Buying business insurance in Canada seems pretty straightforward. You reach out to a broker; they send you a quote, you sign on the line and then you’re insured. Easy, right?
Well, yes, that is until you start flipping through the policy sent over to you by your broker. Words like binder, peril, and rider can trigger a “fear factor” in business owners, leading them to accept the first policy offered without truly understanding what they are buying.
At Zensurance, we’re focused on transparency, and that means cutting down on the insurance industry jargon. First and foremost, at the most basic level, insurance for Canadian business owners protects against risks related to your professional activities, such as a slip-and-fall injury or negligence claim.
While you don’t need to be familiar with the nitty-gritty, it is wise to be familiar with the top ten Canadian business insurance terms to have an informed conversation about insuring your business.