Is TD Business Insurance Good? Review 2024
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Discover the methodologySmall businesses are the backbone of our economy. If you’re running one, thank you for everything that you do. But running a small business comes with its own set of challenges. From unexpected accidents to natural disasters, various risks can threaten your hard work.
That’s where business insurance steps in, providing a safety net and protecting you against potential losses. TD Business Insurance is designed with small businesses in mind, offering tailored coverage options to meet the unique needs of different industries.
Let’s dive into everything you need to know about TD Business Insurance: What does it cover? What does it cost? What are its pros and cons? Is it the right choice for your business? Find answers to all this and more.
TD Business Insurance Canada: 5 Key Takeaways
- Built with a focus on small business in Canada.
- Includes commercial auto, property, and general liability insurance.
- Tailored coverage for healthcare, retail, construction, and more.
- Optional coverages like professional liability and business interruption.
- Apply online or in-branch with expert assistance.
Our 2024 review of TD business insurance
If you're a small business owner in Canada, TD business insurance offers a range of coverage options tailored to your specific industry needs. What sets TD apart is its focus on customized insurance solutions for various sectors, including professional services, retail, construction, hospitality, and manufacturing.
For example, TD provides commercial general liability (CGL) insurance with optional professional liability coverage for healthcare providers, while retailers can benefit from CGL with additional products and completed operations coverage.
TD also covers industry-specific risks, such as equipment breakdowns in construction or product defects in manufacturing, through its commercial property and liability insurance offerings. This focus on industry-specific solutions makes TD a strong contender if you're looking for a provider that understands the unique challenges of your business.
However, while TD offers robust business insurance coverage, its options may be less diverse than specialized insurers like Aviva Business Insurance and The Co-operators which also offer various add-ons for further customization. This could be a consideration if your business requires highly tailored insurance plans.
Pros of TD Business Insurance
- Comprehensive coverage options tailored to various industries
- Flexibility with optional coverages
- Easy application process online or in-branch
Cons of TD Business Insurance
- High premiums for high-risk industries
- A health interview may be required for some coverage options
Who is TD Business Insurance best for?
TD business insurance is a solid choice for small to medium-sized businesses seeking dependable, comprehensive coverage from a well-established financial institution. It's particularly advantageous for businesses that value the convenience of managing their financial and insurance needs under one roof. However, those requiring more tailored insurance solutions may need to explore other providers with more specialized offerings.
But don't rush into making a decision. Compare multiple providers and weigh your options. Use our free tool below to compare business insurance quotes for your business from Canada's best providers.
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What does TD business insurance cover?
TD primarily focuses on offering business insurance for small companies through the following coverage options:
Commercial auto insurance
This goes beyond your car insurance and caters to vehicles used for business purposes. Common types of Commercial auto insurance coverage include:
- Collision: Pays for repairs to your business vehicle if it collides with another car or object.
- Comprehensive coverage: Covers damage caused by events other than collisions, such as theft, fire, vandalism, hail or animal strikes.
- Liability: Protects your business from financial losses if your business vehicle causes injury to others or damages their property. This can include medical expenses, lost wages, and property repair costs.
- Uninsured/underinsured motorist: Covers you in case the driver who caused the accident doesn't have insurance or doesn't have enough insurance to cover the damages.
<strong>Optional coverages</strong>
Depending on your business needs, you might consider adding:
- Medical payments: This covers medical expenses for you, your passengers, and anyone else injured in your vehicle, regardless of fault.
- Roadside assistance: Provides towing, jump starts, and other roadside services if your vehicle breaks down.
Commercial property insurance
This safeguards your physical assets which are crucial for running your business, such as:
- Building: Covers your business structure itself in case of damage from fire, theft, vandalism, weather events, or other covered perils.
- Business personal property: Protects your furniture, equipment, inventory, and other business contents from covered losses.
- Loss of income: Covers lost income if your business is forced to close due to a covered event, such as a fire or a major storm.
<strong>Optional coverages</strong>
- Business interruption: Covers ongoing expenses like rent and payroll even if your business is unable to operate due to a covered event.
- Data breach: Provides coverage for costs associated with a data breach, such as notifying customers, legal fees, and credit monitoring.
Check out our guide on Cyber Insurance if your business deals with a lot of customer/vendor digital data.
General liability insurance
This protects your business from lawsuits arising from incidents that happen during your operations. Here's what it covers:
- Bodily injury: Covers medical expenses and lost wages if someone gets injured on your business property or due to your business activities (e.g., a slip and fall accident at your store or a product defect).
- Property damage: Covers the cost to repair or replace the property of others in case your business or its operations damage it.
- Personal and advertising injury: Covers lawsuits alleging slander, libel, copyright infringement, or other non-physical injuries.
<strong>Optional coverages</strong>
You might want to consider these:
- Products and completed operations: Covers claims arising from defects in products you sell or from services you provide after the work is completed.
- Professional liability (errors and omissions): Provides coverage for professionals who could be sued for negligence in their services.
Which industries can benefit from TD business insurance?
TD business insurance offers specific coverage options tailored to the needs of various industries.
TD Insurance prominently caters to the needs of:
| Industry | Common Risks | Recommended Coverage Options |
|---|---|---|
| Professional Services & Healthcare | Negligence claims, errors in service provision | CGL with optional professional liability (errors and omissions) coverage |
| Retailers & Wholesalers | Slip and fall accidents, product liability | CGL with bodily injury and property damage coverage, optional products, and completed operations coverage |
| Construction | Equipment breakdown, workplace injuries | Property insurance for equipment, general liability for workplace incidents |
| Hospitality | Slip and falls, theft | CGL with bodily injury and property damage coverage, optional commercial property insurance for contents |
| Manufacturing | Product defects, equipment breakdowns | CGL with products and completed operations coverage, commercial property insurance |
What is the cost of TD business insurance?
Business insurance premiums are highly customized based on several factors, such as:
- Industry: Higher-risk industries like construction or manufacturing will generally have higher premiums compared to lower-risk industries like professional services.
- Business size and revenue: Larger businesses with more employees and higher revenue tend to pay more in premiums.
- Location: The location of your business can impact the cost due to factors like crime rates and local regulations.
- Coverage selection: The specific types of coverage you choose and the limits of those coverages will significantly affect the cost.
- Claims history: Businesses with a history of claims will likely pay higher premiums.
For example
To give you a better idea, here are some cost estimations for business insurance in Canada:
- Commercial general liability: $500 - $5,000+ per year
- Commercial property insurance: $1,000 - $10,000+ per year
As mentioned earlier, insurance rates also vary depending on the location. So you can check out our guides specific to your province: Business insurance in Ontario, Business insurance in Alberta, or business insurance in BC.
You could also use our free tool below to get personalized business insurance quotes from multiple providers and compare them online.
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What is TD Business Credit Protection?
TD Business Credit Protection is a type of insurance specifically designed to safeguard your business finances in case of unforeseen events happening to key individuals involved in the business.
It comes in two main flavors:
Business credit life insurance
This focuses on life and accidental dismemberment coverage. In the unfortunate event that someone essential to the business passes away or suffers a serious accidental dismemberment, the insurance benefit can be used to:
- Pay down the outstanding balance of your insured business credit products (loans, lines of credit).
- Cover the interest owed on these products.
The best part? Any remaining benefit amount after paying off the credit products would be paid out to your business. Coverage limits can reach up to $1 million per insured person.
Business credit living benefit insurance
This insurance goes beyond death and accidental dismemberment. It provides additional coverage for critical illnesses and total disability:
- Critical illness: If you or a key person insured under the policy are diagnosed with a critical illness like cancer, heart attack or stroke, the insurance benefit can be used towards the outstanding balance of your insured revolving credit products (lines of credit) up to a maximum of $500,000.
- Total disability: If an insured person becomes disabled and unable to work, the insurance can pay up to $3,000 per month for a maximum of 24 months per disability, with a total maximum of 48 months.
Watch out!
TD Business Credit Protection is not a replacement for other business insurance products like property or liability insurance.
How can you apply for TD Business Credit Protection?
You can apply in-branch or consult with your Small Business Account Manager.
- The first step is to complete the application, which involves choosing your coverage and answering six health-related questions.
- Based on the coverage amount requested and your answers to the health questions, you might also need to undergo a health interview.
TD’s team will guide you on the next steps if you qualify for the protection.
How to get a TD business insurance quote?
You can get customized business insurance quotes from TD for your small business in 3 easy steps:
- Determine your industry coverage: Explore TD’s list to see if your industry is included. Choose the category that best matches your business.
- Review business coverage options: TD provides a range of flexible coverage options to help you tailor a plan that meets the unique needs of your small business.
- Get a quote online or call TD Insurance: Obtain a quote online or contact one of TD’s Licensed TD Insurance Advisors at 1-855-724-2883.
<strong>How to file a TD Business Insurance claim? </strong>
You can use the same TD business insurance phone number (for getting quotes) and get in touch with TD Insurance Claims Advisors to submit a claim. Call 1-855-724-2883.
Business insurance can be the safety net you need to transform your small business into a world-leading enterprise. Make the decision wisely by comparing as many options as you can.
Our comparator makes your job easier by providing quotes and coverage details from leading business insurance providers in Canada. Try it out!
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