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Experienced Insurance Brokers in Ontario

Whether you live in a big city, commute to and from a quaint town, or enjoy the rural life in Ontario, you need to protect yourself and your family. We get that you’d rather be living your life than researching insurance or spending time on hold. That’s why we’ve been working to reinvent insurance by making it easier. We use digital innovation and a team of awesome, experienced insurance brokers to make Ontario insurance better.

Let us help you protect what matters most and keep unexpected events or disasters from totally ruining your finances. Get a free online insurance quote!

Do I need insurance in Ontario?‎

By law, Ontario motorists must buy a car insurance policy. Home insurance is also required by a lender or bank if you need a mortgage. All other types of insurance coverage depend on what level of protection you want. Most people don’t have enough money to pay for a home rebuild or even major repairs.

Insurance helps you recover after a disaster or unexpected event. It’s mandatory for Ontario drivers to have auto insurance that covers:

  • Third Party Liability
  • Accident Benefits
  • Uninsured Automobile

It’s the law to have this coverage. You can be fined, have your license suspended, and have your vehicle impounded if you drive uninsured in Ontario. If you’re uninsured and involved in an accident, you may be unable to claim certain benefits or sue an at-fault driver – and if you’re at fault, you could be held personally liable for medical expenses and other losses.

If you finance your vehicle or have a mortgage on your home, you may also be required to have a certain level of insurance by your lender. They will generally state the terms in the contract and need proof of insurance.

Otherwise, insurance is not mandatory. It is a great investment if you can’t afford to replace your belongings, rebuild your home, or repair your vehicle out of pocket.

What’s covered by insurance in Ontario?‎

In Ontario, what’s covered will depend on your insurance company and your own choices on what you want protected! There are also some government regulations (such as with auto insurance in Ontario) that control what’s covered. Working with one of Sharp’s Ontario insurance brokers will mean that you get the coverage that’s right for your needs and budget – and we’re also here to answer any questions.

Below, we’ll give you the basics on different insurance products in Ontario.

Auto & Motorcycle Insurance in Ontario

Drivers are required to have auto insurance in Ontario for their vehicles – including motorcycles. This coverage must include:

  • Third Party Liability – covers damage and injuries to others if you’re at fault in an accident, as well as legal expenses if you’re sued.
  • Accident Benefits – covers medical expenses and other benefits if you’re hurt in an accident.
  • Uninsured Automobile – covers costs if the accident is a hit-and-run or with an uninsured driver.

Keep in mind that a limit applies to this protection, known as a policy limit. This is the maximum amount that will be paid out in the event of an accident. We recommend choosing a limit of $1,000,000 or $2,000,000 given the expense of accidents today

There are also a number of optional car insurance coverages for Ontario drivers, including

  • Collision – helps cover repairs to or replacement of your vehicle if you’re at fault in an accident or are involved in a rollover or accident without another car.
  • Comprehensive – covers repairs or the replacement of your vehicle if it’s damaged by something other than an accident such as theft, fire, wind, hail, or water.
  • Loss of Use – provides some payment for alternative transportation like a rental car or public transit if you’re involved in a claim.
  • Emergency Service Expenses – covers the cost of towing your vehicle after an accident.

Exactly what’s offered will depend on the insurance company. It’s a good idea to work with one of our Ontario car insurance brokers to determine exactly what protection you need and what will fit within your budget

Home, Condo and Tenant Insurance in Ontario

There are three main areas of protection offered by home, condo and tenant insurance in Ontario:

  • Property Damage – if your home and belongings are damaged, this coverage helps you replace them.
  • Personal Liability – if someone gets hurt or has their stuff damaged at your home or because of your accidental actions, this coverage can help cover damages and legal expenses if you’re sued.
  • Additional Living Expenses – if you’re forced from your home because of an evacuation order or a covered claim, your insurance will help you cover those extra expenses with food, transport and accommodation.

While Ontario home insurance will cover the structure of your building, condo and tenant insurance will not. Condo insurance covers everything from the walls in and can also cover loss assessments. Tenant insurance will cover your belongings. This is because your condo’s master policy or landlord’s insurance won’t cover your stuff but will cover the building.

There are many coverage options for home insurance. It’s best to work with an Ontario insurance broker to ensure you get the right coverage for your home.

Recreational Vehicle Insurance in Ontario

Recreational vehicles include:

  • Motorhomes
  • Trailers
  • Snowmobiles
  • ATVs
  • Boats

Protecting your recreational vehicles helps ensure you can continue to enjoy your hobbies in the future. While you can add these to your home insurance, a separate policy offers the best protection – and you won’t have to make a claim against your home insurance if something happens.

Coverage varies for each type of recreational vehicle, but every policy will include liability and property damage coverage. This means that you’ll be protected if someone’s hurt or their stuff is damaged and if your recreational vehicle is damaged.

Commercial and Small Business Insurance in Ontario

What’s covered by a commercial insurance policy in Ontario really depends on your individual business. Here are the most common types of coverage:

  • Property Damage – covers damage to your company’s premises and belongings like inventory, furniture, equipment, and more.
  • Commercial General Liability – covers you if someone is hurt or has their stuff damaged.
  • Professional Liability – if a client sues you for financial loss because of your professional service or advice (or failure to provide it), this coverage will help you with legal expenses.
  • Cyber Liability – helps you navigate and recover from a cyberattack or data breach.
  • Equipment Breakdown – covers repair or replacement of equipment if it fails due to mechanical or electrical breakdown.
  • Business Interruption – if your business is forced to shut its doors because of an evacuation or covered loss, this will help you cover your ongoing expenses like payroll and utility bills.
  • Commercial Auto – protects your work vehicles, similarly to your personal car.

There are many more options for commercial and small business insurance in Ontario. The right protection will depend on your company’s needs and budget, so it’s a good idea to work with an Ontario insurance broker to ensure you’re getting the best coverage for the best price.

Event Liability

If you host an event, you can be held responsible for any injuries or damages that are caused by attendees. Whether you’re holding a wedding or a corporate event, ensure you’re not paying out of pocket for anything that happens.

Travel Insurance

There are a few main types of travel insurance.

  1. Travel Medical – Essential coverage that covers the costs of medical treatment and transportation for unexpected illness or injury while you’re travelling.
  2. Trip Cancellation – Helps refund your money if you’re forced to cancel your trip unexpectedly.
  3. Trip Interruption – If you need to head home for an emergency or something happens to alter your trip plans, this coverage will help cover expenses.
  4. Baggage – if your baggage is delayed or lost, you’ll get some help to cover the essentials.

Things to Keep In Mind with Coverage

When you buy insurance, you make a lot of decisions, including your loss settlement, coverage, and policy limits. These directly determine what you’ll get if the worst happens and you need to make a claim.

There are generally three loss settlement options to choose from:

  • Agreed Cash Value
  • Replacement Cost
  • Agreed Value

Best Insurance Companies in Ontario

As an independent brokerage, Sharp Insurance works with the best insurance companies in Ontario. We have access to a large number of insurers, which lets us get you competitive quotes for insurance in Ontario. We’re also here to help you with claims and offer advice on anything insurance-related.

We’ve partnered with some of the best insurance companies in Ontario and Canada to provide you with protection and service you can count on. This includes:

Insurance Rates in Ontario

The cost of insurance in Ontario depends on a large number of factors. Each type of insurance is calculated differently and may vary between insurers. That’s why it’s important to get a number of Ontario insurance quotes to ensure you’re getting the best value.

Here are the factors that help determine insurance rates in Ontario, regardless of which coverage you’re buying:

  • Your insurance history
  • Your claims history
  • Your credit rating
  • Your demographics
  • Where you live
  • Your insurance options, including the type of loss settlement, policy limits, coverages, and your deductible

How to Get Cheap Insurance in Ontario

Working with an Ontario insurance broker is one of the best ways to get cheaper insurance rates. Why? Insurance brokerages like Sharp are independent, which means we work with a bunch of different insurance companies. That means you get insurance quotes from a large number of Ontario insurers – true competition for your business

Here are a few other ways to save on different types of insurance in Ontario:
  • Pay your bills on time – your credit rating impacts your rates
  • Stay insured – insurers reward loyalty and consistently insured individuals
  • Only make a claim if you can’t afford to fix it on your own
  • Bundle your insurance with a single company
  • Raise your deductible
  • Install security or damage mitigation devices
  • Use alternatives to driving for your commute
  • Upgrade your home to more damage-resistant or less risky materials
  • If you’re buying a new home or car, research insurance costs. Check out things like crime rates and the history of damage to the area if you can’t find any information on the cost of insurance
  • Work with a broker to ensure you’ve got the right coverage for your needs

Get a Free Online Insurance Quote

We offer free online insurance quotes for Ontario residents. Just fill in the form and we’ll be in touch!

Here’s a heads up about the quoting process:

  • The more information we have, the more accurate your quote – and the more likely we can find ways to save you money.
  • You can request an Ontario insurance quote online or by phone.
  • We’ll get you quotes from a number of different Ontario insurance companies.

Work with the Best Ontario Insurance Brokers

Why is Sharp Insurance the best? Well, we’re independent, which means we work for you, not an insurance company. It also means we work with a lot of different companies, which allows us to get you multiple quotes for your Ontario insurance. This market access combined with our experienced Ontario insurance brokers means you’ll get the best coverage for the best price.

We also offer our customers the convenience of an app and online portal where you can access your pink cards, review your coverage, submit a claim, request a change and more. Basically, you can manage your insurance whenever and wherever you want. No waiting on hold!

Get started today with your quote for Ontario insurance.

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What are the Common Types of Business Insurance in Ontario?

7 Types of Business Insurance:

Professional Liability

This coverage helps you if you get sued and provides you with financial assistance.

Property Damage

This coverage protects you from losing money after a loss to your business property and items, including your furniture, computers, and other expensive items.

Commercial General Liability

If you unintentionally damage a visitor’s items or if they get hurt at your business, this insurance coverage will provide financial help.

Equipment Breakdown

Mechanical or electrical failures happen. This coverage helps you pay for repairs or replaces new equipment.

Business Interruption

If a flood causes your business to close, this coverage will help you pay for items, including staff salaries and the heating bills.

Cyber Liability

Cyberattack or data breach protection is available with this type of coverage.

Commercial Auto

This helps you pay for any damage to vehicles used for work purposes.

The right protection will depend on your company’s insurance needs and budget, so it’s a good idea to work with an Edmonton insurance broker to ensure you’re getting the optimal coverage.

What to Know Before Buying Insurance in Ontario

Buying your first home is a big deal, and so are your insurance policy selections. Included in your decision making is figuring out your loss settlement, your policy limits, and your coverage options.

Reading through your insurance policy is recommended but often time consuming. We will help you sift through the fine print and get you to what’s important for you – based on your unique needs.

3 Loss Settlement Options:

Agreed Cash Value

Also called the “fair market value,” or the purchase price minus depreciation. Actual cash value generally has a lower premium than the replacement cost option.

Replacement Cost

It will cover the cost of replacement, up to a certain amount.

Agreed Value

This is generally for specialty items like a classic car, artwork, or jewelry collection where the payout value is agreed upon beforehand and that’s what will be paid out.

These may not be available in every case.

Next, there are policy limits. This is the maximum amount that will be paid out in the event of a claim. There is generally and overall policy limit as well as limits on different parts of your insurance or even on individual items. You generally have some choice as to what your limit is.

Finally, you have your coverage options. There are many choices for each type of insurance. Working with an Ontario insurance broker makes this process easier and we can advise what the best option is for your needs and budget.

Get the Right Coverage in Ontario

Getting the right coverage in Ontario is the perfect mix of protection and price.

What is a Policy Limit

A policy limit is the monetary amount that will be paid out by your insurance company in the event of a claim. There is generally an overall policy limit as well as limits on different parts of your insurance or even on individual items.

You have a choice as to what your limit is. Coverage options depend on what type of insurance you’re dealing with:

  • Home
  • Auto
  • Travel
  • Small business

If you’re buying car insurance in Ontario, things like the make, model and age of your vehicle, how much you drive, and if you commute will also matter.

Unfortunately, it’s nearly impossible to provide an accurate insurance estimate for Ontarians without some basic information as there are so many variables.

Currently Not Accepting Walk-Ins

Please be advised that due to unforeseen circumstances, Sharp is unable to assist walk-in clients at the moment.

We are happy to assist you with all your insurance needs over the phone at 1.877.218.2008