Running a small business in Canada comes with risks that personal insurance simply cannot cover. From a retail store to a consulting firm to a home-based operation, small business insurance protects you against lawsuits, property damage, data breaches, employee injuries, and business interruption. Many small business owners underestimate their exposure, only to discover gaps when a claim arises. Canadian small businesses have access to a wide range of coverage options, including Commercial General Liability (CGL), professional liability, commercial property, cyber liability, and business owner policies (BOPs) that bundle common coverages. A commercial insurance broker can tailor a program to your specific industry and risk profile.
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The types of insurance your small business needs depend on your industry and operations, but most businesses should consider: Commercial General Liability (CGL) for third-party injury and property damage claims, Professional Liability (Errors and Omissions) if you provide advice or services, Commercial Property Insurance for your premises and equipment, Business Interruption Insurance for lost income, and Cyber Liability Insurance if you handle customer data. Workers' compensation is required in most provinces if you have employees.
Costs vary widely based on your industry, revenue, number of employees, and coverage needs. A basic CGL policy for a low-risk small business (such as a consultant) might start at $400 to $800 per year, while a higher-risk operation (such as a restaurant or construction firm) could pay $2,000 to $10,000 or more annually. Bundling coverages into a Business Owner Policy (BOP) can offer savings of 10% to 20%.
While general business insurance is not legally mandated at the federal level, certain coverages are required: workers' compensation is mandatory in most provinces for businesses with employees, commercial auto insurance is required for business vehicles, and professional liability may be required by industry regulators (such as for lawyers or accountants). Many landlords and clients also contractually require proof of insurance.
In most cases, no. Standard home insurance policies specifically exclude business activities. If you run a business from home, you typically need either a home-business endorsement added to your personal policy or a separate commercial policy. Without proper coverage, a business-related claim at your home could be denied by your home insurer.
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