Intact Business Insurance Review 2024
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Discover the methodologyRunning a business comes with many risks, and having the right insurance can make all the difference in safeguarding your assets and operations. That's why business insurance is essential.
Today, we’ll delve into Intact Business Insurance, one of Canada's leading insurers in the property and casualty sector, known for offering comprehensive business insurance solutions tailored to various industries.
Explore the pros and cons of Intact's business insurance offerings with us and get valuable insights to decide if it's the right fit for your business needs.
Intact Business Insurance Canada: 5 Takeaways
- Offers specialized coverage options for various industries.
- Strong financial backing and consistent claim settlement process.
- Provides risk management services to mitigate potential threats.
- A vast network of over 6,000 brokers across Canada.
- Specialty solutions for unique industries — environmental, financial and more.
Our 2024 review of Intact business insurance
Intact Business Insurance offers a comprehensive suite of coverage options tailored to various industries, making it a solid choice for small to medium-sized businesses in Canada. Their offerings include general business liability insurance, commercial property, cyber liability, and specialized coverage for sectors like construction and retail. Intact is known for its strong financial stability and a wide network of independent brokers, which ensures personalized service and support.
When compared to other insurers like Aviva Business Insurance or The Co-operators, Intact stands out for its extensive broker network, which provides personalized service and helps tailor policies to individual business needs.
However, while Intact excels in providing reliable and broad coverage, some businesses may find more flexibility and customization with providers like Aviva, which offers highly tailored policies, or The Co-operators, known for their sustainability-focused options. Customer feedback on Intact is mixed based on the region, particularly regarding response times and claim handling.
In summary, Intact is a reliable option for businesses seeking extensive coverage, but it may be worth comparing with other insurers if top-tier customer service and policy customization are priorities for your business.
Who is Intact Business Insurance best for?
Intact Business Insurance is best for small to medium-sized businesses needing comprehensive coverage, particularly in sectors like construction and retail. It’s ideal for those who value extensive protection and prefer working with independent brokers.
Pros:
- Offers a wide range of policies that can be customized to meet specific business needs
- Backed by strong financial ratings, ensuring reliability in claim settlements
- Provides round-the-clock claims support, enhancing customer convenience
Cons:
- Some customers find premiums higher compared to competitors
- Occasional reports of slow claim processing times
Intact Insurance stands out for its great coverage options and financial stability, making it a dependable choice for business insurance. That said, you should weigh the benefits against premium costs and occasional delays in claims processing. Use our tool below to compare free business insurance quotes from Canada's best companies.
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What are the types of Intact business insurance?
Here is what Intact offers:
Property insurance
Protects your business's physical assets like buildings, equipment, furniture and inventory. Coverage can extend to damages caused by:
- Fire
- Theft
- Vandalism
- Weather events (e.g., wind, hail)
- Water damage (e.g., burst pipes)
Good to know
You might be able to add coverage for specific risks like business interruption due to property damage or spoilage of inventory.
Liability insurance
Protects your business financially if it's sued for causing:
- Bodily injury (e.g., a customer gets hurt on your premises)
- Property damage (e.g., your equipment malfunctions and damages a client's property)
Common types of liability insurance:
- Commercial General Liability (CGL): This is the most common and covers basic risks.
- Errors & Omissions (E&O): Protects professionals from negligence claims.
- Directors & Officers (D&O): Protects company directors and officers from personal liability for wrongful acts.
Commercial vehicle insurance
Provides financial coverage for your business vehicles in case of:
- Accidents (covers damage to your vehicle and others involved)
- Theft
- Vandalism
- Comprehensive coverage (e.g., fire, hail)
The type of vehicle, usage (frequency and purpose), and driver history can affect the cost of commercial auto insurance.
Business assistance services
Coverage varies depending on the policy. It typically includes:
- Claims management: Assistance with filing and processing claims.
- Risk management services: Help to identify and mitigate risks.
- Loss prevention programs: Strategies to minimize accidents and losses.
- 24/7 emergency assistance: Help in case of an unexpected event (e.g., fire, burglary).
Surety bonds
A guarantee by a third party (surety company) that your business will fulfill a contractual obligation. Common uses:
- Construction projects: Ensures contractors complete the job as per the agreement.
- License and permit bonds: Required by some government agencies to operate a business.
- Payment and performance bonds: Guarantees payment to suppliers and subcontractors.
Good to know
Before zeroing in on one provider, we recommend you compare the offerings from insurers like TD Business Insurance, RBC Business Insurance, and more.
Which industries can benefit from Intact business insurance?
Intact’s website does not explicitly list every industry it covers under its business insurance products. While it showcases contractor, construction, professional services and personal services prominently, its offerings extend well beyond these.
Intact directly offers insurance for all common industries based on the standard business insurance products it offers (property, liability, commercial vehicle). You can easily get insurance for:
- Retail stores
- Restaurants
- Offices
- Manufacturers
- Technology companies
- Hospitality (hotels)
Intact specialty solutions
This division caters to specific industries with specialized insurance needs. While Intact’s website mentions environmental and financial institutions, It likely covers more. Intact recommends contacting its team directly to inquire about your specific industry.
What is the cost of Intact business insurance?
There's no one-size-fits-all answer for the cost of Intact business insurance, or business insurance in Canada in general. The premium amount depends on several factors specific to your business.
Here are the factors that can significantly impact your business insurance premium:
- Industry: High-risk industries (e.g., construction) typically pay more.
- Business size: Larger businesses with more employees tend to have higher premiums.
- Location: Operating in a high-crime area might lead to a higher cost.
- Claims history: A history of claims can increase your premium.
- Coverage type and limits: The type of coverage (e.g., general liability vs. professional liability) and chosen coverage limits significantly affect the cost. Higher coverage limits translate to higher premiums.
General liability business insurance in Ontario can range from a few hundred dollars to several thousand dollars annually. This is just one example, and prices will differ across provinces and insurance companies.
Get quotes from multiple insurers and compare the coverage details and pricing to ensure you're getting the best value for your needs. You can simply use our free tool below to compare personalized quotes online.
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How to get a quote for Intact business insurance?
Intact primarily works through a network of brokers — 6,000 brokers offices across Canada. Here are two primary ways to obtain a quote for Intact business insurance in Canada:
Contact intact sales:
- Visit the Intact website and navigate to their "Contact Us" section. They have a phone number and contact form you can utilize.
- Clearly state your interest in obtaining a business insurance quote and your industry.
- A sales representative can discuss your coverage needs and likely transfer you to a broker who can provide quotes from Intact and potentially other insurers.
Work with an insurance broker:
- Insurance brokers partner with multiple insurance companies, including Intact.
- They can assess your business needs, recommend suitable coverage options from Intact and other providers and obtain quotes on your behalf.
- You can find a broker through online directories or by asking for recommendations from colleagues in your industry.
Expert advice
When contacting Intact or a broker, be prepared to share details about your business, including industry, number of employees and any specific risks you want to cover.
How to claim Intact business insurance?
Making a claim is important to restore your operations swiftly. Here's what Intact suggests::
- Contact authorities and your broker: If you experience vandalism, theft or similar incidents, your first action should be to contact law enforcement and file a police report. Next, reach out to your broker, who can provide detailed advice based on your policy coverage.
- Connect with Intact: Your broker can facilitate the connection to Intact and even stay on the line during your call. Alternatively, you can contact Intact’s 24/7 claims service directly at 1-866-464-2424.
- Restore your business: Intact’s Claims Representative will guide you through the necessary steps to gather all required information and streamline the claims process, helping you get your business back on track efficiently.
While you may want to settle down for the first business insurance quote you get, comparing multiple options — coverage, cost, exclusions and more — can help you a great deal. Use our comparator to get multiple quotes from the best providers in the country.
Better protection for your business today
