Written and reviewed by Hafsa Bashir, Principal Broker at HIFA
RIBO licensed · Principal broker at HIFA, working with owner-operated businesses and the families behind them across the western GTA.
Last reviewed June 2026 · 4 min read
Accurate commercial insurance needs more than a business name and an address. Insurers price the risk they are shown, so the quality of the submission determines both the price you are offered and whether the wording actually fits what you do.
1. Operational detail
A clear description of exactly what the business does — and what it does not. If you are a contractor, is the work residential, ICI, or municipal? Do you subcontract? If you are a manufacturer, what do you make and where does it end up? Vague descriptions produce generic class codes, and generic class codes produce policies that exclude the thing you actually do.
2. Financial metrics
Estimated gross annual revenue for the coming year and total payroll. For some classes you will also need revenue split by service line, and by Canadian versus US sales — US exposure changes both price and jurisdiction wording materially.
3. Property information
If you lease or own commercial space: year built, construction type, and when the roof, plumbing, electrical and heating systems were last updated. Replacement cost — not book value — for equipment, inventory and leasehold improvements. Sprinkler and alarm details.
4. Claims history
A letter of experience or loss runs from your current insurer covering the past three to five years. Prior claims are not a barrier; an undisclosed prior claim is.
5. Anything contractual
Leases, client contracts and tender documents specifying insurance requirements. These frequently determine the limits and endorsements you need, and it is far cheaper to build them into the submission than to endorse them on afterwards.
Having this ready before you speak to a broker shortens the process considerably, and more importantly it produces a submission an underwriter can price properly rather than conservatively.
Coverage availability, eligibility, limits and pricing vary by insurer and individual circumstances. Information on this website is general and is not a substitute for reviewing policy wording or speaking with a licensed insurance broker. Nothing on this site binds coverage or constitutes an offer of insurance.