at average prices for each state across the country:
Legally, you need insurance to be on the road – to protect yourself and others. As Canadians, we pay a significant amount for this protection, depending on your province and other factors (age, driving record, car model, etc.).
Unfortunately, car insurance rates are on the rise and for many, getting coverage has never been more difficult in terms of affordability. Let’s take a look at the difference between average car insurance rates in Canada, examine where rates are rising and see if a trend reversal is warranted.
What’s The Average Car Insurance Cost For Canadians?
Please note: IBC calculates the average premium in each province by dividing the total premiums in each province by the total number of individual vehicles in each province.
Let’s start with the bad news first. Drivers in Canada’s Western Province pay the highest insurance rates in Canada, averaging $1,800 per year. That’s more than $700 since 2015 – a 63% increase in less than five years! Unlike other provinces, BC’s insurance is run by the Crown Corporation (ICBC), so if you don’t like these rules, do the hard stuff because it’s the only game in town.
ICBC’s rates have been a hot topic in BC lately, and young drivers are being hit the hardest. The province attributes the sharp increase in rates to increased costs for insurers, including liability for injury claims, lawsuits and vehicle repairs. That’s cold comfort to BC drivers seeing the fare.
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There has been a push to bring in private insurers into the province to offer more choice and competition to drive down rates, but so far BC doesn’t seem very interested in giving up its auto insurance monopoly.
In February 2020, B.C. The government has announced the introduction of a seamless system. With comprehensive insurance, accident victims can no longer file a claim for damages unless the accident is caused by traffic, negligence, impaired driving or a defective/poorly repaired vehicle. Instead, affected people will receive benefits and compensation directly from ICBC. This means that B.C. After May 1, 2021, drivers will get a 20% discount on basic and additional fares. Until then, ICBC’s rates will not increase.
ICBC offers discounts for those with minimal driving (eg low mileage), autonomous emergency braking systems and anti-theft devices.
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With the largest population, Ontario is the second most expensive province when it comes to car insurance. Managing a 401 doesn’t come cheap; Average car insurance in Ontario is over $1,500 a year. In 2015, Ontario was the most expensive with an average premium of $1,281 per year, but its $247 increase doesn’t look so bad compared to B.C. Experts point to widespread fraud as the main reason for the price increase. Generous accident benefit laws are also factors.
Car insurance is mandatory in Ontario, but unlike in BC, you have the option to shop around for the best deal through private insurers. Take the time to compare brokers and get a competitive rate for the coverage you need.
The Ontario government announced “transitional” measures last April, but it doesn’t appear to be saving drivers money. According to our estimates, an average increase of 1.56% took effect in February 2020, sending the average premium from $1,505 to $1,528. Some insurance companies have increased their rates by 11%.
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Alberta, known for its big skies, is the province of big rewards if you want to drive a shiny new F150 at the Calgary track. Alberta car insurance rates are now the third most expensive in Canada, with an average annual premium of $1,316. That’s a $300 increase from 2015 ($1,004), when Alberta ranked fifth in the country. What happened to “Alberta Advantage”?
The previous provincial government limited private auto insurers to a maximum annual increase of 5%, but Alberta’s UCP government overturned that.
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