Aviva Business Insurance Review 2024 + Free Quotes
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Discover the methodologyWhether you're a small startup or a large corporation, having business insurance is a must. Luckily, Aviva Business Insurance has your back with diverse insurance solutions to fit your needs.
From property and casualty to commercial auto, Aviva's comprehensive offerings ensure your business is well-protected. Dive into our review to explore the pros and cons, understand the types of coverage available, and discover how Aviva's tailored solutions and expert advice can benefit your business.
You can also get free quotes from our partner Aviva Business Insurance using our online tool.
Aviva Business Insurance Canada: 5 Takeaways
- Options include property, casualty, and commercial auto coverage.
- Its GCS division provides tailored solutions for large/multinational corporations.
- Aviva's strong financial backing and high ratings ensure reliability and stability.
- Comprehensive coverage can be a bit expensive and complex for small businesses.
- Get expert advice and resources through Aviva Risk Management Solutions.
Our 2024 review of Aviva business insurance
Aviva Canada provides a comprehensive suite of business insurance solutions tailored to meet the needs of businesses of all sizes. Its offerings span various coverage options, including property, casualty, commercial auto, business interruption, crime, equipment, and liability insurance.
Aviva also provides specialized services through its Global Corporate and Specialty (GCS) division and cross-border insurance solutions in partnership with The Hartford.
Here are its pros and cons for better understanding:
Pros:
- Extensive range of insurance products covering various business needs
- Tailored solutions for large corporations via the GCS division
- Access to expert advice and resources through Aviva Risk Management Solutions
- Strong financial backing from Aviva Plc. with high ratings from major agencies
Cons:
- Wide range of options might overwhelm small business owners
- Comprehensive coverage packages can be more expensive than basic offerings from other insurers
- Primarily distributed through brokers, adding potential complexity and slower response times
Who is Aviva Business Insurance best for?
Aviva Business Insurance is a great option if you're running a small to mid-sized business in Canada and need flexible, customizable coverage. It's particularly beneficial for those in industries like retail, manufacturing, and professional services. If you value a balance between comprehensive insurance and accessible customer support, Aviva could be the right choice for you.
To further understand its coverage and cost, use our comparator. Just fill in some basic details, such as your name, contact details, business names, etc., and get personalized business insurance quotes from leading companies, including Aviva.
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What are the types of Aviva business insurance?
Aviva Canada offers coverage under two main categories for business insurance: Property and casualty (P&C) and commercial auto.
Property and casualty insurance
- Protects your physical assets: This covers buildings you own or lease, equipment, and inventory in case of loss or damage from various events like fire, theft, vandalism, or weather disasters.
- Liability coverage: It shields your business from financial responsibility if someone gets injured or their property is damaged due to your business activities. This can include bodily injury, property damage, and even personal injury claims like slander or libel.
- Standard inclusions: Aviva's P&C policies typically include coverage for bodily injury and property damage liability, medical payments for minor injuries to third parties on your property, and tenant's legal liability if you're leasing a space.
Good to know
Aviva allows you to customize your P&C policy with additional coverage based on your industry's specific risks. For instance, if your business offers professional services, you can add coverage for professional liability (errors and omissions).
Commercial auto insurance
- Covers your business vehicles: This protects your company-owned vehicles, including cars, trucks and vans, in case of accidents. Coverage can extend to damage to your vehicle, injuries or property damage caused to others by your vehicle and even legal fees if a lawsuit arises from an accident.
- Different coverage options: Aviva likely offers various coverage options for commercial auto insurance, such as liability, collision, comprehensive, and uninsured/underinsured motorist coverage. You can choose the level of protection that best suits your needs and budget.
Check out our guide on the best commercial auto insurance.
<strong>Aviva cyber insurance for business</strong>
While not explicitly listed under P&C, Aviva offers cyber insurance as an add-on to their P&C policies for businesses. This can help cover costs associated with data breaches, cyberattacks, and other cyber threats.
Which industries can benefit from Aviva business insurance?
Based on the information from Aviva Canada's website, here are the industries that would find Aviva's coverage valuable:
- Business and professional services: This includes businesses like accountants, consultants, lawyers, architects, engineers and marketing agencies. P&C insurance protects their office equipment and property from damage or theft. Additionally, professional liability coverage (often needed for these professions) can be added to protect against claims of errors or omissions in their services.
- Realty: Real estate businesses that manage properties or own buildings can benefit from P&C coverage for property damage, tenant-related issues, and potential liability.
- Retail: Brick-and-mortar stores can benefit from property coverage for their inventory and physical store. Commercial auto insurance is important for delivery vehicles or any business-use cars.
- Contracting and construction: Construction companies, builders, and contractors deal with various risks like property damage during construction, worksite accidents, and potential third-party injuries. Aviva's P&C coverage can offer protection in these scenarios. Commercial auto insurance is also crucial for the vehicles used for transportation and operations.
- Manufacturing and wholesaling: These industries involve managing inventory, equipment, and potential hazards during production. P&C insurance safeguards their physical assets and protects against liability if their products cause harm to others.
- Warehousing: Warehouses store large amounts of inventory and P&C insurance protects them from damage or theft.
- Garages: Mechanics and auto body shops can benefit from P&C coverage for their tools, equipment, and even customer vehicles in their care. Commercial auto insurance is also important.
Good to know
Aviva Canada also offers coverage for memberships and organizations. This includes protection against professional liability, event-related liability, or management liability. While Aviva has myriad options for your business, you can also explore other brokers and providers like Zensurance and Foxquilt Business Insurance, respectively to make sure you're weighing your options.
How much does Aviva business insurance cost?
The cost of Aviva business insurance in Canada varies significantly based on multiple factors such as:
- Business specifics: The type of business, its size, location, and risk profile significantly impact the premium. A high-risk industry like construction will have a higher cost compared to an office-based business.
- Coverage options: The specific coverages you choose within P&C and commercial auto will influence the price. Adding endorsements or riders for specialized risks will also affect the cost.
- Deductible: The deductible is the amount you pay out of pocket before insurance kicks in. Choosing a higher deductible lowers your premium but means you'll pay more upfront in case of a claim.
- Claims history: Businesses with a history of claims will likely pay higher premiums compared to those with a clean record.
That said, here are some cost estimates for business insurance in Canada for your reference:
- Small businesses
Expect to pay anywhere from $500 to $5,000 annually for a basic policy, often including general liability coverage with a standard limit. This range can increase depending on the type of business and its risks.
- Medium-sized businesses
Costs can range from $1,200 to $10,000 per year or even more, depending on the complexity of your operations and coverage needs.
Not sure about making a decision based on the estimates? Get personalized Aviva business insurance quotes using our comparator.
Better protection for your business today
Good to know
If you own a pet-related business, you can consider insurance options specially tailormade for your unique needs. Check out our guide on the best pet business insurance in Canada.
What is Aviva Global Corporate & Specialty?
Aviva Global Corporate & Specialty (GCS) is a division of Aviva Plc. specifically designed to cater to the insurance needs of large and multinational corporations. Aviva differentiates itself by offering:
- Bespoke solutions: Unlike standardized policies, Aviva GCS specializes in custom-tailored insurance solutions to address the unique risk profiles of large corporations. It works closely with your business and brokers to understand your specific needs and craft a comprehensive insurance plan.
- Industry expertise: Aviva GCS has underwriting teams with in-depth knowledge of various industries. This allows Aviva to design insurance policies particularly relevant to the risks faced by your industry sector.
- Global reach: For multinational corporations operating across borders, Aviva GCS offers global insurance capabilities. It has a network of offices and partners worldwide to ensure your business is protected wherever you operate.
- Risk management: Aviva GCS goes beyond just offering insurance. Its team can also provide risk management services to help you identify and mitigate potential risks before they turn into losses. This can involve safety assessments, risk engineering services and claims management expertise.
Here's a quick comparison between Aviva Canada's business insurance and Aviva GCS:
| Feature | Aviva Canada Business Insurance | Aviva Global Corporate & Specialty (GCS) |
|---|---|---|
| Target Market | Small and medium-sized businesses | Large and multinational corporations |
| Insurance Solutions | Standardized and customizable P&C and commercial auto coverage | Bespoke insurance solutions for complex business risks |
| Industry Expertise | General business sectors | In-depth knowledge of specific industries |
| Global Reach | Primarily focused on Canada | Global network for multinational operations |
| Risk Management Services | May be limited | Comprehensive risk management services offered |
If you're a large corporation with complex insurance needs and international operations, Aviva GCS might be a strong contender for your insurance provider.
How to contact Aviva business insurance?
To contact Aviva Canada for business insurance inquiries or support, you can use the following methods:
- Aviva business insurance contact number: Call 1-800-387-4518 for general inquiries. Available Monday to Friday, from 8:00 AM to 8:00 PM ET.
- Claims: Call 1-866-692-8482 for fast and reliable personal support from a claims care advisor.
- Contact form: You can also fill out a contact form on the Aviva website for specific inquiries and a representative will get back to you.
You can also use the "Find a Broker" tool on Aviva’s website to locate an authorized insurance broker who can provide expert advice and help you choose the right coverage for your business needs.
And in case you’re someone who prefers mailing the company, you can drop a letter addressed to:
Aviva Canada Inc.
10 Aviva Way
Markham, Ontario
L6G 0G1
Canada
Aviva has a great reputation for its insurance products — business insurance is no exception. Understand its coverage well before buying a policy. Compare it with options if you must. You might get a better deal elsewhere.
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