Estimated Total Monthly
$170
per month
Annual Total
$2,038
By Coverage Type
Risk Factors
Business insurance is complex. A commercial insurance broker can tailor coverage to your specific needs.
Get Quotes NowUnderestimating property values
Fix: Use replacement cost, not market value. Factor in equipment, inventory, and tenant improvements. Update values annually.
Skipping cyber insurance
Fix: Even small businesses are targets. A single data breach can cost $150,000+ in Canada. Cyber insurance covers breach response, legal fees, and notification costs.
Not carrying enough liability
Fix: A slip-and-fall lawsuit can easily exceed $500,000. Most businesses need at least $2M in CGL coverage. An umbrella policy adds extra protection affordably.
Relying solely on home insurance for home businesses
Fix: Most home insurance policies exclude or severely limit business activities. You need a separate commercial policy or a home-based business endorsement.
Forgetting E&O / professional liability
Fix: If you provide advice, services, or consulting, errors and omissions insurance protects against claims of negligence, even if unfounded.
Not reviewing coverage annually
Fix: Your business changes year to year. Revenue growth, new employees, new equipment, or expanded services all require coverage updates.
Disclaimer
Business insurance costs vary widely based on your specific industry classification, claims history, location details, and the exact coverage limits selected. This calculator provides rough estimates for planning purposes. Always work with a licensed commercial insurance broker for accurate quotes.
At minimum, most Canadian businesses need Commercial General Liability (CGL) and commercial property insurance. Depending on your industry, you may also need professional liability (E&O), cyber insurance, commercial auto, and workers' compensation (required in most provinces).
Small businesses in Canada typically pay $500-$3,000 per year for basic CGL coverage. Total premiums across all coverage types usually range from $1,500 to $10,000+ annually, depending on industry risk, revenue, and number of employees.
Workers' compensation is mandatory in most provinces. CGL is not legally required but is effectively mandatory, as most commercial leases, contracts, and clients require proof of insurance. Operating without it exposes you to significant personal financial risk.
CGL covers third-party bodily injury and property damage (e.g., a customer slipping in your store). E&O covers claims arising from professional errors, negligence, or failure to deliver services as promised (e.g., a consultant giving bad advice that causes financial loss).