Is Commercial Insurance Important?

At Northwood Mortage, we’re here for your Toronto mortgage needs, including being a commercial mortgage broker. Before applying for a commercial mortgage, it’s vital to ensure you’re familiar with how commercial insurance works and why it’s so important.

What is the purpose of commercial insurance?

The purpose of commercial insurance is to provide financial protection for your business. Just like you have home insurance in case your home burns down, commercial insurance protects one of the most significant investments in your life.

Commercial insurance can help your business run smoothly and protect your employees, even under challenging circumstances.

The type of commercial insurance a business requires will depend on its setup; however, commercial insurance is essential for all businesses, even if they are not customer-facing or non-profit.

What are the most common kinds of commercial insurance?

There are the most common kinds of commercial insurance:

Commercial General Liability: This insurance protects you from a variety of risks, including an employee or customer being injured in the workplace and being accused of deceptive advertising.
Professional Liability: This insurance is designed for people who offer consultations, such as attorneys and accountants. It protects against allegations you did not provide clients with the requested services.
Product Liability: This insurance is a must-have if you sell any tangible product, especially one that could potentially injure a client.
Commercial Property: This provides financial protection from damage due to theft, vandalism, or natural disasters.
Cyber Liability: A data violation can be public relations disaster for your company. This insurance can help offset financial losses due to a cyber attack.

What are the steps involved in buying commercial insurance?

These are the main steps involved in buying commercial insurance:

Determine the risks your company faces.
Speak to advisors specializing in commercial insurance to learn what your company will need.
Shop around! Insurance companies will offer you different insurance prices and benefits.

Commercial insurance is vital, but it can be expensive, so it’s essential to be clear on what coverage you need and compare quotes.

Working With A Commercial Morgage Broker

At Northwood Mortgage, we have over fifty years of experience being brokers for Toronto commercial mortgages. We can help you find financing for various commercial projects – anything from factories to malls to apartment buildings!

As your Toronto commercial mortgage broker, we have relationships with over fifty different financial institutions, enabling us to shop around and find a mortgage rate that works for you!

We can help you navigate through the entire commercial mortgage application process, which is considerably more complicated than applying for a residential mortgage. We’ll explain the different types of documentation required and the minimum down payment necessary.