Running a business in Ontario comes with many challenges, from daily operations management to ensuring goals that lead to growth. One of the most important but frequently neglected aspects is insurance. A survey conducted by Zensurance suggests that about 40% of small business owners lack business insurance in Canada. This means that a good number of businesses are still vulnerable to financial risks.
Ontario’s small business entities account for about 98 percent of the economy. Small businesses are often exposed to high risks and therefore, having good insurance coverage can be considered as absolutely necessary. In this article, we will discuss the top 8 business insurance companies in Ontario to give you the best options to consider when insuring your business.
1. Zensurance – #1 Business Insurance Provider in Ontario
Location: Toronto, Ontario
Founded: 2016
Zensurance has revolutionized the insurance market in the province of Ontario. They have a user-friendly online platform, and the company is completely digital in every sense.
Zensurance targets small business clients and offers them the opportunity to choose the insurance plan that will meet their needs. At the firm’s website, you can get a quote, purchase insurance, and even file for a claim without any struggle at all.
Zensurance offers all the insurance types needed including general liability insurance or cyber liability insurance.
See our full review here.
Why Choose Zensurance?
- Fast insurance solutions with an all-in-one online platform
- Flexible choices that will suit small business organizations
- Affordable rates with a focus on tech-savvy entrepreneurs
2. Intact Insurance
Location: Toronto, Ontario
Founded: 1809
Intact Insurance is among the leading companies in the insurance industry. It has a reputation for offering a large range of services, such as liability and property insurance. It is appreciated for customer satisfaction and their customized solutions.
Benefits of Opting for Intact Insurance:
- It provides broad coverage solutions that include specialty insurance
- Personalized risk assessment and risk management help
3. Aviva Canada
Location: Markham, Ontario
Founded: 1999
Aviva Canada is one of the oldest and most reliable insurance companies of the country. They provide flexible insurance options, reasonable prices, and respond to the needs of small business companies. Whether you are a new technology company or a small retail store in your neighborhood, Aviva Canada has the right solutions as per your business’s unique risk profile.
Why Aviva Stands Out:
- Broad and diverse forms of coverage available
- Convenient and cost-effective pricing
4. The Co-operators
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Location: Guelph, Ontario
Founded: 1945
The Co-operators are a co-operative insurance company that has made a name for itself because of its dedication to giving back to the community. They have a number of insurance solutions for small businesses, including general liability and property insurance. Their excellent customer service and emphasis on the community make them a company of choice for small businesses in Ontario.
Benefits of Choosing The Co-operators:
- Customized services with a focus on the community
- Large number of solutions for business insurance
- Well-known for supporting local businesses
5. Northbridge Insurance
Location: Toronto, Ontario
Founded: 1920
Northbridge Insurance operates in commercial insurance segment and targets SMEs. They provide full spectrum risk management services and are well known for their proper handling of claims.
Benefits of Opting for Northbridge:
- Specialized commercial insurance
- Risk management services are part of the coverage
6. Economical Insurance
Location: Waterloo, Ontario
Founded: 1871
Economical Insurance is one of the oldest insurance companies. What sets them apart is they provide business insurance at very cheaper and reasonable prices. It is a well-established firm with good standard of services and many insurance solutions.
What Economical Offers:
- Coverage at market competitive rates with customizations
- Strong claims support
- 100+ years of industry experience
7. Travelers Canada
Location: Toronto, Ontario
Founded: 1887
Travelers Canada provides a number of insurance solutions for small businesses. They have vast experience in risk management and have many coverage options, which makes them a good provider for business. Their customer-oriented nature makes them a top player in the Ontario insurance industry.
Why Travelers Canada?
- A variety of specific policies are available for small businesses
- Risk management expertise
- Strong focus on customer service
8. TruShield Insurance
Location: Toronto, Ontario
Founded: 2014
TruShield Insurance Company focuses on providing cheap business insurance for small business in Ontario. They provide standard services such as liability; property; and cyber at reasonable prices. They have a very basic website, and this makes it possible for the small business persons to gain coverage easily.
Why Choose TruShield?
- Focused on affordable, essential coverage for small businesses
- Fast and easy online quotes
- Flexible policies to suit your commercial requirements
Finding the Right Business Insurance in Ontario
In terms of choosing the right business insurance provider, it is imperative that, the provider is able to understand the unique risks faced by your business. To be on the safe side, you should consider comparing quotes, reading through policy details carefully, and choosing coverage that addresses your industry-specific risks.
Conclusion
Business insurance is important in that it assists in protecting the business from occurrences that are out of the company’s control. Zensurance is the best insurance company for small businesses in Ontario because of the company’s online presence, customizable policies, and client-oriented focus. That being said, all the other companies listed here, including Intact Insurance, Aviva Canada, and The Co-operators also offer great coverage meeting various business requirements. However, each of the insurance companies mentioned above provides something different, making it even essential to identify unique business needs before selecting the insurance provider.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
