Frequently Asked Questions

Should I get comprehensive coverage?

Damages to your business vehicle may not always be caused by a collision with another vehicle or object. Your vehicle may be vandalised, stolen, or perhaps damaged in a hail storm. Comprehensive insurance will respond to repair your vehicle, or if the vehicle is found to be unrepairable, the Actual Cash Value of the vehicle would be determined and paid.

Should I add collision coverage?

Unless your policy contains collision coverage, there would be no option to repair damage to your own commercial vehicle in an at-fault loss. By adding collision coverage, you can rest easy knowing that if your vehicle is damaged in an accident where you are at fault or if you are hit by an unidentified vehicle (hit and run), collision coverage will respond to repair your vehicle. If the vehicle is found to be unrepairable, the Actual Cash Value of the vehicle would be determined and paid.

Should insurance be included in my business budget?

Yes, you should include insurance expenses in your initial business plan and yearly budget. From a cash flow perspective, you'll want to understand what kind of payment options and timing are available. When starting out, aim to separate your company assets from your personal items to determine the amount of insurance you'll need to carry.

How do I know my business insurance policies are adequate for my company, given its size and risk profile?

As a business owner, you should always feel comfortable with the amount of insurance you carry. Insurance can help you recover from events that would otherwise threaten your company and reduce the likelihood of you staying in business. The key is to ensure you understand the true value to repair or replace what you have. When customizing a policy, our licensed TD Insurance Advisors take your location, your industry risks and your personal risk tolerance into account.

What types of businesses and industries does TD Insurance cover?

We are currently covering:

• Small Retail: Bakeries, clothing, pet shops, etc.
  
• Contractors: Carpentry, painting, machinery, etc.
  
• Wholesale: Clothing, hardware supplies, office supplies, etc.
  
• Business & Professional Services: Individual professionals (photographers, engineers, lawyers, accountants, etc).
  
• Healthcare: Chiropractors, dentists, physiotherapists, etc.
  
• Realty: Realtors, office buildings, single occupancy retail buildings, etc.
  
• Small Manufacturing: Clothing, ceramics, bakeries, etc.
  
• Hospitality: Restaurants, cafés, bed & breakfasts, etc.
  

What are my payment options with TD Insurance?

TD Insurance offers several payment options. Our current available payment methods are as follows:

Pre-Authorized Debit (PAD):

• Monthly: Withdrawals are taken directly from your bank account. Note that your first policy term premium will be paid over 11 equal installments. Your premiums are then paid one month in advance over 12 installments for each subsequent renewal. Eligibility rules apply.
• 1-Time (annually): Your full policy premium is taken in a lump sum from your bank account, typically on the inception or renewal date of your policy.

Other Payment Options:

• Credit Card: For monthly and one-time annual payments. We currently accept VISA, American Express and MasterCard. Eligibility rules apply.
• Cheque: For one-time annual payments

I operate my small business out of a rented property. If my business is broken into and items are stolen, what will my insurance cover?

If your contents such as your inventory or your laptop are damaged or stolen, depending on the coverage you have selected, your insurance may cover the cost to repair or replace these items.

I don't see my industry or occupation listed. What should I do?

If you can't see your industry or your occupation listed on our website, please give us a call at 1-855-724-2883 . Our licensed TD Insurance Advisors will work with you to make sure our products are aligned with the needs of you and your business.