Office Insurance

Whether you run a big office with many employees, or work by yourself remotely from a home office, the risks are very similar. 

Most landlords in Ontario will require a COI (Certificate of Insurance) proving that you currently have office liability coverage in place for the unit you lease. Most landlords require a minimum of $5,000,000 liability but some are fine with $2,000,000. If you own the office unit and the mortgage company has specific requirements, we will assist you in fulfilling those. 

 At Ambroziak & Rao, we understand that proof of insurance needs to be submitted before you move in, and will do everything to provide the COI in a quick an efficient manner. 

Some of the common policies many offices have include:

1. Commercial General Liability (CGL) tailored to your specific business. This could range from liability limits as little as $1,000,000 for a small home office to $10,000,000 to a large practice or multi-unit corporation. 
2. Professional Liability Insurance. Most office businesses have exposure to professional lawsuits if they offer advice or guidance. If you provide the wrong information that results in a loss to a client, they could sue you for damages. 
3. Content Insurance. Many business owners working from offices have assets that they would like covered including computers, printers and desks. You may also have betterments and improvement to your unit which you would want insured. You can select the content amount that you would like insured ranging from as little as $10,000 to $250,000+. 
4. Auto Insurance For Businesses. Many professionals use their personal vehicles to commute to work. This is completely fine under a personal auto insurance policy. However, if you run an office or own a business, and you use that vehicle for business use as well (such as picking up clients for work), or your vehicle is in your corporation name, you may require “business use” coverage to be added to your policy.
5. Commercial Property Insurance. If you own an office space along with the content inside it, you will likely require a commercial property policy especially if you still have a loan for it. 
6. Cyber Insurance. In the age of cloud computing, one major cyber attack can devastate a business. Cyber coverage could cover your need to notify clients of the attack, hiring digital forensic teams to figure out how the hack occurred,  lost revenue resulting from systems being down as well as legal costs and regulatory fines. 
7. Business Interruption Insurance. If a claim arises and your business is interrupted, this coverage could compensate you for lost income until the claim is completed and operations can resume.