Business insurance provides financial protection should a claim or lawsuit be filed against you or your business.
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Hi, I’m Trevor from Zensurance, and I’d like to briefly explain business insurance for Canadian business owners.
We’ll quickly review what business insurance is, what it covers, and how much it could cost.
Many business owners wonder: Why do I even need business insurance?
Well, running a business is hard work, really hard work; it’s an investment of your time; it’s an investment of your money and your passion. It only makes sense to protect those investments with business insurance. Think about it, your livelihood and the livelihood of your employees could depend on being insured or not. When you think about it from that angle, the premium you pay starts to feel very small when compared to the stress of potentially having to start everything all over again on your own.
With that out of the way, let’s move on to what exactly is business insurance.
Well, business insurance is really just an umbrella term that refers to the whole bundle of insurance policies that apply to a business. It can include things like commercial property insurance, commercial general liability insurance, errors and omissions insurance, and so on. When you insure your business in Canada, you really start off with commercial general liability insurance, and you build coverages on top of that.
Commercial general liability insurance is the most basic type of insurance, and it really covers your business against
claims of injury or property damage to third parties.
People always ask: How much am I going to have to pay for business insurance?
That’s a great question, and there’s a number of things that the insurance companies will look at when determining your premium. Things like the size of your business, the revenue from your prior year, what industry you’re working in, and any years of experience you’ve had running similar type businesses. There’s a number of other things that they may use to determine premium as well.
To find out how much insurance would cost for your business, it’s very simple, and you can even do it online. Here’s what you’ll need to do:
- Visit us at zensurance.com.
- Click on get a quote, and simply start to type out the name of the industry you work in. If you’re not able to find an industry, simply type out “other,” click “Next,” and you’ll be presented with a few other questions to fill out.
- Some of the other questions you’ll be asked to fill out would include things like How much you made last year, What’s your projected revenue is for this year (don’t worry, an estimate is fine), How many years of business you’ve been in operation, How many people you employ and so on.
And that’s it! Based on your industry, we’re going to recommend the best policy for you, and you’ll get a great price estimate. In case additional information is required, one of our talented insurance brokers will be in touch with you to clarify any questions.
It’s that easy, and it’s that simple!
If you have any more questions on business insurance in Canada, we have several ways to help you:
- Use the chat feature on our website;
- Send us an email at firstname.lastname@example.org; or
- Call our customer care number at 1 888 654 6030.
What is Business Insurance?
Business insurance protects business owners from losses due to unforeseen events that may occur during day-to-day business operations, including third-party property damage, errors, or bodily injuries.
There are many types of insurance available for business owners. The type of coverage you need relies on several factors, including industry, size, and revenue.
Common types of business insurance include general liability insurance, errors and omissions insurance, and commercial property insurance.
Who needs Business Insurance?
Regardless of size or industry, insurance is critical for the long term survival of your business.
Business insurance provides coverage for the financial costs associated with unforeseen events such as damage caused to third parties, accusations of professional negligence or defective products.
What is the cost of Business Insurance?
The amount of coverage you require varies, as does the price of your premium. A number of factors are taken into consideration when determining the cost of an insurance policy, such as:
- Risk Exposure
- Years of Experience
- Claims History
Getting insured is quick and easy!
If insurance for your small business is what you need, request a free quote now
Which Small Businesses Require Insurance?
Regardless of the type of business you own, having insurance is critical for almost any business including:
Aerial and ground based Photographers / Videographers
Architects & Engineers
Building Designers (Bill 124)
Directors and Officers
Energy Audits & Assessments
Foreign Legal Consultants
Human Resources (HR) Consultant
Information Technology & Computer Consultants
Lawyer’s Excess Professional Liability
Medical Professionals (Malpractice Insurance)
Medical Students (Malpractice Insurance)
Occupational Health and Safety Consultants
Quality Control Consultants
Publishers and Printers
Recruitment and Employment Agency
Solar & Wind Farm Engineers & Consultants
Travel Agents, Tour operators
Workplace Engineers & Consultants
Frequently Asked Questions about Insurance for Small Businesses
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