Trusted by More than 2,000,000 Canadians since 2016
Compare Canadian business insurers on coverage types, lender requirements, quote speed and provinces.
5 providers compared on what they cover, how fast you get a quote, and which coverages lenders typically require. If you are financing equipment or commercial property, proof of insurance is usually a condition of funding.
Equipment financing normally requires all-risk coverage on the financed asset with the lender named as loss payee. Commercial mortgages require property coverage. Vehicle and fleet financing requires commercial auto. Confirm the exact wording before closing, because a policy that does not name the lender will be rejected.
Legally, rarely. Practically, a sole proprietor carries unlimited personal liability, so a liability claim reaches your personal assets. Many commercial leases and client contracts require it regardless.
Several providers here quote and bind online within the hour for standard risks. Specialised or higher-risk industries take longer and usually involve a broker.
Who needs business insurance?
Companies of all sizes, in all industries, need some form of business insurance to cover them against potentially unlimited losses occurring for any number of reasons. Depending on your company’s assets, employees and industry, these losses may be more likely in one form or another, so there are many different ways to protect yourself.
How much does business insurance cost?
The cost of business insurance depends on the size, age, location, number of employees, industry, annual revenues, and past insurance events of your company. The range can be anywhere from $40 a month to $400, and coverage comes with varying limits.
What’s not covered by business insurance?
Most businesses do not opt to get coverage for every single type of liability they might face. The most common types of business insurance are property and commercial liability; this means that companies with just these will not be covered for worker’s compensation, business interruption, contractual liability, and so on. However you can always add coverage for specific events or risks, so be clear when researching policies what’s a priority for your company.
Can I get insurance for a home business?
Yes, and if you run a home business, you should get insurance to cover it. Your personal home and auto insurance will not cover you in the event of losses resulting from commercial activities, so business insurance is a must to protect your vehicle, business equipment (such as laptop, printer and so on) and revenue.
Is business insurance mandatory?
Business insurance is not legally required in Canada, but it is always a good idea, regardless of your company’s size or location.
What’s covered by business insurance?
The type of business insurance you get will dictate what’s covered. Property insurance protects property and physical assets; auto insurance protects vehicles; liability insurance protects against accidents, faulty products or poor services; business interruption insurance protects against revenue losses resulting from an incident or accident.
Is business insurance tax deductible?
Yes, business insurance premiums are considered a tax-deductible expense in Canada.
