Small Business Insurance

Small Business Insurance

Small business insurance protects small business owners from the costs associated with third-party liability lawsuits or claims.
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What is Small Business Insurance?

Small business insurance is an umbrella term used to describe a range of coverages that provide financial protection against common risks that pose a threat to your small business operations, such as bodily injury, property damage, or failure to deliver a service as promised.

Small Business Insurance Coverage

What does Small Business Insurance cover?

The type of coverage you need for your small business will vary based on the industry you operate in and the services you provide. A comprehensive insurance policy package may include:

  • 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.
Small Business Insurance Required By

Who needs Small Business Insurance?

The survival of your business can be threatened in a matter of minutes. Regardless of service or industry, all small business owners should consider protecting their business with insurance.

Small business insurance provides financial coverage against many risks you may encounter in your day-to-day operations and cover costs should you be named in a lawsuit.

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

Small Business Insurance Costs

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 cost of small business insurance policy varies according to several factors, such as:

  • Industry and Services
  • Years of Experience
  • Annual and Projected Revenue

Read more about how small business insurance is calculated.

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Frequently Asked Questions about Business Insurance

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 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

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