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Waterloo Business Owners Policy

waterloo business owners policy

Looking for Business Owners Policy in Waterloo?


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Advanced manufacturing, aerospace, automotive, food processing and tech and digital media – Waterloo has come a long way in recent years. 

If you own a business in Waterloo, you’re already ahead of the curve. Waterloo and the Tri-Cities is one of the fastest-growing metropolitan areas in all of Canada. With an accelerating tech sector, one of the lowest unemployment rates in Ontario and an above-average household median income, Waterloo business owners are well-positioned to cash in on a lucrative market.

Which makes protecting your business a priority as a business owner in Waterloo. Expanding markets unfortunately mean expanding risks. The more work you do the more risk you face, it’s a numbers game.

There’s also the increasing frequency and severity of extreme weather events and the escalation in cyberattacks on businesses of all sizes.

Own a business in Waterloo? This article is the starting point for understanding what’s in a Waterloo Business Owners Policy. If you’re looking for more specific information, contact us.


waterloo business owners policy

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Waterloo Business Owners Policy 101

Protecting your business with a business owners policy is a holistic approach to risk management. Business owners policies integrate multiple coverages into a personalized policy that addresses the unique risks of each business. 

In other words, a Waterloo Business Owners Policy is a custom package of insurance coverages to protect you from your business’s specific risks.

There are a few different coverages you’ll need depending on the industry you’re in and your past, present and future business practices. We’ve outlined some of the essential coverages that are necessary for most businesses in Waterloo.



Standard Coverages You’ll Find in a Waterloo Business Owners Policy

Commercial General Liability Insurance

In a nutshell, commercial general liability (CGL) protects your company and your employees from lawsuits that result from accusations of personal injury, property damage, false advertising, etc., by a third party. 

Commercial Property Insurance

As you can tell from the name, commercial property insurance covers your business’s physical assets. Floods, fires, gas leaks, burglaries, vandalism – all happen to businesses on a regular basis. Commercial property insurance can cover damage to:

  • Computers and equipment
  • Office furniture
  • Inventory and supplies
  • Employee property
  • Other items inside your workplace 

Business Interruption Insurance

If your business is shut down due to an event like the ones mentioned above, a business interruption policy can cover your lost income until you’ve either opened again or until you’re earning the same profits you were before the event. If you have recurring expenses, business interruption insurance should be a part of your business owners policy.

Errors & Omissions or Professional Liability Insurance

Service based businesses are popping up everywhere in Waterloo. If your business is giving professional advice, a single mistake can cost your clients and lead to legal claims of negligence, incompetency or misrepresentation. A business owners policy for professional services companies in Waterloo usually includes some form of professional liability coverage.

Cyber Liability Insurance

Given that we’re already talking about Canada’s Silicon Valley, this type of coverage is especially relevant in Waterloo. With the dramatic increase in cyberattacks over the last few years, tech companies in Waterloo are prime targets for cybercriminals. However, we’ve also seen that tech companies are not the only companies targeted by hackers. Ransomware can, and has, extorted businesses of all types and sizes. The result? Cyber liability insurance is fast becoming a part of almost every Business Owners Policy.


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ALIGNED – Business Protection Specialists

The information in this article is meant to give you a basic understanding of what a Waterloo Business Owners Policy is about. You likely have more questions about the specifics of each type of coverage and the cost. Contact an ALIGNED broker who can answer all your questions and get you a fast, free, no-obligation quote today. 


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