How do I get insurance for my small business?

Small businesses may boast just a few employees, but combined, they’re the biggest employment engine in Canada. According to Statistics Canada data, in 2022, small businesses accounted for 98 per cent of all employer businesses in Canada and brought almost 11 million hired employees along for the ride.

That’s a lot of economic clout, but there are many challenges for small businesses that can impact your bottom line. We know that when your budget is tight, paying for small business insurance may feel like a luxury you can’t afford. In reality, it can be essential in helping protect your business.

Getting up to speed on the ins and outs of small business insurance may seem intimidating at first, but it can be easier than you think!

Do I need small business insurance?

Congratulations on turning one of your big ideas into a small business. You saw the risk and the opportunity, made a plan, and now your business is starting to grow. But the risks you don’t see coming – like accidents, property losses, or lawsuits – could put your company at risk.

Whether you’re a start-up or an established business, not having the right insurance coverage for your small business could lead to financial losses you may not recover from.

How much does small business insurance cost?

The cost of small business insurance can be more affordable than you think but it’s important to know that this cost can vary from business to business.

Want to skip over to the good part and see how affordable small business insurance for your company can be? Use our secure quote tool and get a price for a custom premium in just a few minutes.

If you like what you see, you can buy direct online. You can also contact us over the phone. Either way, we’ll help you get the information you need.

What affects the cost of small business insurance?

A number of factors influence what you’ll pay for business insurance, including your industry, number of employees, commercial property, and more.

Being proactive versus reactive in managing risk by keeping a close watch on your cash flow, monitoring your company’s reputation on social media, and creating a digital defense plan will benefit your business’s well-being and potentially help reduce your small business insurance costs.

Questions you may be asked for your small business insurance policy:

1. So, what does your business do?
   Are you a dogwalker, contractor, or marketing professional? If you’re a contractor, your success can be intricately associated with the tools you use, and your business can sink without a moment’s notice if they’re lost, stolen, or damaged. To avoid this, you can consider commercial property and equipment breakdown insurance. If your tools are so specialized that they’ll take months to replace, business interruption insurance may help fill in some of your revenue losses.Or maybe you provide career consulting or IT advice. For that, you may want to consider commercial general liability (CGL) insurance which can cover you if you accidently damage a client’s laptop. You’ll also want to consider cyber risk and data breach coverage in the event hackers get past your firewalls.

   Do you have a company vehicle? If a fender bender happens, commercial vehicle insurance can help protect your business from unexpected costs.

    

2. What is your business’ revenue?
   Your business revenue is one of the most important factors in calculating the cost of your commercial insurance policy. That’s because risk can increase with the number of real-world and digital interactions you have. Small business owners know all too well that more can go wrong if you manage two locations versus one, or ten employees versus two.
3. Any specific risks we should know about?
   There’s no business that’s exactly the same as yours, even if you’re both found under the same industry umbrella or inhabit the same specialized sector. The more you tell us about your business, the better we can advise you about the best policies to help protect it.

Don’t leave your small business exposed.

Call us today at 1.844.429.9480 or access our secure quote tool for a quick estimate of your policy needs and costs.

 

This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.