Business Insurance

Business Insurance

Business insurance provides financial protection should a claim or lawsuit be filed against you or your business.

Business Insurance
Partnership with over 50 leading Canadian insurance companies
Partnership with over 50 leading Canadian insurance companies

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:

  1. Visit us at
  2. 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.
  3. 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:

  1. Use the chat feature on our website;
  2. Send us an email at; or
  3. 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.

Track Liability Insurance

What does Business Insurance cover?

Business insurance is used as an umbrella term to describe common types of insurance business owners require to cover costs associated with third-party liability lawsuits or claims.

Explore the following insurance policies for specific coverage information:

  • Commercial General Liability Insurance (CGL) provides financial protection against claims or lawsuits alleging third-party bodily injury or property damage as a result of your business operations.
  • Professional Liability Insurance, also known as Errors and Omissions Insurance, protects professionals against claims or lawsuits alleging negligence, errors, omissions, or failure to deliver a service as advertised.
  • Product Liability Insurance protects against claims or lawsuits alleging third-party bodily injury or property damage due to a product you sold or manufactured.
  • Commercial Property Insurance covers for physical loss or damage to your property (rented or owned) and its physical contents due to an external disaster, such as a fire, theft, or vandalism
  • Cyber Liability Insurance provides financial protection against network security and privacy issues, such as a data breach. It also covers damage to computer and data infrastructure systems.
  • Directors and Officers Liability covers costs associated with indemnification, losses or legal defence against an individual who serves as a director or officer for the board of a corporation, whether it’s for-profit or non-profit, public or private
Right policies for business 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.

Your business is unique and your coverage will vary. Speak with your broker to find a policy to suit your needs.

Read about four examples where insurance saved a startup.

Cheap Liability Insurance

What is the cost of Business Insurance?

For a low-risk small-business, you can anticipate spending approximately $650 annually on a basic commercial general liability insurance policy with a $2M limit.

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:

  • Industry
  • Risk Exposure
  • Years of Experience
  • Location
  • Number of Employees
  • Revenue
  • Claims History

Read more about how much business insurance costs

Getting insured is quick and easy!

If insurance for your small business is what you need, request a free quote now

Frequently Asked Questions about Insurance for Small Businesses

What does business insurance cover?

The most basic type of business insurance known as a commercial general liability (CGL) covers two main areas: 3rd party personal injury and property damage. This basically means that if as a result of your normal business operation someone gets hurt or something is damaged, your business insurance can help cover the costs. On top of this, if you have unique protection needs, you can add a wide range of optional coverages such as cyber liability, errors & omissions or medical malpractice just to name a few.

What are the different types of business insurance?

The term ‘business insurance’ is often used as an umbrella term to describe a variety of insurance policies that come together to form a comprehensive business insurance policy package. These policies typically include:

  • Commercial General Liability Insurance (CGL)
  • Professional Liability Insurance
  • Business Property Insurance
  • Business Interruption Insurance
  • Cyber Liability Insurance
  • Directors & Officers Liability Insurance 

No insurance policy is one size fits all, and no one knows your business risks better than you do. We recommend speaking with your broker about customizing your insurance policy to suit your unique business needs. 

How much is business insurance?

For a small- to medium-sized business, you can anticipate spending $450.00 annually on a basic CGL policy with a $2,000,000.00 limit. 

When you fill out our online application, we will ask some questions about your business to help better understand your needs. The following factors are taken into consideration when determining the best policy options for you: 

  • Years of Experience 
  • Annual and Projected Gross Revenue
  • Number of Employees 
  • Previous Insurance Claims 

We know you’re busy, so let us do the shopping around. Complete our online application for an accurate estimate of your insurance premium.

How much does business insurance cost?

Most small businesses pay anywhere from $500 to $5,000 per year for business insurance.  The wide range in cost is explained by the wide diversity of business types and risk factors of specific trades or industries. Other factors that affect your business insurance cost are the amount of coverage, previous experience in the industry or insurance claims made in the past.  Here’s a resource for more information on business insurance costs.

How much business insurance do I need?

Canadian entrepreneurs often ask how much business coverage they should get. 1 million or 2 million? The answer as with many things insurance is: It depends. As your business coverage goes up so does your premium. If you can absorb the cost, the general advice is to get as much coverage as you can afford. Many business owners who have to file a claim and went for the cheapest option often wish they had gotten broader coverage. Evaluate the potential risks your business is exposed to and your budget.

Does business insurance cover personal use?

Generally speaking, business insurance does not cover personal use, meaning you cannot replace home insurance with business insurance. However, there are exceptions. If you operate your business from home, you can protect this space with business property insurance. If you use your vehicle for business purposes, it may be covered under your commercial auto insurance policy. However, home insurance does not typically cover the physical assets associated with your business, such as stock or inventory, or liability issues that occur in your homes, such as a slip and fall injury. It can be confusing, which is why we recommend speaking with a broker to understand the limitations and restrictions of your business insurance policy.

To protect both your home and business, consider keeping business separate from your personal life by protecting your assets with a business insurance policy and home insurance policy.

Do I need business insurance if I work from home?

The short answer is YES. While some personal home insurance policies could cover some personal items you use for work such as a laptop, a printer, a monitor or some tools, many times there are exclusions in your home policy that don’t cover home business items. In case of damage to your home or loss of equipment that prevents you from working, the loss of income will not be covered by your home insurance.

Which Small Businesses Require Insurance?

Regardless of the type of business you own, having insurance is critical for almost any business including:

  • Accountants

  • Accounting Firm

  • Actuaries

  • Advertising

  • Aerial and ground based Photographers / Videographers

  • Alternative Energy

  • Architects & Engineers

  • Appraisers

  • Bookkeepers

  • Broadcasters

  • Building Designers (Bill 124)

  • Business Consultant

  • Chiropodists

  • Civil engineers

  • Collection Agencies

  • Consultants

  • Chiropractors

  • Design Firms

  • Directors and Officers

  • Employment Agencies/Recruiters

  • Engineers

  • Environmental Engineers

  • Energy Audits & Assessments

  • Financial Advisors

  • Financial Planners

  • Foreign Legal Consultants

  • Holistic Professional

  • Hotel Consultant

  • Home Inspectors

  • Human Resources (HR) Consultant

  • Immigration Consultants

  • Information Technology & Computer Consultants

  • Interior Designers

  • IT Contractor

  • IT Specialist/Technician/Programmer

  • Independent Contractor

  • Product Designers

  • Professionals Liability

  • Lawyer’s Excess Professional Liability

  • Management Consultants

  • Medical Related

  • Medical Professionals (Malpractice Insurance)

  • Medical Students (Malpractice Insurance)

  • Multimedia designers

  • Mortgage Brokers

  • Naturopaths

  • Occupational Health and Safety Consultants

  • Quality Control Consultants

  • Placement Agencies

  • Podiatrists

  • Process Servers

  • Private Investigators

  • Project Managers

  • Property Managers

  • Paralegals

  • Publishers and Printers

  • Recruitment and Employment Agency

  • Recruitment Consultants

  • Safety Engineers

  • Service Organizations

  • Solar & Wind Farm Engineers & Consultants

  • Staffing Agencies

  • Structural Engineers

  • Sub Contractor

  • Surveyors

  • Therapist Professionals

  • Training Providers/Trainers

  • Travel Agencies

  • Travel Agents, Tour operators

  • Web-Site Designers

  • Web Developers

  • Workplace Engineers & Consultants

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Our customers ❤ us, and so will you! Learn why thousands of Canadian small businesses trust us with their insurance needs.

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Getting business insurance shouldn’t be complicated!

At Zensurance, we simplify the process of getting 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.