The City of Hamilton benefits as much today from its proximity to important water and land transportation routes as it has throughout its rich history of military and economic importance.
One of their geographical advantages is the Hamilton Harbour (aka Burlington Bay).
It opens up into Lake Ontario through the Burlington Ship Canal, an important shipping route for both local and national needs which the Government of Canada has recently invested in by awarding a $1.86 M contract to improve the Burlington Lift Bridge.
HOW MUCH DOES SMALL BUSINESS INSURANCE COST IN HAMILTON?
If you’re an Ontario small business owner who has ever shopped for business insurance you have likely noticed a lack of consistency.
This is because the cost of small business insurance in Hamilton will vary depending on:
- business insurance coverage options included
- type of business
- size of business
- number of employees
- annual revenue of the business
- deductible limits
- insurance claims history
- location of the business
You can search online and end up with a lot of different estimates such as:
- $450/year for basic general liability insurance
- As low as $19/month
- $1200 per year for small business insurance coverage
The best way to determine what it will cost to insure your Hamilton business is to get a quote from several reputable providers who service the area and then decide who you feel is the best fit.
GET A FREE SMALL BUSINESS INSURANCE QUOTE
WHICH INDUSTRIES SUPPORT THE HAMILTON ECONOMY?
Nowadays, Hamilton boasts a wide range of successful industries including Tourism, Life Science and Creative Industries, but with a well-known nickname of The Steel City, it’s no surprise that manufacturing has played a huge role in the growth and development of Hamilton since it achieved its city status in 1846.
WHAT MAKES HAMILTON ATTRACTIVE FOR SMALL BUSINESS OWNERS?
Like every city in Ontario, Hamilton experienced the economic hardships brought on by the 2020 pandemic.
However, unlike other cities, Hamilton has its geographical location as an important weapon in their fight back.
In addition to the transportation advantages discussed above, Hamilton also has the added advantage of being centrally located between other major Ontario regions such as the greater Toronto area (GTA) and Niagara.
Depending on the type of business you own or are thinking of starting you may benefit directly from the roughly 1 million educated and skilled workers who live within a 30-minute drive of the city or the fact that office space is about 42% less in Hamilton compared to the GTA ($25.71 per sq. ft. in GTA compared to $14.85 per sq. ft. in Hamilton).
Hamilton has the 3rd oldest Chamber of Commerce in Canada which has been working to facilitate connections between many of the cities approximate 15,714 businesses (76.2% of which employ 9 or fewer people) since 1845.
There seem to be posts about new businesses opening up within Hamilton all the time and based on what we’ve learned while putting this article together it’s not a surprise that Hamilton is now becoming better known as The Ambitious City.
Erie Mutual Insurance proudly serves the commercial insurance, farm insurance, home insurance and auto insurance needs of members throughout Southern Ontario including Haldimand, Niagara and Hamilton.
Please don’t hesitate to contact us with any questions you may have about this or any other topic related to your insurance.
