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Is Canadian Commercial Insurance A Commodity?

Is Canadian Commercial Insurance A Commodity?

Is Canadian Commercial Insurance A Commodity?

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The Question: “Is Canadian Commercial Insurance A Commodity?”

“Is Canadian Commercial Insurance A Commodity?” is an important question that needs to be asked especially given the increasing number of ways to buy commercial insurance and the increasingly wide range or organizations that are trying to “sell it”.

The Answer

This could be a very short post, as the answer to the question “is Canadian commercial insurance a commodity?” is a loud and resounding “NO”.  We’ll explain why the answer is no, but more importantly we’ll explain why certain business interests are trying to encourage you to ask the question “is Canadian Commercial Insurance a Commodity” and more importantly why the same business interests want you to believe that the answer to “is Canadian Commercial Insurance A Commodity?” is yes…

Reasons Why Canadian Commercial Insurance Is Not A Commodity

There are countless reasons why Canadian commercial is not a commodity, but we’ve listed a number of a couple of the more obvious ones below:

  1. There is actually no such thing as Canadian commercial insurance, so the idea commercial insurance is all the same is absurd!  Canadian commercial insurance is just a label for a increasing, constantly changing and extremely diverse number insurance products that are specifically designed for businesses.  There are actually well over 30 different categories of Canadian commercial insurance products to choose from none of which even cover the same thing.
  2. If you aren’t fully convinced by the above reason and possibly because you think “well there may be different products, but all commercial property insurance is the same” then you are very wrong which leads us to reason number two.  Each Canadian insurance company painstakingly and very specifically crafts each word of their insurance policies based on their own desire and interest to make their policy more narrow or broad depending on their business strategy, risk appetite and desire for competitiveness in any one product lines, industry, geography etc. etc.  If you need proof just compare the  insurance wording of a Chubb package policy against basically any other Canadian commercial insurance policy.  The mere fact that the Chubb policy is over 100 pages of carefully selected words in contrast to the sometimes 20-30 of many other insurers is tangible and objective evidence that Canadian Commercial Insurance Is Not A Commodity!

Given The Facts Why Would People Try To Convince You That Canadian Commercial Insurance Is A Commodity?

Canadian commercial insurance is not a commodity, but Canadian consumers across all industries are increasingly wanting and expecting immediate gratification and instant results because so many other products they purchase are easily obtainable like books, broccoli, etc. and certain organizations want to take advantage of this trend by downplaying the complexity of insurance as it helps them “sell” it.  However, insurance is a service not a product and should be purchased accordingly.

Why It’s A Good Thing That Canadian Commercial Insurance Isn’t A Commodity

The fact that Canadian commercial insurance isn’t a commodity is a very good thing because no two Canadian businesses are the same, or stay the same, and the types of insurance they need, their risk tolerances and preferences, the desired scope and structure of the product differs they want all differ  from business to business,  person to person and year to year.

ALIGNED Insurance brokers understand the desire for a good user experience which is why our commercial insurance brokers are experienced experts in Canadian commercial insurance, are fiercely independent (which means we aren’t owned in whole or in part by any insurance company which is in stark contrast to many of our competitors), 100% Canadian and always and solely work in your best interests. We strive to deliver the best possible insurance experience in the industry, but we will never pretend or try to deceive you into thinking that Canadian Commercial Insurance is a commodity….because it is not.

Contact An ALIGNED Insurance Broker To Discuss “is Canadian commercial insurance a commodity”  further Or For A Canadian Commercial Insurance  Quote at 1-866-287-0448

ALIGNED Across Canada   100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Waterloo, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.

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