When Should You Switch Your Toronto Business Insurance?

June 12, 2025 / 5 mins read

You’re unhappy with your Toronto business insurance? It’s not working hard enough for you? It’s easy to switch and save on your commercial insurance.

When should you switch? When there are big changes to your Toronto business like increased sales, new products, or new locations it’s time to think about it. Switching to Western Financial Group for business insurance can help you save time and money.

Western Financial Group, a 100% Canadian company, can help you navigate your business, car, home, and boat insurance during this period of economic uncertainty.

When to switch your Toronto business insurance

You should change your commercial insurance when you have:

New locations
New products or services
New contracts
More employees
Changed ownership or ownership structure
Added vehicles
Increased revenue/sales
Added online sales

Why switch to Western for your Toronto business insurance?

Expertise: A Western Financial Group business insurance expert will get you commercial coverage that uniquely protects what you do and grows with your Toronto business.

Trust: Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide top-tier commercial insurance.

Ease: We do the insurance shopping for you. We get you insurance coverage quotes for you to choose from that suit your Toronto business’s specific needs.

What else can Western do for you when you switch your Toronto business insurance?

As an insurance broker, Western can provide you with specialized business coverage options at the best price for you because we have access to multiple Canadian insurance providers.

Western can advise you on insurance add-ons that you may need to cover unique risks that your Toronto business faces, such as being in a flood or earthquake zone, or being located in a building with aging infrastructure that could result in a sewer backup.

Do you need higher or lower deductibles limits for your Toronto business? Western can help you set your limits, giving you strong protection at a competitive price.

Can I get discounts? Can I save with Western?

If you bundle your Toronto business’s commercial auto policy with your business insurance, you may qualify for discounts. Ask us about discounts for which you may qualify.

We’ll get you multiple business insurance quotes to help you save and get the best price for your business.

How do I switch my Toronto business insurance?

Talk to a Western business insurance expert and get a quote.

Do not cancel your current business insurance policy until your new business coverage is in place to avoid any lapse in insurance protection.

Remember to contact your current insurance provider to tell them that you will be cancelling your commercial insurance. Ask about any cancellation fees or refunds for unused premiums.

Complete any cancellation forms and confirm the cancellation date to make sure your business stays protected with insurance.

Western’s commercial claims service

At Western Financial Group, we are with you every step of the way. Our commercial claims team will walk you through your policy and claims process to ensure that you receive the support you need.

Did you know? Many Canadian small business owners don’t bother with business insurance or are underinsured. Can you afford that? Let Western help you with Toronto business insurance at a value that’s right for you.

Your questions answered about Toronto business insurance

Why should businesses have general liability insurance coverage?

General liability insurance typically covers the most common risks that businesses can face like a customer slipping and falling in your store or damage caused to a customer’s property by your employees. This insurance helps cover legal fees, medical expenses, and settlements or judgments.

What are other types of business liability insurance that are needed?

Professional liability insurance (also called errors & omissions insurance) protects professionals such as consultants, accountants, lawyers, healthcare professionals, and architects from claims of negligence, mistakes, or failure to perform professional duties. It covers legal defense costs and damages awarded to clients due to errors or omissions in services offered.

Product liability insurance

Product liability insurance provides coverage to businesses that manufacture, distribute, or sell products if their products cause bodily injury or property damage to their customers. It also protects against lawsuits related to defective products or product-related accidents.

Cyber liability insurance

Cyber liability insurance protects businesses from the financial consequences of data breaches, cyberattacks, and other cyber incidents. It also helps cover the costs of customer notification, legal fees, and regulatory fines.

Directors and officers (D&O) liability insurance

Directors and officers insurance protect your business’s board of directors from claims of negligence. Individuals serving on your board of directors, whether your business is a not-for profit, for profit, public, or private entity, can be sued for the actions of the companies they serve. It helps cover legal fees, settlements, and judgments from lawsuits alleging mismanagement, breach of duty, or other governance issues. It’s essential liability coverage for Toronto businesses that have boards of directors.

Commercial umbrella insurance

Commercial umbrella insurance addresses liability coverage gaps in your business insurance. 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.

Other insurance coverages for businesses

Final thoughts

You’ll need to change your Toronto business insurance when it’s no longer working hard enough to cover your business’s needs. Switch to Western Financial Group and let us get you the best business insurance that’s tailored to your business’s unique needs.

What do I do if I have a claim against my Toronto 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 Toronto business insurance rate that suits your work?
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?

Why Western?

100% Canadian!

Get the best business insurance in Toronto

We’ll help you save money with competitive insurance quotes

Serving Canadians for over 100 years.

Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right business liability insurance coverage. Our experts are available now to help you navigate the business insurance journey to protect your Toronto business.

5 FAQs

Why do I need business insurance?

You need business insurance to financially protect yourself against lawsuits, property damage, theft, and business interruption that threaten the survival of your business.

How is my business insurance premium calculated?

Your business insurance premium will be determined by factors such as your location, annual revenue, number of employees, type of business, and past claims.

How do I choose my business deductible limits?

You will need to choose your deductible limits based on your risk tolerance, cash flow availability, claim frequency, and industry standards.

What is a certificate of insurance?

A certificate of insurance outlines the insurance coverage and policy limits provided under your insurance policy on the date the certificate is issued. It is provided free by your insurance provider and it gives your clients peace of mind and lets them know you are insured.

Why do I need commercial auto insurance for my business?

Any vehicle(s) used for business must be insured for business purposes. Your personal car insurance won’t cover you if you are using your car for business purposes and get int an accident.