A-Z Insurance | Checked October 22, 2026 | For Ontario business insurance buyers

A falling market average is a reason to review your business insurance, not a discount already attached to your next bill. Before asking “How much less?”, ask “Am I comparing the same business and the same protection?”

What changed, and when?

Marsh released its third-quarter 2026 Global Insurance Market Index on October 21, 2026. It reported a 6% average decline in Canadian commercial insurance renewal rates. This is market research, not an Ontario regulatory rate approval, and it is not a personal auto or home insurance forecast. [1]

The Canadian report records different movements by coverage: property −8%, casualty −3%, financial and professional lines −4%, and cyber −5%. Marsh says the figures reflect its client-portfolio mix. They are not a promise that every Ontario business, insurer or policy will receive the same change. [2]

Why might your own renewal differ?

A renewal is not necessarily a repeat purchase. Your premises, operations, insured values or selected coverage may have changed. TruShield’s public renewal checklist asks businesses to review changes in their name, address, products or services, replacement-cost limits and vehicle use. It is a preparation aid, not a new October 2026 requirement. [4]

Marsh also reports a split liability market: US-exposed, loss-affected and complex risks can face less favourable terms. A national average should therefore not be used to predict your individual result. [2]

Compare more than the bottom line

IBC recommends an annual review of current assets, earnings, risks and losses, and cautions that choosing a higher deductible requires considering what the business can afford to pay after a claim. [3]

Our practical suggestion is to ask for a side-by-side explanation of the existing policy, the renewal and any alternative quote. Use these five questions:

• What business information changed, and has each insurer received the same updated facts?
• Are the insured amounts, covered locations and activities comparable?
• Which deductibles, sub-limits, exclusions or conditions differ?
• Is the quoted total for the same period, and are taxes, fees and any payment-plan charges clearly identified?
• Which questions or insurer requirements remain unresolved before I decide?

Give your broker a clear brief

Prepare your current policy, renewal offer, a summary of business changes and the claims information requested for the quotation. Identify your priority: reducing cost without losing needed cover, reviewing a deductible you could fund, or exploring a specific gap.

Ask A-Z Insurance to explain the available options and their trade-offs. We do not guarantee a premium reduction, a particular market outcome or a claim payment. Any change must be confirmed under the applicable policy and insurer requirements.

This article combines a dated Canadian market update with general preparation suggestions for Ontario businesses. Figures describe Q3 2026; they do not automatically apply to later renewals. Actual coverage depends on the issued policy, endorsements, limits, deductibles and exclusions.

Related services

• Commercial insurance
• Contact A-Z Insurance

Public sources and dates

Rechecked October 22, 2026. Dates below identify the sources, not this article’s publication date.

1. Marsh: Global commercial insurance rates fall 5% in Q3 2026 (2026-10-21)
2. Marsh: Canada Insurance Market Rates — Q3 2026 (Q3 2026 report; accessed 2026-10-22)
3. Insurance Bureau of Canada: Managing your business insurance premiums (No publication date displayed / 未显示发布日期)
4. TruShield Insurance: Business insurance renewal checklist (Undated public checklist / 未注明日期的公开清单)

When you first shop for auto, home or tenant insurance, prices and unfamiliar terms can make comparison difficult. Start with what you need to protect and what you could afford to lose, then review the coverage line by line.

Know the main types of protection

Auto insurance: separate required and optional coverage

Ontario’s standard auto policy includes third-party liability, statutory accident benefits and uninsured automobile coverage. The legal minimum third-party liability limit is $200,000; whether you need more deserves a separate discussion. FSRA’s standard-policy guide

Since July 1, 2026, standard medical, rehabilitation and attendant care benefits remain mandatory, while other accident benefits are optional. Existing renewal benefits and limits have continuation protection unless changed by written agreement. An older coverage checklist may therefore misdescribe a new policy. FSRA’s 2026 reform fact sheet

Collision and Comprehensive are optional vehicle-damage coverages, although a financing or leasing contract may require them. Direct Compensation–Property Damage, or DCPD, is normally included, but since 2024 a written OPCF 49 agreement can waive the relevant recovery rights. Understand the consequences before considering that choice. FSRA’s OPCF 49

Home and tenant insurance: different responsibilities

Home insurance generally addresses the building, belongings and liability. Tenant insurance can protect your belongings and personal liability and provide eligible additional living expenses after an insured loss. Your landlord’s policy does not automatically insure your possessions or liability. IBC’s home and tenant coverage guide

Mistake 1: assuming the minimum suits everyone

A legal minimum, a contract requirement and your household’s needs are different considerations. Discuss rebuilding costs, valuable belongings, liability exposures and the income or care you might need after an injury.

Ask your broker what each limit does. What happens if a covered loss exceeds it? Are there smaller limits for particular items? What would a higher limit cost? Someone else’s choice is not a substitute for reviewing your own circumstances.

Mistake 2: comparing only the price

Use consistent information and coverage when comparing quotes. Check limits, deductibles, endorsements, payment terms and discount conditions. Ask specifically about glass damage and temporary transportation under auto insurance, or the causes of water damage covered under a property policy.

A multi-policy discount may help, but compare the combined cost and protection rather than the discount percentage alone. A claim-free year also does not guarantee that your next premium will fall.

Mistake 3: ignoring the wording and later changes

Ask about exclusions, restrictions and notification duties. A practical example is more useful than a broad label such as “comprehensive.” FSRA recommends asking property-insurance questions about exclusions, replacement cost, deductibles and optional protection. FSRA’s property-insurance questions

Discuss changes such as moving, replacing a car, adding a driver, renting out a home, starting business use or undertaking major renovations. Unreported changes can have consequences, but not every change automatically invalidates an entire policy.

Finish with clear records

Confirm the insurer, effective date, purchased coverage and outstanding information. Keep quotes, policies, endorsements and important written replies. Use official FSRA or RIBO resources to verify the relevant seller’s licensing or registration. FSRA’s property-insurance guidance

Contact A-Z Insurance with your needs or current documents to work through the options.

Phone: 905-707-2929. Email: info@azinsure.ca.

This article provides general information checked on October 11, 2026, not individualized insurance or legal advice. Coverage, discounts, duties and claims outcomes depend on applicable law and the actual policy.