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Protect your Canadian business with the right insurance coverage, from general liability to professional indemnity. Find the best rates and coverage options in British Columbia.
| Coverage Level | Estimated Cost | Best For |
|---|---|---|
| Basic | $600/year | Minimum required coverage |
| StandardRecommended | $3,300/year | Balanced coverage and affordability |
| Comprehensive | $6,000+/year | Maximum protection and peace of mind |
* Costs are estimated averages for British Columbia and may vary by city, coverage details, and individual factors.
Running a business in Canada comes with inherent risks, from property damage and employee injuries to lawsuits and data breaches. Business insurance is designed to protect your company from the financial consequences of these risks, allowing you to focus on growing your enterprise with confidence.
While some types of business insurance are legally required (such as workers compensation in most provinces), many others are optional but essential for comprehensive protection. Without adequate insurance, a single unforeseen event could devastate your business financially, potentially forcing you to close your doors.
Here are the key types of business insurance that Canadian businesses should consider:
Commercial General Liability (CGL): This fundamental coverage protects your business if a third party suffers bodily injury or property damage due to your business operations, products, or services. It also covers advertising injury claims such as libel, slander, and copyright infringement. CGL is considered essential for virtually every business.
Selecting the right business insurance requires a thorough assessment of your specific risks and needs. Here are some key considerations:
Industry-Specific Risks: Different industries face different risks. A construction company needs different coverage than a consulting firm. Identify the risks that are unique to your industry and ensure your policy addresses them.
Understanding the most common types of business insurance claims can help you prioritize your coverage:
At minimum, most small businesses need commercial general liability (CGL) insurance. Depending on your industry, you may also need professional liability, commercial property, workers compensation, and cyber liability insurance.
The cost varies widely depending on your industry, size, location, and coverage needs. A small home-based business might pay $500-$1,000 per year, while a larger operation could pay $5,000 or more.
Yes, business insurance premiums are generally tax-deductible as a business expense in Canada. Consult with your accountant for specific advice regarding your situation.
Connect with licensed insurance brokers in British Columbia who specialize in business insurance. Compare quotes and find the best coverage.
Get Free QuotesSlip and Fall Injuries: Claims from customers or visitors who are injured on your business premises are among the most common liability claims. Maintaining a safe environment and documenting your maintenance routines is essential.