Business Insurance Quote Checklist for Canada
Commercial quotes depend on what the business actually does, where it operates and what it can lose. Use one written exposure schedule so insurers price the same operations, revenue, payroll, assets, vehicles, contracts and coverage limits.
Business Quote Checklist
Prepare the legal entity, operations, locations, revenue, payroll, employees, subcontracting, property, stock, equipment, vehicles, claims and risk controls. Add lease, licence and client requirements, then compare each coverage, limit, deductible, exclusion and valuation basis separately.
Business quote comparison checklist
0 of 5 items reviewed
Tick each item after reviewing it. Checks are kept for this page visit; download a copy to keep your progress and questions.
| Review item | What to check and ask |
|---|---|
| Match legal entities, services, products, locations, territory and subcontracted work.Ask: Have all activities been disclosed and considered? | |
| Use revenue and payroll for the same period and identify provisional pricing.Ask: Could an audit change the final premium? | |
| List premises, stock, tools, equipment and vehicles using consistent values and use descriptions.Ask: Which assets or vehicles need separate coverage? | |
| Compare each liability, property, interruption, cyber or other proposed section separately.Ask: What limits, deductibles, waiting periods and exclusions apply? | |
| Keep lease, client, licence and project insurance requirements beside the proposed documents.Ask: Which required terms or endorsements still need confirmation? |
Write a consistent business description
List the legal entity, years operating, products, services, customers, locations, territory, online activity, subcontracted work and any work performed at customer sites. Avoid a vague industry label when operations include several distinct exposures.
IBC advises insuring for the specific risks the business faces. Use the same description for every quote and explain planned changes before the policy starts.
Prepare financial and property schedules
Provide revenue, payroll, employee count and other rating measures requested for the same reporting period. List owned or leased premises, improvements, stock, tools, equipment, machinery and portable property with defensible replacement values.
Ask whether the premium is provisional or subject to an audit using actual revenue or payroll. A lower deposit premium may not be the final policy cost.
Separate every coverage layer
Compare CGL, professional liability, product liability, commercial property, business interruption, equipment breakdown, crime, cyber and commercial auto according to the operation. Record limits, deductibles, waiting periods, valuation terms and key exclusions.
A package label does not prove every exposure is included. Business interruption commonly depends on an insured property trigger, while professional services and cyber events can require separate wording.
Reconcile contracts and statutory systems
Check leases, client contracts, licences and project agreements for limits, certificates, additional-insured status, waiver wording or other insurance terms. Verify that requested endorsements are actually shown in the proposed documents.
Workers' compensation and compulsory automobile insurance are separate statutory or regulated layers. Do not assume a private commercial package satisfies every registration or vehicle requirement.
Use your own numbers
Model lost income, continuing expenses and extra costs without presenting the result as a quoted or insured limit.
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