Best Business Insurance Canada | Get The Right Policy Depending on Your Needs

November 15, 2021 | Editorial Team

Business Insurance Canada

When people think of insurance, they tend to think of a variety of coverage. Travel insurance, commercial auto insurance, or home insurance may come to mind. Canadian business owners should also consider commercial insurance. Commercial insurance, also known as business insurance, is meant to help protect businesses. Typically from risks such as property damage or third-party liability.

The coverage you need for your small business insurance will depend on your business needs. If you want to learn more about business insurance before getting a quote committing to an insurance policy, keep reading!

Best Business Insurance in Canada

1. The Co-operators

The Co-operators was founded in 1945 and offers multi-line insurance. They have more than 2,500 licensed insurance representatives across Canada. They manage hundreds of thousands of insurance policies across the country.

The Co-operators offers commercial insurance solutions and financial plans to businesses across Canada. They offer different insurance products, depending on the type of business you own:

  • Small Business Insurance  

OnePlace for Business is The Co-operators insurance solution for small business owners. It takes into account the key insurance needs as the different stages of your business’ growth. You can purchase the perfect insurance for your business. You will also have access to financial planning strategies. The Co-operators help you assess your business needs and provide tailored insurance solutions.

  • HomeBased Business

This is an extension to your home insurance policy. It adds coverage for your business property, your income and liability.

  • Farm Insurance

Farm policies offer coverage for dwellings, personal property, farm structures, and machinery. Livestock, produce, and poultry will also be covered. Farm owners will also receive Farmers General Liability and Pollution Liability Protection.

  • Business Life Insurance

This can protect you, your partner, and any key employees. It can offer debt and collateral coverage and buy and sell agreement funding. Business estate planning and business succession planning are also included.

Insurance quotes can be obtained quickly and easily. Alternatively, you could reach out to one of The Co-operators’ financial advisors in your area. Before recommending an insurance policy, they will consider your needs and budget.

They will help you to decide the best coverage options for you and the amount of coverage you require. The financial advisor will then help you to set up your insurance policy and answer any questions or concerns you may have.

For more information on the different types of business insurance, or to receive a free insurance quote, visit The Co-operators’ website today.

2. Intact Insurance

Intact Insurance is the largest home, auto and business insurance company in Canada. They are expert business insurers and offer a plethora of insurance options for both big and small businesses. Insurance options include:

  • Property Insurance – This protects your physical assets. This includes against loss, damage, fire, theft, and vandalism.
  • Liability Insurance – This protects your business against potentially expensive lawsuits.
  • Commercial Vehicle Insurance – This protects any vehicles that are associated with your business. This includes cars, trucks, delivery vehicles and more.
  • Business Assistance Services – This gives you access to helpful tools, advice, and resources from a variety of professionals from different fields and with different levels of expertise.
  • Surety Bonds – This allows you to give a guarantee to suppliers and customers that you will deliver on your obligations.

Intact Insurance works with more than 6,000 independent insurance brokers across Canada. They can help you to find the perfect insurance for your business. They can also help you to review and update your insurance as your business evolves and grows.

Intact’s insurance experts have in-depth, expert market knowledge. All brokers are fully licensed and are located across Canada, meaning you will never be far from a broker. The broker works for you, not the insurance providers. They offer objective advice and give you access to a number of competitive quotes for your business insurance.

Intact provides specialist business insurance in a huge range of industries, including:

  • Commercial Real Estate
  • Contractors and Construction
  • Farming
  • Home-Based Businesses
  • Hospitality
  • Personal Care and Beauty
  • Health and Therapy
  • Transportation and Warehousing
  • Hospitality
  • Manufacturing
  • Retail
  • Wholesalers

Intact customers will also have access to some great tips and advice. This includes how to proactively protect your business and how to reduce and eliminate risks.

For more information, or to speak to an insurance broker directly, visit Intact Insurance’s website today.

3. Surex

Surex is the fastest-growing online insurance provider in Canada. They have provided insurance to more than 45,000 Canadians across the country. Surex provides business insurance in a large variety of industries. This includes contractors, construction, gas fitting, personal care and beauty, and electricians.

Surex provides you with personalized insurance quotes from up to 10 business insurance providers at once. It can take as little as 10 minutes to receive your business insurance quotes. Unlike other online insurers, Surex still connects you with a real person every step of the way.

Surex is partnered with some of the leading business insurance providers in Canada. This includes Aviva, Wawanesa Insurance, Pem Bridge, Intact Insurance, Economical Insurance, and Gore Mutual.

Surex offers insurance to small, medium, and large businesses. They will also help you to choose the best business insurance rates and reduce your monthly premiums. You will be connected with a licensed insurance provider who will help you select the perfect policy for your business.

Some ways they will help you include:

  • Reviewing your business risks – This includes any liabilities or losses you could encounter.
  • Separating your personal and commercial aspects.
  • Exploring different strategies that can help lower your insurance premium.

Your Surex insurance advisor will discuss the different types of liability coverage policies with you. They will help you choose the type of coverage you require and your coverage level.

You can also choose your own deductible amount. This is the amount you will be liable to pay if you need to make a claim on your business insurance. You can choose a lower deductible amount, which will result in a higher insurance premium or a higher deductible with a lower premium.

Visit Surex’s website today to be connected with an insurance advisor, or to take a look at their business insurance policies in more detail.

4. Allstate

Our next recommendation is Allstate, a business insurance provider for smaller businesses. Allstate has been a popular insurance provider for more than 65 years. They are partnered with TruShield Insurance to offer the best insurance for your business.

Allstate offers different coverage options, including:]

  • Commercial General Liability Insurance – This protects your business from any potential losses from liability lawsuits. This includes lawsuits related to injuries and property damage.
  • Commercial Property Insurance – This includes coverage for the building, equipment, furniture, inventory, electronics, and other items.
  • Professional Liability Insurance – This protects you from lawsuits that may arise because of an error or omission in your work.
  • Cyber Risk and Data Breach – This covers the costs associated with any data breaches and hacks. This is especially important if you store or have access to sensitive information. This could include credit card information, customer data and contact information.

You can request an insurance quote on Allstate’s website or be connected with an Allstate agent in your province. They will give you a free estimate of your business insurance and talk you through your coverage options.

Allstate is known for its excellent customer service. In addition to supporting you through the insurance purchasing process, they also support you if you need to file a claim. A claims processor is available to assist you 24/7.

You can get your business insurance quote online or contact Allstar directly over the phone. You can also request an Allstar agent to contact you directly. Visit Allstar’s website today for more information.

5. Zensurance

Our final recommendation is Zensurance, a leading provider of business insurance in Canada. Zensurance has provided business insurance to more than 100,000 businesses across Canada.

Zensurance is partnered with more than 50 business insurance providers in Canada. This includes some of the most trusted insurers such as Aviva, Chubb, Beazley, Portage Mutual, and Lloyd’s.

They currently offer business insurance in Ontario, Alberta, British Columbia, Saskatchewan, Manitoba, Nova Scotia, New Brunswick, Newfoundland, and Prince Edward Island.

It only takes a few minutes to get your insurance quote. Zensurance also offers a saving of up to 35%, just for using their service!

There are several insurance options for businesses, including:

  • General Liability Insurance
  • Errors and Omissions Insurance
  • Commercial Property Insurance
  • Directors and Officers Insurance
  • Cyber Liability Insurance
  • Commercial Auto Insurance
  • Business Interruption Insurance
  • Builder’s Risk Insurance
  • Legal Expense Insurance
  • Malpractice Insurance
  • Liability Insurance
  • Product Liability Insurance

Zensurance will help you choose the best coverage option for you. This will be based on your industry, the size of your business, and your monthly and annual revenue. The number of employees, years of experience, and business location will also be taken into consideration.

Zensurance will first ask some questions about your business, so they can understand your coverage needs. They use data and analytics to find the best insurance policy for you and your business. They will also compare rates to ensure you get the best possible price.

You can be connected to an insurance broker who can talk you through your coverage options and the specific requirements of your business.

Zensurance’s online platform is well-designed and easy to use. You can purchase your insurance quickly and conveniently, at any time. Alternatively, you can contact Zensurance over the phone. So why not begin your business insurance journey today and apply for a free quote.

Why Do I Need Commercial Insurance?

Running a business is expensive and can be hard to build up. There are many overhead costs to think about, staff to pay, and often renovations need to be done. If your property or equipment is damaged or someone gets injured, you will be responsible. Both for the cost of any damage, and you could potentially be sued. With business insurance, the insurance company will bear the brunt of the cost.

There’s no way to expect when damage to your staff, customers or property could happen. So, it is always better to be covered than take a risk.

You may think if you are a small business or you run a home-based business that you don’t need insurance. Services or businesses conducted from your home are not covered by your home insurance. Small businesses can also benefit from business liability insurance and property insurance.

Business owners should take precautions to protect against unnecessary risk. Regardless of the size or location of your business, there is always a risk.

What Insurance is Mandatory in Canada?

Commercial auto insurance is legally required in Canada. Home insurance is not legally required, but most banks and mortgage lenders will not approve a mortgage without it. Business insurance is the same. It is not legally required in Canada, but you may have a harder time getting a business loan without insurance. Get more familiar with it by reading the business loan FAQs.

The laws on business insurance differ in each province. Whether you’re in New Brunswick, Newfoundland, or Prince Edward Island. Similarly, depending on what your business is, you may legally be required to have certain coverage. In Ontario, for example, accountants must have professional liability insurance.

How Can I Save Money on Commercial Insurance for my Small Business?

Business insurance tends to be more expensive than auto insurance, home insurance and travel insurance. But, it is possible to save money on business insurance – having mentioned savings, check out the best business saving accounts out there.

The first way is to lower the risk in your business. There are plenty of ways to do this. One of the biggest ways is to ensure your property is safe. Adding extra security precautions is a good way to do this. Another way to lower risk is to make sure you and your employees all receive safety or risk management training. This will ensure everyone knows what to do in case of an emergency.

When you are looking for business insurance, get a quote from many insurance companies. You can easily do this through a search engine such as Zensurance. Or, work with a broker to do it for you. Business insurance in Canada is readily available, so find an insurance policy that not only fits your needs but your budget as well.

How Much Commercial Insurance Coverage do I Need?

The amount of coverage a business should have will vary from business to business. But, there are five types of business insurance that every business owner should consider.

Commercial property insurance is the first to cover the cost of damage or loss of your property. Commercial property insurance will also cover theft or damage to your stock, or you can get crime insurance as well.

The next type of business insurance is professional liability insurance/ business liability insurance. Business liability insurance will protect your business if any third-party makes a claim against you. If someone slips on your property, for example, they could make a claim against you.

There is also errors and omissions insurance, which will protect your business against claims for mistakes you have made.

A buy-sell agreement will allow a business partner to buy out their partner’s shares if they die. Similarly, key person life insurance will give your business money if an employee considered important dies.

Business interruption insurance is the last type. It will help business owners pay their employees’ income if they must stop working due to property damage or loss.

For more information about what coverage you need, talk to an insurance professional. This could be a consultant or broker that has expertise with business insurance. As an expert in the field, they will know what insurance solutions will suit you best, so you are not taking any unnecessary risk. They will also help you get a quote that is unique to you and your business.

How Does Insurance Work in Canada?

If you have an insurance policy already either for your home, car or health, you likely understand how insurance works in Canada. Insurance for business ventures is no different. Damage or loss may occur to your business’ property, your customers, or staff. If it does and you need protection or reimbursement, look for the ‘contact us’ section on your policy.

You can then make your claims directly through your insurance company. If you are covered for the issue you are claiming, then your insurance company will reimburse you for the money you had to put out yourself.

What is Commercial General Liability Insurance in Canada?

Commercial general liability/ business liability insurance is a type of insurance coverage. It will provide coverage to a business for anything they may be liable for. Business liability insurance will cover personal injury or property damage within the premises.

Examples of times you can use your business liability insurance is if a customer slips on your wet floors. Or if someone damages a display on your property. If you have an experience where a customer or employee hurts themselves or your property, liability insurance will cover it.

What is the Difference Between Public Liability Insurance and Commercial General Liability Insurance?

Public liability insurance provides coverage for claims made by the public if they were injured on your property. It is similar to general liability insurance but less comprehensive.

General liability coverage will cover customer injuries, employee injuries, and property damage. Public liability insurance only covers customer injuries on your property. Or damage made from customers to your property.

The Bottom Line

It is often impossible to know when a risk to your staff, customers, or property can occur. Insurance policies of any kind are recommended. Every Canadian should have insurance. Whether it’s auto insurance, travel insurance, home insurance, or business insurance,

When looking for insurance on business ventures, make sure you get a quote from many lenders. You can do this by looking at an insurance search engine like Zensurance. Or, talk to a broker for more information and to help you find the best policy. Simply look for the ‘contact us’ section on any broker website.

Your services are valuable, and you don’t want to have to stop offering them because you can’t afford to pay for damages or liability claims.