Innovative business insurance for uncertain times? Our Foxquilt review

James Rodriguez James Rodriguez  updated on 2022-06-13

The current business ecosystem is proving to be hostile and uncertain for small and medium enterprise owners. To minimize risk and expense, entrepreneurs must protect their assets, staff and operations with the best possible insurance, so that they can pursue their goals with confidence. 

At HelloSafe, we want to help you partner up with the best providers, and give you a one-stop shop for advice, comparison tools and personalized quotes. Our Foxquilt review will help you find out how the company can look after your interests, even when things don't go according to plan.

Who is Foxquilt?

CEO and founder Mark Morissette created Foxquilt Toronto to furnish small to medium-sized businesses and professional networks with more purchasing power so that they can save on business insurance. Foxquilt makes use of innovative technology, and its own products, to make life easier and more affordable for business owners and deliver peace of mind to its users. Their new platform, Foxden, was launched in 2021. It is equipped with industry-first data and machine learning capabilities, which it uses to underwrite the most extensive cover at the best price to its customers. Although it is a relatively new player on the market, Foxquilt reviews from industry experts and clients have been outstanding. 

What does Foxquilt insurance cover?

Foxquilt insurance services primarily cover General Liability, Workers' Compensation, Professional Liability/E&O, Business Owner’s Policy, Umbrella/Excess and Inland Marine insurances, alongside a range of other concerns. The company will protect entrepreneurs from the full spectrum of day-to-day dangers that their small to medium-sized organizations might face in their operations.

Although it is not a legal requirement for most small to medium-sized businesses and self-employed traders to take out business insurance in Canada, the best entrepreneurs know that it is an indispensable tool in their fight against unexpected losses. 

Foxquilt works with a diverse range of clients, including but not limited to beauticians, carpenters, wholesalers, distributors, eCommerce businesses, electricians, manufacturers, plumbers, tech companies, and health care professionals, janitors, contractors, event planners, caterers, photographers and videographers. Coverage extends to operations and distribution throughout Canada and the United States.

Foxquilt protects against a reassuring and extensive collection of perils, including weather damage to commercial property, such as fire, or storm damage to equipment or company buildings. It will also cover businesses in the event of a breakdown in a business partnership, such as when one contractor working on a construction job pulls out of the project. It can protect policyholders against employee fraud or theft, where for example a worker or officer might embezzle funds or steal tools, or external crime as well as cyber-attacks and data breaches. Foxquilt will also cover a range of small businesses that rely on “gig economy” jobs, including caterers and event planners. This is great for protecting entrepreneurs from the cancellation of their work due to perils such as adverse weather conditions, or losses due to changes of plan by their clients.

Foxquilt insurance services also offer products that shield entrepreneurs from claims from client, customer and employee injury or illness on their property. These Foxquilt insurance products can protect a business from costs where a staff member might require medical treatment following an accident, or where a member of the public hurts themselves on company premises. Foxquilt also extends this liability insurance to medical practitioners and legal advisors, who might be particularly vulnerable to such claims due to, for example, mistakes they make in a medical procedure, or unexpected outcomes from legal advice which lead to a client making a claim against them. 

Foxquilt offers protection ranging from under one million dollars, up to two million dollars and up to over five million dollars to cover the operations of Canada’s small to medium business holders, for most of the liabilities that they insure. You can use their online form to tell them about your business and receive an immediate call back from one of their advisors to assist you with your needs. Our table, in the next section, goes into more detail about which specific insurance products you can find at Foxquilt.

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What types of business insurance does Foxquilt offer?

No matter the nature of your enterprise, you’ll be able to find appropriate coverage to give you peace of mind with Foxquilt. Our table below goes into specifics about Foxquilt insurance products. 

Insurance offeredWhy it matters
Commercial General LiabilityProtects businesses against claims of negligence or accidents from clients or customers, including injury on company property or damage to the client or customer property through the fault of the policyholder.
Workers' CompensationCovers employee injury benefits should they hurt themselves or become unwell in the workplace
Professional Liability/ Errors & OmissionsProtects the policyholders from client or customer claims relating to errors in their work or services. It is important to those that provide a service, such as legal advisors or medical practitioners.
Business Owner’s PolicyCovers business owners against expenses arising from property damage, business interruption and a variety of other risks.
Umbrella/ExcessThese policies provide cover to safeguard a business from more complex risks, beyond the reach of their main commercial general liability policy. It is useful when a business is quickly growing or working with partners that may carry financial risk beyond the scope of an existing policy.
Cyber InsuranceProtects the policyholder from any sort of cyber crime or attack that could affect the interests of the business. These plans are particularly important where business processes customer data which could be exposed.
Builder’s RiskCovers premises under construction or renovation for the duration of the project, as well as materials on-site from damage caused by weather, fire, vandalism or theft, as well as a range of other similar risks.
Safety and BondsThese policies are useful when several companies or contractors work together to complete a project. It covers losses that could be incurred by, for example, construction contractors going out of business before the completion of work.
Commercial PropertyEssential for the protection of commercial assets, from IT infrastructure to machinery and tools.
Crime InsuranceProtects the business and its assets from losses as a result of crime, including employee or officer dishonesty or theft.
Management liabilityProvides directors and officers with indemnity in a variety of circumstances in which they may be liable for losses or claims.
Inland Marine InsuranceNot to be confused with marine insurance, inland marine covers company property, equipment or products during transportation overland, for example by truck or train, during delivery or whilst being transported to the location of a project.
Foxquilt services inc

Why might Foxquilt be right for your business?

  • Foxquilt uses market-leading machine learning technology to deliver the best prices to its clients.
  • They have designed their offering to serve small to medium-sized businesses and sole proprietors.
  • Foxquilt offers a dedicated customer service team, with telephone and email support 8 am to 8 pm (EST) or 5 am to 5 pm (PST) 5 days a week
  • They offer a comprehensive set of business insurance products, to cover you in most circumstances. 

What are some of the drawbacks?

  • Foxquilt does not offer 24-hour customer service.
  • They will not cover vehicles, which require a  separate commercial auto insurance policy
  • Foxquilt does not offer in-person consultations. 

How do I file a claim with Foxquilt?

Foxquilt accepts customer queries and claims via phone, email and webchat through their website, foxquilt.com. They are open to claims between 8 am and 8 pm (EST), or 5 am to 5 pm (PST), Monday through Friday. 

How do I contact Foxquilt? 

Contact Foxquilt by inputting your business details through their online form for an immediate call back to discuss your personalized quote during business hours. They also offer webchat, telephone and email support for both claims and sales queries. 

Insure yourself with Foxquilt

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How can I cancel my Foxquilt Policy? 

All of Foxquilt’s policies can be cancelled within 10 days of their receipt of such a request. To do so, you can contact them using the email, webchat and telephone contact details, above. 

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