If you are looking to purchase or renew your commercial insurance policy, consider the following steps which might help reduce your premiums.

Tips when purchasing or renewing your commercial insurance

Shop Around

Understand what kind of insurance coverage you need such as business interruption insurance or liability insurance. Speak with your broker to explore all avenues for coverage. Explore your options by comparing quotes from multiple insurers and brokers. 

Review your policy

Review your policy in detail to see if it includes coverage you do not need or losses that you can cover yourself. You should review your policy well in advance of the renewal date to ensure you have sufficient time to make any required changes. 

Increase your deductible

Consider increasing your deductible to see if it will result in lower premiums. Choose the highest possible deductible that you can afford.

Reduce your risk

Inform your insurance company about what you are doing to reduce your risk. For example, if your business serves alcohol, implement a policy that checks the age of customers before serving them alcohol, and regulate hours to sell or serve alcohol.

Communicate with your broker

Speak with your insurance broker about all possible ways to lower your premiums. Make sure you’re not duplicating coverage. For example, if your contractors already have insurance, don’t include their required coverage in your policy.

Avoid cancellation penalty

Wait until renewal time to switch to another insurer. This will avoid a cancellation penalty.

Inform and educate yourself

Reach out to the Insurance Bureau of Canada’s Business Insurance helpline for any insurance questions. Visit http://www.businessinsurancehelp.ca or contact IBC's Help line 1-844-2ask-IBC.

Questions to ask an insurance agent or broker when purchasing commercial insurance​

Deductible and Premiums

  • Are the premiums paid monthly or annually?​
  • How much are deductibles in this commercial policy? How much money would I save if I pay a higher deductible?​
  • Can you offer any discounts if I take action to reduce or manage risks at my business?



  • What does this commercial policy cover and to what extent?​
  • When does my coverage begin? For how long?​
  • What liability does this commercial policy cover?​
  • Who should I contact when I need to make a claim? What is the claims process? ​
  • Do you have any tools or resources that can assist me in making better decisions and managing the risks associated with my business?​
  • Can I modify my policy before the end of the policy period?​
  • What does this commercial policy exclude? Can you give me an example of when an exclusion would happen?​
  • Does this policy contain any sub limits for specific perils? 
  • What type of cyber coverage does my policy include?
  • What questions should I ask from third party service provider that I contract services from?​