Business Insurance

What does business insurance cover in Canada?

Business insurance is an umbrella term for the policies that protect your company from lawsuits, property losses, and interruptions. Exactly what your package includes depends on your operations, but the coverages most Canadian businesses carry:

• Commercial general liability (CGL) for third-party injury and property damage claims
• Commercial property for your building, contents, equipment, and stock
• Business interruption for lost income after an insured loss
• Cyber liability for breaches, ransomware, and privacy claims
• Professional liability (E&O) if your business gives advice or professional services
• Commercial auto, crime, and equipment breakdown as your operation requires

This is an overview. All coverages, limits, and exclusions can only be confirmed by a licensed MyBrokers broker on a quote tailored to your specific policy.

How much does business insurance cost in Canada?

Cost depends more on your industry than on any other factor. A home-based consultant pays a fraction of what a contractor or restaurant pays, and premiums scale from there with size and risk. What underwriters price on:

• Industry and risk class
• Annual revenue and payroll
• Number of employees and locations
• Claims history
• The limits and deductibles you choose
• Property, equipment, and stock values

Is business insurance mandatory in Canada?

There's no general law requiring a business to carry insurance in Canada. In practice, most businesses can't operate without it, because the people you do business with require it:

• Commercial leases require liability coverage and proof via a certificate of insurance
• Client contracts commonly specify a $2M commercial general liability limit
• Lenders require property insurance as a condition of financing
• Many regulated professions must carry E&O to hold their licence
• Commercial auto insurance is legally required wherever vehicles are used for business

What is the difference between business insurance and commercial insurance?

Nothing, in practice. The two terms are interchangeable in Canada, and both refer to the same set of policies. The distinctions that actually matter:

• Business insurance and commercial insurance mean the same thing
• Small business insurance usually refers to a packaged policy for lower-complexity operations
• Larger or unusual operations are written as a custom commercial package instead
• Whatever the label, the components are the same: liability, property, and the add-ons your operation needs

Do I need a broker for business insurance?

You can buy some business policies direct from an insurer, but a broker compares the market for you and stays on your file all year. What that looks like at MyBrokers:

• Your operation quoted across 120+ carriers from one application
• Straight answers on limits, deductibles, and the exclusions that matter
• Certificates of insurance for landlords and contracts, usually same business day
• Your file re-shopped at renewal when rates move
• A licensed broker in your corner when you have a claim