The Cost of Commercial General Liability Insurance in Canada
The cost of commercial general liability insurance in Canada starts at $500 to $1000/year or $42 to $84/month, depending on the insurer. Your CGL insurance rates will largely depend on your business operations, revenue and insurance options.
Let’s use the trades as an example: an electrician or carpenter or drywall specialist with $2 million of commercial general liability insurance coverage may have a premium of $500 to $1000. However, a roofer, plumber, or remediation specialist with the same amount of coverage may start at $2500.
Another example is retail. A grocer with $250,000 in revenue each year could pay around $1000 for $2 million in CGL coverage. A retailer selling kids ride-on cars with the same revenue and insurance could pay $10,000.
It all comes down to the risks and likelihood of a claim.