Small Business Insurance: Getting the Right Type For You

What Insurance Do I Need For A Small Business In Canada?

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Worried about a customer slipping and falling at your retail locations? Are cyber exposures keeping you awake at night? How about the complexities of exporting goods to non-Canadian markets? When you’re considering what insurance do I need for a small business in Canada, ALIGNED insurance brokers are here to do a deep-dive analysis of your risks so you can make informed coverage decisions. Because every small business in Canada is managing big and small day-to-day risks, our brokers know just the right questions to ask leaders who are in the market for trusted advice about insurance options for small business in Canada.

Getting Started – Insurance For A Small Business In Canada

Ok, so you are ready to get insurance for a small business in Canada – now what? Taking an inventory of your current small business footprint is a good first step. Your ALIGNED insurance broker will want to know as much as possible about your small business, products and services as well as the risks you face in order to get a quote for comprehensive coverage solutions from some of Canada’s top insurance companies.

To get things started, here are a few questions that can help a small business in Canada determine what coverages to consider:

  • Where is your small business located in Canada? Yes, where your office(s) is matters!
  • Does your small business rent or own equipment? Lease property? What are your ongoing expense commitments?
  • What liability exposures does your small business face? When’s the last time you did a risk audit?
  • What, if any, losses has your small business experienced in the past?
  • Does your small business have a board of directors? D&O insurance is often a pre-requisite for a director to join your board.
  • What key assets does your small business have right now? Are you planning a major acquisition?
  • How long can your small business survive after a major fire, flood, vandalism, theft or lawsuit?

Get Insurance For A Small Business In Canada – Review Your Options

As shared on the Government of Canada’s Canada Business Network, there are multiple small business coverages to think about. In addition to life, disability, partnership and critical illness insurance, some of the common commercial coverages include:

  • Key person insurance — If you rely on certain key people to help run your business, protect yourself against the loss of these key employees.
  • Property insurance — Property insurance will cover the property and buildings owned by your business in the event of destruction or damage due to things like fire and other perils.
  • Contents insurance — This covers assets that you store at your business premises. If you are leasing space for your business, the owner of the property probably has property insurance, but you are likely responsible for your own contents insurance. If you run your business out of your home, you will likely need separate contents insurance for your business assets.
  • Business interruption insurance — If you need to shut down your business temporarily due to a fire or other peril, business interruption insurance will cover your loss of earnings until you are back in business.
  • Vehicle insurance — You will need to insure any vehicles that your business owns. If you use personal vehicles for business purposes, be sure to advise your insurance company.
  • General liability — Covers injury to clients or employees on your premises.
  • Product liability — Provides protection in the event that your products are defective or cause serious harm to those using them.
  • Professional liability insurance — Provides protection if you are sued by a client for errors, omissions or negligence, when performing professional services.
  • Cyber liability — Protects in the event of a lawsuit stemming from an electronic security breach involving compromised personal or commercial information. Can include situations relating to the theft of devices containing organizational, client, employee, or similar data.”1

We are proud to be recognized by our insurance industry peers as an award-winning insurance brokerage. Each and every day, our expert commercial insurance brokers serve the needs of Canadian businesses of all sizes. ALIGNED Insurance believes that Canadian small business owners deserve a different and better experience and are proud to share 18 reasons why business of all sizes works with ALIGNED.

To Discuss What Insurance Do I Need For A Small Business In Canada Or Simply To Get Insurance For A Small Business In Canada Connect With One Of Our Many Licensed Canadian Business Insurance Brokers Today at 1-866-287-0448

ALIGNED Across Canada   100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.

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