Vancouver, British Columbia is home to one of Canada’s most robust small business communities, with over 176,000 small businesses throughout the province. British Columbia’s economy is structured in a way that supports the development of small businesses, with over 93% of the population being employed by small to mid-sized corporations. Statistics Canada reports that in 2014, 33% of the provincial GDP could be attributed to small businesses, and at the heart of that success is the province’s most populous city, Vancouver.
Popular neighbourhoods in Vancouver for small businesses:
From east to west, Vancouver is full of unique, bustling neighbourhoods with unlimited small business potential.
- West End, downtown Vancouver
- Yaletown
- Gastown
- Granville Island
- Davie Village
- Kitsilano
- Kerrisdale
Vancouver has the most auto collisions of all cities in B.C. The Knight Street and SE Marine Drive on and off ramps and the Lions Gate Bridge are among the top 5 most dangerous intersections* according to ICBC. tweet
According to Statistics Canada*, the majority of small businesses in Vancouver fall into the retail category, followed by contracting and skilled trades, and professional and technical services. No matter what kind of business you own and operate, it’s important to safeguard it from the costly consequences of unexpected loss with proper insurance coverage.
What kind of risks do you face in Vancouver?
Here are just a few risks that your Vancouver-based business could be facing:
Property damage
Do you have tools or equipment that you rely on daily for your small business operations? What if they broke down suddenly and without warning? Or, what if they were stolen? Repair or replacement costs can put a big dent in your company’s bank account if you’re not prepared. Some common risks that could damage your property include theft, vandalism, fire, flood and electrical breakdown.
Commercial property
Equipment, tools, inventory—there’s a long list of items you need to ensure your business is running smoothly. If that property is damaged by an insured peril or stolen, you could face costly repair or replacement costs. Commercial property can help protect things like your building, tools, equipment, additional inventory, furniture and fixtures.
Equipment breakdown
External damage to your property isn’t the only thing you need to worry about as a small business owner. Sometimes, internal issues cause tools and equipment to breakdown without warning. You wouldn’t want to miss a deadline or disappoint a client because your tools were undergoing extensive repairs due to a mechanical or electrical breakdown. Generally, equipment breakdown insurance can help with repair or replacement costs in these types of situations to get you back to work quicker.
Commercial auto
Do you deliver products for your small business? Or, drive from jobsite to jobsite? Perhaps you travel to various events, transporting expensive inventory. If you rely on your vehicle for your business needs, you should have commercial auto insurance to keep it safe. Here’s an interesting fact: did you know that if your personal vehicle has advertising for your business on the outside of it, your personal auto policy may not cover you anymore? There are a number of different ways that personal auto insurance differs from commercial auto insurance that you should know about.
Liability risk
Depending on what type of business you operate, you may be facing a variety of liability risks—and liability lawsuits can be quite expensive! Here are a few types of liability risk you should be aware of:
- Bodily injury liability
- Product liability
- Product damage liability
- Cyber liability
Commercial general liability (CGL)
CGL insurance is designed to help protect small business owners when they face liability claims associated with bodily injury or property damage to a third party. For example, if someone slips, trips, or falls at your business and suffers an injury, they could file a lawsuit against your company. CGL insurance can help keep costs low in situations such as these.
Product liability insurance
Do you know what you would do if a design defect in your product led to bodily injury or property damage to a third party? You may find yourself tangled up in a time-consuming and costly lawsuit. Product liability insurance can help protect your business from the legal costs associated with this type of claim.
Cyber risk:
Consumers today are more digitally-inclined than ever before—they often rely on social media, websites, and other digital platforms when making purchasing decisions, forcing small businesses across Canada to either embrace the digital shift or fall behind. But embracing more digital practices for your business may also mean embracing a higher risk of cyber attacks and data breaches. Did you know that 60% of small businesses* will go under within six months of a cyber attack?
Cyber risk and data breach coverage
Cyber risks are difficult to avoid these days, and the consequences can get pricey. If you collect any personal or sensitive information, whether it’s from your clients, employees, or partners, you should have cyber risk and data breach coverage.
Get covered.
If your small business is located in Kitsilano, South Cambie or the Mount Pleasant area, it may be more susceptible to break and enter crimes*. tweet
We can give you more than just a policy:
There’s more to your TruShield policy than meets the eye. Here are a few other ways we make your coverage that much better.

Every TruShield customer has access to our team of Risk Services specialists who can help guide you through any questions or concerns you may have about the risks your business faces, and how to prevent loss.

Suffering a loss to the business you’ve worked so hard to build is not an easy experience. Our Trauma Assist service is designed to help owners and employees cope with the emotional effects of a covered loss.

Each TruShield policy includes up to $50,000 of legal expense insurance coverage to help cover legal costs associated with a variety of issues your business could face.

Legal situations can get complicated and difficult to understand—we’re here to help with that. TruShield customers have unlimited telephone access to general legal advice to discuss legal matters related to your business.