Congratulations! You are about to launch your small business, and you have been crossing tasks off of your to-do list. We imagine this is exciting. We also imagine this list has become a bit overwhelming. You reach your next item, “look into small business insurance.”

Is this necessary? You don’t plan on making any mistakes, and it seems like an avoidable cost. Do you need it? You’ve heard it involves a lot of back and forth with brokers, and you feel like you should be focusing on other aspects of getting your business off of the ground.

Short answer? Yes, you need small business insurance in Canada and here’s why. Regardless of what industry you are in, mistakes happen and can threaten the survival of your business in a matter of seconds.

small business owners

What Is Small Business Insurance?

Understandably, most small business owners don’t expect to sustain any losses when purchasing insurance coverage, so we ask you to think of it as protection against an extraordinary event. Consider it to be an indispensable tool for the long-term survival of your business – big or small. That’s what small business insurance is. Here’s what it doesn’t have to be: confusing, costly, or time-consuming. At Zensurance, we simplify the process by providing a broker-approved quote for free in minutes. Believe us; you’ll want it if you need it. 

In Canada, more than a third of overall insurance claims are coming from small businesses, yet 25% don’t have insurance of any type. Why? Research shows time and costs to be the two limiting factors when it comes to sitting down and determining which insurance policy is right for you and your small business. There’s a lot of jargon. It can be confusing. We get it, and we want to help.

Small Business Insurance Canada: What’s Covered?

Insurance is not one size fits all, and we know that finding the right policy is a personal choice for you and your business. So, to make it easier, we’ve listed the three most common insurance policies for small business owners.

  • Commercial General Liability Insurance (CGL): General Liability Insurance is the go-to, back-to-basics, the foundational insurance policy that every small business in Canada should have regardless of size, industry, or revenue. CGL protects businesses against third-party claims, such as injury or property damage resulting from your products, operations, or services. This policy also covers reputational injuries caused by libel or slander, and unintentional offsite injuries caused by an employee. 
  • Errors and Omissions (E&O) Insurance: A must-have for those who make a living giving advice or providing a service. E&O insurance protects businesses against claims of a failure to deliver a product or service as advertised. 
  • Directors and Officers (D&O) Liability Insurance: Everybody makes mistakes, and sometimes it’s those in charge. D&O liability insurance provides protection to Directors, officers, management, etc. against claims of alleged wrongful acts. A crucial part of your risk management strategy, D&O insurance applies to individuals sitting on boards of public, private, and non-profit organizations. Not sure if you need this? Tell us more; we’ve got the answers.
  • Commercial Property Insurance: Regardless of whether your work from home or office space, Commercial Property Insurance is an essential type of coverage to include in your small business insurance policy package. Commercial Property Insurance covers costs associated with loss or damage to the physical assets of your property, which provides for tangible property, equipment, technology, and supplies.
  • Business Interruption Insurance: In the event, you need to temporarily shut down your business due to an event or disaster beyond your control, Business Interruption Insurance covers the income lost during the time it takes to get things back up ad running. In addition to income, this type of insurance also covers mandatory overhead costs, such as rent, electricity, and employee’s wages.

What Does Small Business Insurance in Canada Cost?

The cost of small business insurance in Canada depends on several factors, such as business size, revenue, and location. For a two million dollar limit, you can expect to spend $450.00 a year on commercial general liability insurance. Allow us to find the best option for you at the best price; it’s on us.

Mistakes can take you by surprise, but your insurance shouldn’t. Cross one more thing off of your to-do list by requesting a free broker approved quote. We know you’re busy, so we’ll get back to you as soon as possible. No fine print, no surprises. 

Ready To Start? Let’s Get a Quote!

Getting a business insurance quote shouldn’t be complicated!

At Zensurance we simplify the process of getting commercial insurance so that you get the coverage you need, quick and easy!

Our friendly support team is always ready to answer questions, we’re just a click or a phone call away.

Business Insurance Zen Man

Share This Story:

About the Author: Zensurance