Small Business Insurance2020-01-20T17:05:18-05:00

Small Business Insurance

According to the Government of Canada, “To protect your small business assets from potential risks, you should consider getting insurance”. This is why having Small Business Insurance is so important.

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What is Small Business Insurance?

According to the Insurance Bureau of Canada, Small Business Insurance protects you from losses that may pose a significant threat to your business operations such as property damage, errors or injuries. There are many types of insurance for businesses that protect small businesses according to their industry, size and revenue. Some of these types include general liability insurance, errors and omissions insurance or directors & officers liability insurance.

Small Business Insurance Coverage

What does Small Business Insurance cover?

While business insurance is not an insurance type per se, it is usually used as an umbrella term to refer to commercial general liability insurance and all other insurance sub-types.

Explore the following insurance policies for specific coverage information:

Read about 4 examples where insurance saved a Startup

Small Business Insurance Required By

Who needs Small Business Insurance?

Regardless of your business type, owning insurance is critical for the long term survival of any business. Cover the financial costs associated with unforeseen events such as damage caused to 3rd parties, accusations of professional negligence or defective products.

Small Business Insurance Costs

What is the cost of Business Insurance?

The cost of a business insurance policy varies according to factors such as:

  • Industry
  • Level of experience in the industry
  • Revenue

It also depends on the nature of your work and the size of your particular business.

Read more about how small business insurance is calculated

Getting insured is quick and easy!

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

Which Small Businesses Require Business 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

Frequently Asked Questions about Business Insurance

What does business insurance cover?2019-05-10T12:46:29-04:00

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?2020-01-17T12:28:14-05:00

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?2019-11-13T15:50:14-05:00

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?2020-01-20T17:20:58-05:00

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?2019-05-10T12:30:42-04:00

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?2019-11-13T15:50:33-05:00

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?2019-05-10T12:31:16-04:00

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.

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