Your business insurance renewal went up with Co-operators or Desjardins. How do you get a second quote?

If your commercial renewal jumped, you can absolutely shop it. Ask your current insurer why it went up, gather your renewal documents and loss history, then bring them to an independent broker who can market your risk to several insurers at once and compare the results against your renewal. There's no obligation to switch.

Why did my commercial insurance renewal go up?

A higher renewal rarely means you did something wrong. In the Ontario commercial market, premiums move for reasons that have nothing to do with your specific business. The broad category of insurance your risk sits in may be hardening, meaning insurers across the market are charging more or tightening what they'll write. Claims activity in your industry, inflation in the cost of rebuilding or repairs, and higher reinsurance costs all feed into the number on your renewal.

Then there are reasons specific to you: a claim in the past few years, a change in your revenue or payroll, a new location, added equipment, or simply your property's updated replacement value. Sometimes an insurer re-evaluates an entire class of business and adjusts everyone in it. If the increase feels large and no one explained it, that's a fair reason to ask questions and look at the market.

The first step costs nothing: call your current representative and ask them to walk you through what changed. You're entitled to understand your own renewal, and the answer tells you whether the increase is reasonable or worth challenging.

Can I shop my renewal if I'm with Co-operators or Desjardins?

Yes. You own your business and your insurance decisions, and you're free to get competing quotes at any time, including at renewal.

It helps to understand how these insurers reach their customers. Co-operators sells mainly through its own network of exclusive advisors and agents who represent Co-operators products. Desjardins in Ontario reaches customers through Desjardins Insurance agents and directly by phone and online. Because those channels are built around one insurer's products, a representative there is generally quoting and renewing within that insurer's own appetite and pricing.

An independent broker works differently. A broker isn't tied to a single insurer and can approach several commercial markets with the same submission, then bring the options back to you. That doesn't make one model right and the other wrong, but it does mean that if you only ever see one insurer's number, you don't yet know where it sits against the rest of the market. Getting a second quote is simply how you find out.

How do I actually get a second quote on my commercial policy?

The cleanest way is to let a broker market your risk for you. Here's what that looks like in practice.

First, gather your paperwork. You'll want your current declarations page, the renewal offer you just received, a summary of your coverages and limits, and your claims or loss history for roughly the last five years. If you have an inspection report, a list of equipment, or your current revenue and payroll figures, those help too. The more complete your file, the more accurate the competing quotes.

Second, bring it to an independent broker and explain your business plainly: what you do, where, who your customers are, and anything about the risk that a quick glance wouldn't reveal. Good quoting depends on an accurate picture, not a rushed one.

Third, let the broker do the legwork. They'll prepare one submission and send it to the insurers whose appetite fits your business, then collect the responses. You review the options side by side against your renewal, comparing not just price but the limits, deductibles, endorsements, and exclusions. A cheaper number that quietly drops coverage you actually use isn't a better deal.

You're never obligated to move. If your current renewal turns out to be competitive, staying put is a perfectly good outcome, and now you'll know it's fair.

What should I compare besides the price?

Price is the headline, but the coverage behind it is what matters when you have a claim. When you look at a competing quote next to your renewal, read past the premium.

Check the liability limits and whether they match what your contracts or landlord require. Compare property limits and how the building and contents are valued, since replacement cost and actual cash value behave very differently at claim time. Look at the deductibles on each section. Scan the endorsements and exclusions, because two policies with the same headline price can treat things like water damage, equipment breakdown, or business interruption completely differently.

Also weigh the service relationship. Who answers when you have a question, how claims are handled, and whether the coverage can grow with your business all count. A second quote is a chance to compare the whole package, not just the bottom line.

When does it make sense to stay with your current insurer?

Shopping your renewal doesn't always end in a switch, and it shouldn't have to. There are good reasons to stay.

If your current insurer has handled a claim well, knows your business, and the renewal is in line with the market, loyalty can be worth something. Some insurers reward multi-year relationships, and a long, clean history with one company can work in your favour. If you've recently had a claim, you may find the market isn't eager to take you on at a better price right now, and your current insurer's offer is actually the strongest one available.

Staying can also make sense if your coverage is specialized and few insurers write it well. The point of a second quote isn't to switch for the sake of switching. It's to make an informed decision instead of an automatic one.

FAQ

Will getting a second quote hurt my current policy or my record? No. Asking a broker to quote your business doesn't cancel anything or create a mark against you. Your current policy stays exactly as it is unless you choose to move, and you control that decision.

Is there a cost to having a broker shop my renewal? Getting quotes through an independent broker is generally offered at no separate charge to you. Ask the broker to confirm how they're compensated so everything is transparent before you decide anything.

How far ahead of my renewal date should I start? Earlier is better. Starting three to four weeks before your renewal date gives a broker time to market your risk properly and gives you time to compare options without feeling rushed into a same-day decision.

If your commercial renewal came in higher than you expected, a second quote is a low-risk way to find out whether it's fair. Reach out and we'll walk through your current coverage and show you what the broader market looks like for your business.

Insure Me Good is an independent insurance brokerage and is not affiliated with, or endorsed by, Co-operators or Desjardins. Company names are trademarks of their respective owners.

This is general information, not advice on a specific policy — talk to a licensed broker about your situation.