Business Insurance in Canada
 

I wanted to ask this question in a new thread since we have a bit different insurance situation in Canada than our neighbours down south. No access to group insurance through WEVA for example.

We can add a rider for equipment to home ins. but what about liability and specifically omissions, etc?

Can you write off 100% of extra premium cost for the equipment when added to home ins.?

I'm not a tax professional so my standard disclaimer is to seek a professional opinion and my post is for discussion purposes only.

You can write off any additional costs on your home insurance that are business related. You might even be able to write off a portion of your home insurance but that will depend on your policy and I would ask your accountant.

I use a PPOC policy (Professional Photographers Association of Canada) from Cooks ISI, underwritten by Lombard. Cost is $1,025 per year w/ $35,000 of coverage, including rental, offsite, courier, business income, & General Liability. E&O is available only to PPOC members.

I think the agent is different in Ontario (mine is in SK) so visit the PPOC website for your province and start from there.

Thanks, Shawn, for the info. I'll look them up.

Hi Andrew,
We have a specific policy for videographers and pay about $700per year. We have coverage for almost everything which covers equipment in home and at the studio. Right now it is replacement cost up to $25,000. Give Jeff Jones an email at Jones & Associates Insurance and tell him I sent you and he can perhaps quote you or give you direction. Great coverage for the price.

JB

Anyone use any outfits out of Alberta? For some reason Alberta always seems to have the lowest insurance rates in the country.

I just don't know who offers what.

Thanks, Jason for the lead. I'll check him out.

Hey Denny. I live in Red Deer and I went to a broker. Ing and McKee insurance and they found someone to insure my stuff. For 25K of insurance it costs me about 2K a year. I think there is cheaper out there but I am having a hard time finding them.

Is that insurance or a mortgage. o.0

Jason!

Just when I was about to sign the dotted line for insurance, you saved my a$$.

Thank you, I will be giving your guy a call =)

Mike,
Whatever I can do to help. One day I will come to you with a request, and you will do it and not ask any questions.
Jeff is on his honeymoom right now but definitely give him a call. The company is great and the coverage is awesome. Just add sewer backup, it is only $16yr but well worth it in case anything stupid happens.

JB

If you're working from home, could you just not add a rider to your existing policy??

The way insurance companies are run in Canada, unless you're ready to claim total loss and kidney failure, their deductables and later premiums aren't worth the claim....

Hey Peter,
The deductible is only $500 and it covers so much more than contents. It covers location, equipment, damage, liability, theft, etc... Without business insurance you are really taking a risk.