Will my personal assets be safe if I choose not to incorporate my business?

The short answer is yes, if the property you own is investment property.

In answering as i do, I am assuming that you own property in your personal name, and are now concerned about personal liability.

While you correctly assume that insurance may be a protection for you, there are various forms of potential liability.

If someone is injured on your property, then the insurance will be helpful. Regarding other forms of liability, however, insurance will not be helpful. For example, if there is liability because of a default on the mortgage, then you will be responsible. You won't avoid mortgage liability if you held the property in an entity versus personally, as the lender will usually require a personal guarantee from you, thereby eliminating the limited liability that an entity provides. The entity will, however, protect you from other debts and obligations incurred in the ordinary course of business, such as creditors. Insurance will not be helpful as an added protection in that regard. An entity also allows you to take a depreciation allowance and offset expenses against revenue, thereby lowering your tax bill.

So, on balance, it makes the most sense to incorporate and transfer the asset into the entity, but in any event, I would recommend you have insurance coverage as well.

To complete the transfer to an entity, you will need the consent of the lender, which is never a simple procedure, and you will have to have the deed assigned to the new entity, and recorded at the Registry of Deeds.

This is a general answer based upon the limited facts you state in the question, and should not be relied upon as legal advice. This answer does not, in and of itself, create an attorney-client relationship.