Insurance for Toronto Entertainment Businesses
Toronto entertainment businesses face the possibility of a customer, supplier, or member of the public getting injured or their property damaged. They can also face accusations of negligence. Do you have enough business liability insurance to protect your entertainment business?
Did you know? Business liability insurance can be customized to meet your Toronto entertainment company’s specific needs or it can be customized to your needs as a professional entertainer.
Wherever your entertainment business is located in Toronto, the Greater Toronto Area (GTA), or anywhere in Ontario, your Western Financial Group business insurance broker will get you commercial coverage that uniquely protects your entertainment business.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance. We work with our insurance partners to find the best coverage for your business insurance needs.
We make the process easy by getting insurance quotes for you and giving you policy coverage options that you can choose for your Toronto entertainment business’s specific needs.
Toronto’s entertainment sector
Toronto is a hub for Canada’s entertainment industry with its film and television production sector, a thriving music and festival scene, performing arts professionals, and national media outlets.
How entertainment insurance protects you
A concert goer gets injured after some equipment fell off the stage and decides to sue your Toronto entertainment company. Your commercial general liability insurance can help cover the legal and medical costs.
Examples of Toronto entertainment businesses/performers that need customized business insurance
- Film and TV production companies
- Actors and performing arts professionals
- Sports entertainment
- Concert/Festival promoters
- DJs
- Media companies
- Digital media and gaming
Liability insurance is an essential part of your customized commercial insurance package as a Toronto entertainment business. Here are the liability coverages that you need to protect your Toronto entertainment business from lawsuits.
Professional liability insurance
Professional liability insurance helps protect Toronto entertainment businesses and entertainers against claims of negligence or failure to deliver services as promised. It’s also called errors and omissions (E&O) insurance.
For example, your Toronto festival promotion company doesn’t deliver on a summer festival after selling tickets. As a result, your company is sued. E&O insurance can help cover the legal fees and other related costs.
Do you have enough professional liability coverage to ensure adequate protection as a Toronto entertainment company?
Commercial general liability insurance
This is essential liability insurance for Toronto entertainment companies and entertainers. When you don’t have commercial general liability (CGL) insurance, you will be responsible for paying the costs related to third-party (customer/supplier/member of public) injuries or damage to their property out of your own pocket. Can you afford that?
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your Toronto entertainment business in court, as well as costs to cover damages to compensate third parties whether you win or lose your legal case.
What does commercial general liability insurance cover?
- Injury to a third party who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
Cyber liability insurance
Do you store sensitive data and financial information belonging to your clients? Should your Toronto entertainment business get hacked by cyberthieves, cyber liability insurance will help protect your company financially. This type of insurance can help recover stolen data and repair damaged computers and networks and it can help restore stolen customer and employee identities.
Depending on the size of the data breach and the information that was taken, the customers who are affected can hold you liable and sue you for damages.
Commercial umbrella insurance
You may want to consider commercial umbrella insurance for your Toronto entertainment business. Commercial umbrella insurance, also known as just umbrella insurance, addresses liability coverage gaps. It’s used when the primary liability coverage, for example on your commercial general liability insurance, has reached its coverage limit.
The protection that umbrella insurance provides applies only to expenses related to liability such as legal fees, court fees, and legal settlements.
Event liability insurance
Event liability insurance is necessary for your Toronto entertainment company. It helps pay for third-party bodily injury and third-party property damage claims that arise during the special event on your property or at a venue you rent. It can also include host liquor liability coverage if alcohol is served and business tenant’s liability insurance to cover damages to the venue.
How much does Toronto entertainment insurance cost?
It depends on what your Toronto entertainment does. What is your specialty?
The following factors are usually considered when determining the cost of your business insurance:
- Location(s)
- Services provided
- Number of employees
- Years of experience
- Annual revenue
- Any past claims
What other business insurance coverages do Toronto entertainment companies need?
Commercial property insurance
Commercial property insurance provides financial support to replace or cover repairs to your Toronto entertainment business and its equipment if it is damaged by a flood, fire, or severe weather. It also covers vandalism and theft.
Did you know? Commercial property insurance protects contents such as computers, furniture, tools, equipment, and inventory. Commercial property coverage also extends to protect others’ property that is under your care.
Business interruption insurance
Business interruption insurance supports your Toronto entertainment business when it can’t operate due to a covered loss.
There are a number of losses that can force your company to shut down. Some examples are:
- Damage to your equipment from fire or vandalism
- A major reduction in revenue due to a client/supplier facing losses of their own
- A disruption in your supply chain
Business interruption insurance can help with these expenses:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Commercial auto insurance
If you are using your car for your job in Toronto’s entertainment industry, it won’t be covered by your personal car insurance policy. You will need commercial auto coverage as part of your insurance package.
What do I do if I have a claim against my Toronto entertainment business?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist:
- Do you have the best business insurance for your Toronto entertainment company?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right insurance coverage for your Toronto entertainment company. Our experts are available now to help you navigate the business insurance journey to protect your Toronto business.
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