EPISODE 36: Insurance Needs for Professionals and Business Owners In Ontario

• Importance of Insurance
• Types of insurance available in Ontario for business owners:
• Choosing the Right Insurance in Ontario
• Mitigating risks and protecting assets through insurance

Orlando Ali, a prominent insurance and financial securities advisor affiliated with Desjardins Financial Security Independent Network (DFSIN Toronto West) and based in Toronto, Ontario, was recently interviewed about the insurance needs of professionals and business owners in Canada. In this Go Fund Yourself podcast episode #36, he shared valuable insights on how professionals and business owners can protect themselves and their businesses from financial losses.

Importance of Insurance

According to Orlando Ali, insurance is essential for professionals and business owners in Ontario as it protects them from various risks that could potentially cause financial losses. Without insurance, a business or professional could face significant financial damages that could be difficult to recover from. Insurance not only protects individuals and companies from financial loss but also provides them with peace of mind.

Types of insurance available in Ontario for business owners:

Professionals and business owners should consider various types of insurance in Ontario. Here are some of the most common types of insurance that Orlando Ali recommends:

• Liability Insurance:

Liability insurance protects businesses and professionals from lawsuits or claims against them in Ontario. This type of insurance covers legal fees, settlements, and judgments that may arise from lawsuits. Liability insurance is essential for businesses and professionals that work with the public.

• Property Insurance:

Property insurance protects businesses in Ontario from damage or loss of property due to events such as fire, theft, or natural disasters. This type of insurance covers the cost of repairs or replacement of damaged or lost property.

• Business Interruption Insurance:

Business interruption insurance provides financial protection to businesses in the event of an unexpected interruption in operations. This type of insurance covers lost income and operating expenses that may arise from a temporary shutdown of business operations due to events such as natural disasters or a global pandemic.

• Professional Liability Insurance:

Professional liability insurance, also known as errors and omissions insurance, protects professionals from claims made against them for errors or negligence in the course of their work. This type of insurance covers legal fees, settlements, and judgments that may arise from claims.

• Cyber Liability Insurance:

Cyber liability insurance protects Canadian businesses from losses due to cyber attacks, data breaches, and other forms of cybercrime. This type of insurance covers the costs associated with recovering from a cyber attack, such as legal fees, forensic investigations, and public relations efforts.

Choosing the Right Insurance in Ontario

Choosing the right insurance is crucial for professionals and business owners. According to Orlando Ali, working with an experienced insurance agent who can help identify the specific risks a business or professional faces and recommend the appropriate insurance coverage is essential.

Here are some tips on choosing the right insurance:

1. Assess the risks: Professionals and business owners should assess the risks they face and the potential financial impact of those risks.
2. Work with an experienced insurance advisor: An experienced insurance advisor in Ontario can help identify specific risks and recommend appropriate insurance coverage.
3. Compare coverage options: It’s important to compare coverage options and costs from multiple insurance providers before making a decision.
4. Review policies annually: Insurance needs may change over time, so it’s essential to review policies annually and make any necessary adjustments.

Mitigating risks and protecting assets through insurance

Without insurance in Ontario, individuals and businesses may face significant financial risks that could be difficult to recover from. Professionals and business owners in Canada should consider the types of insurance available in their provinces and work with experienced insurance advisors to choose the right coverage. By following the above tips, professionals and business owners can protect themselves and their businesses from potential financial losses in Ontario.

(1 Desjardins Insurance refers to Desjardins Financial Security Life Assurance Company, a provider of life and health insurance and retirement savings products.)