What business insurance
covers
Looking for the
right insurance policy for
your business? Our BrokerLink business
insurance experts are here to
help. Whether you own a small business or a large corporation, our team of friendly and knowledgeable
professionals is ready to dedicate time to finding insurance solutions that fit your business’s unique needs.
Whatever risks your business faces, we’ll work to find coverage that protects you and walk you through all your
options.
Here’s a quick look at some of
the most popular types of business insurance options:
Commercial general liability
insurance
Commercial general
liability
(CGL)
insurance
is
a must-have for almost every business. It’s a type of
third-party liability
coverage
that steps in if you ever face
a
lawsuit. CGL insurance protects you against claims related to property damage, bodily injuries, or even slander.
It's often called “slip and fall insurance” because it's the kind of coverage that kicks in if someone gets hurt
at your business and decides to sue. CGL can help cover a range of costs tied to a claim, like medical bills,
legal fees, repair expenses, and more.
Commercial property
insurance
Commercial property
insurance
is
a key part of business coverage. It protects your workplace and everything inside it from damage. This insurance
steps in if your property is affected by certain events, like fire, theft, water damage, or vandalism. The
specific risks you’re covered for will be listed in your policy, ensuring your business is protected from those
unexpected situations.
Business interruption
insurance
Business interruption
insurance
is
an add-on to commercial
property coverage. While commercial property insurance helps cover the cost of replacing or repairing items
damaged by an insured event, business interruption insurance steps in to cover lost income if you have to
temporarily shut down. For example, it could help pay for employee wages while your business is closed due to
the damage, keeping things afloat until you can reopen.
Commercial auto
insurance
Commercial auto
insurance
is
a common type of coverage for many businesses, and it's actually a legal requirement if you use vehicles for
business purposes. Personal car insurance policies won't cover vehicles being used for business purposes.
Whether you have just one company car or a whole fleet, you'll need commercial auto insurance. If you’re
insuring multiple vehicles, it’s known as
fleet insurance.
Professional liability
insurance
Also called
errors and omissions
(E&O)
insurance,
this coverage is designed for business owners who offer professional services or advice. It protects you against
claims of negligence, mistakes, or omissions that may come up from the work you do or the advice you provide.
Professional liability insurance covers legal fees, court costs, and any damages awarded to the claimant if a
claim is filed. It’s especially important for service-based professionals like consultants, lawyers, doctors,
accountants, architects, and engineers to help reduce the financial risks tied to professional liability
claims.
Product liability
insurance
Product liability insurance is
often part of your commercial general liability coverage and is ideal for businesses that sell products—whether
it’s clothing, food, electronics, furniture, or anything else. If one of your products causes injury or damage
to a customer, they could sue, and you might be held responsible. That’s where product liability insurance comes
in. It helps cover costs like legal fees, repair bills, and medical expenses, giving you peace of mind if
something goes wrong.
Crime insurance
Crime
insurance
is
a smart choice for many businesses because it’s the only coverage that protects you from both customer and
employee theft. Whether a customer pays with a fake credit card or counterfeit cash, or an employee takes money
from the register, crime insurance can reimburse you for those losses.
Cyber liability
insurance
Cyber liability
insurance
is
especially important if your company stores sensitive information online, like financial or personal data. If
your business is hit by a cyber attack or hack, that information could be stolen, and you might be held
responsible. Cyber liability insurance helps cover the costs associated with such incidents—whether it’s credit
monitoring for affected customers, legal fees if you’re sued, or notifying clients about the breach.
Additional protection for your
business
While the coverages mentioned
above are some of the most popular for Canadian businesses, they’re just the beginning. A BrokerLink commercial
insurance specialist can help you explore a wide range of additional options, like directors and officers
insurance, builder’s risk insurance, overland water insurance, and more. For a deeper look at the coverages
available to you, ask your BrokerLink broker about the following coverage options:
Types of business
insurance
Wondering if you need home
business, small business, or commercial business insurance? The main difference between these three types of
business insurance is the scope and specifics of the coverage they offer. To help you figure out which one is
the best fit for your business, here’s a breakdown of each type of insurance:
Home business insurance
Home business
insurance
is
designed for businesses that operate out of a residential property. It protects against the unique risks of
running a business from home, like liability for client visits, coverage for home office equipment, and limited
protection for inventory or business property stored on-site. This type of insurance is specifically tailored to
meet the needs of home-based businesses and address the challenges they face.
Small business insurance
On the other hand, small
business insurance is a broader term that covers various small businesses, no matter where they’re located. It’s
tailored to meet the specific insurance needs of small businesses with physical locations outside of the home.
This type of insurance offers a wider range of coverage options to handle the diverse risks that Canadian small
businesses may face.
Commercial business
insurance
Commercial business insurance
is
a broader category that covers businesses of all sizes and industries. It’s typically used to describe insurance
policies specifically designed for commercial ventures, no matter their scale. Commercial insurance offers a
wide range of coverages to protect businesses from various risks, including general liability, property
insurance, commercial auto, and more. Compared to other types of insurance, it usually provides higher coverage
limits, more policy options, and higher premiums to reflect the greater risks and larger scope of commercial
operations.
Benefits of business
insurance
Commercial insurance offers a
range of benefits that can help protect your business. With the right coverage, you can shield your company from
potential risks and unforeseen events, helping to ensure its long-term success and stability:
It can save you money
Business insurance can help you
save money by offering financial protection against liability claims, property damage, and business
interruptions. Liability coverage shields you from costly legal fees and potential payouts, while commercial
property insurance covers repair or replacement costs, easing the financial strain. Business interruption
insurance also helps reduce income loss and extra expenses during temporary closures, keeping your business
financially stable.
It boosts your business’s
reputation
Getting business insurance not
only protects your company but also boosts its reputation. The right coverage shows that your business is
reliable and well-established, which leaves a great impression on customers, clients, and potential partners.
This added credibility builds trust and confidence, helping you form strong, lasting relationships with key
stakeholders.
It offers financial
protection
Business insurance provides
essential financial protection, helping you recover from unexpected events and avoid major financial losses.
Whether it's a lawsuit, property damage, customer injury, or employee theft, any loss can have serious
consequences for your business. Without the right coverage, you'd be responsible for covering those costs, which
could hurt your business financially.
In more extreme cases, such
losses could even lead to bankruptcy and force you to close your doors. But with business insurance, your
provider helps cover a wide range of damages. In fact, a single claim could pay out more than the premiums
you've invested, allowing you to get back to business without piling up debt.
It's easy to purchase
Even if your business has faced
a claim, it's still simple to purchase business insurance, whether you get quotes directly from insurance
companies or through a broker. You can visit branches in person, call them, or buy business insurance online.
Just have your important documents ready, such as proof of your insurance history and business details. It might
feel overwhelming, but working with a broker can make the process easier. They can help you find lower premiums
and get your business protected sooner.
It offers additional
support
Whether your
business is in
Ontario,
Alberta, or British Columbia, you'll receive support when you need it most. It doesn’t matter if you purchased
your business insurance online or over the phone—after an incident, your provider will guide you through the
next steps. Having the right coverage pays off because brokers and agents know how to handle unpredictable
situations, from property damage to liability claims. That peace of mind can make all the difference when you're
feeling overwhelmed.
It provides peace of
mind
And speaking of peace of mind,
that's exactly what business insurance gives business owners by providing protection against unexpected events
and potential liabilities. It allows you to focus on running your business without the constant worry of
financial risks or surprises, knowing you’re covered when things don’t go as planned.
Protect your business with comprehensive insurance coverage. Reach out to BrokerLink today to explore tailored
business insurance solutions that fit your needs. Safeguard your assets and ensure business continuity—get the peace
of mind you deserve with BrokerLink!
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What kind of businesses need
commercial insurance?
All small, medium and large
business owners need insurance coverage. BrokerLink insures all types of businesses and offers coverage specific
to most industries, including:
Insurance by Industry and
Career
We will explore the types of insurance available for different industries and careers below:
Factors your insurance broker
uses to determine your rates
Figuring out the
cost of
insurance
for businesses can be tricky
because so many factors go into calculating premiums. Each insurance company has its own way of assessing risk,
making it hard to provide an estimate without knowing more about your business.
BrokerLink is an insurance
brokerage, but we don’t set your rates—that’s up to the insurance company. Our role as your broker is to help
you find a company that offers a business insurance policy that fits both your budget and your needs. That said,
it’s still useful to understand the key factors that can affect your business insurance rates:
Type of business and
industry
The type of business you run
and
the industry you're in play a big role in determining your insurance rates. High-risk industries, like
construction or healthcare, typically face higher premiums because of the increased liability.
The size and location of your
business
The size of your business,
including things like annual revenue, number of employees, and physical locations, also impacts costs. Larger
businesses tend to have higher premiums due to greater risks and coverage needs. Additionally, your business's
location can affect insurance costs, with factors like local crime rates, the risk of natural disasters, and
regional regulations coming into play.
Your business assets and risk
management practices
The value and type of your
business assets—like property, equipment, and inventory—also impact your insurance costs. Generally, the higher
the asset value, the higher the premiums. Insurers will also look at risk factors such as your claims history,
safety protocols, security measures, and overall risk management practices. If your business has a higher risk
profile, you may end up with higher premiums.
Your personal claims
history
Your past insurance claims can
affect your premiums. If you’ve had frequent or large claims, it could result in higher rates, as insurers view
your claims history as a sign of the risk they take by covering your business.
The coverages, limits, and
deductibles you choose
The types of coverage you
choose—like general liability, property insurance, professional liability, or cyber liability—will affect the
overall cost of your business insurance. The coverage limits you select, and the deductibles you're comfortable
with also play a role. Going for higher coverage limits and lower deductibles usually leads to higher
premiums.
Remember, different insurers
use
various pricing models and underwriting criteria, which can lead to different premiums for the same coverage.
That’s why it's important to work with an insurance professional like BrokerLink. We can assess your needs and
find you the best quotes from top Canadian insurers. We'll help you find the right coverage at the best
price.
How to find a quality business
insurance policy
Business insurance coverage can
be costly, but it's essential to protect your company from paying out-of-pocket for property damage and other
expenses. What many business owners don’t realize is that there are things they can do to help them find a more
affordable business insurance policy. So, what are they? Let’s talk about
how you get quality
business
insurance:
Shop around and compare
policies
The first tip for finding a
great commercial insurance policy without overspending is to compare options from different providers. Since
insurance companies offer a variety of products, it's important to get quotes from multiple sources and compare
them before making a decision. This way, you’ll know you're getting the best coverage at a reasonable price. If
you don't have time to shop around, a BrokerLink commercial insurance expert can help you make the
comparison.
Ask a local insurance broker
for help
Another tip for finding the
right policy for your business is to reach out to a local insurance broker. BrokerLink has experienced advisors
all over Canada who can help. When you connect with us, you'll work with a knowledgeable broker who will focus
on finding custom insurance coverage tailored to your business needs. They'll take the time to understand the
risks your business faces and recommend the right coverage. Plus, they can offer tips on saving money, including
potential discounts you might qualify for.
Bundle multiple insurance
products into one
Another great tip for finding
affordable insurance is bundling. Bundling applies to a variety of insurance products, like auto, home, and
business insurance. While different companies offer different bundles, the general idea is that when you bundle
policies together, you can save a significant amount of money. You can often mix and match, too—whether it's two
or more business insurance products or a combination of auto and business insurance, for example. If you need
multiple policies, reach out to BrokerLink to learn more about how bundling works and the savings it can
offer.
Review your coverage
annually
A key part of being a
responsible policyholder is reviewing your coverage needs each year before your policy renews. This is the only
way to ensure your current plan still fits your business or if adjustments are needed. As your business grows or
changes, your insurance needs will likely change, too. That's why it's a good idea to ask a BrokerLink advisor
to review your policy before renewal. They can give you a professional opinion on whether your coverage still
makes sense or if updates are needed. If you're looking to save on costs, they can also suggest ways to adjust
your policy, like choosing a lower deductible to reduce your premium.
Create a risk management plan
for your business
Risk management is key for any
business. A
good risk management
plan
can
help your business run more
smoothly, save you money, and even prevent an increase in your commercial insurance premiums. Some effective
strategies include training employees on new equipment, having a disaster preparedness plan, and making sure
you’re covered with insurance to protect you financially if something goes wrong.
Get in touch with
BrokerLink
Are you looking for business
insurance in Canada? Our brokers can help by finding potential discounts, like bundling business, auto, and home
insurance. Having the right coverage is crucial, no matter your industry, and we're here to guide you. Our team
will advocate for you, providing personalized quotes and an accurate estimate for your business insurance
needs.
If you're interested in
learning
more about business insurance, reach out to your local BrokerLink broker. From start to finish, our brokers
handle the details to make sure you’re covered. Our local experts are ready to assist—we’ll help you find the
business insurance that suits your needs.
You can reach us by phone,
email, or in person at any one of our locations throughout Canada. No matter how you choose to get in touch, a
BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free
online quote tool that can provide you with a customized quote in minutes.
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FAQs for business
insurance
Is business insurance mandatory
in Canada?
While business insurance isn’t
a
legal requirement to operate, it can protect you from the costs of claims or lawsuits—like legal fees
and
medical expenses—that could otherwise put your business at risk. When deciding whether to insure your
company,
it's important to consider your profession and the potential risks involved.
Am I covered if I operate my
business out of my home?
Standard home insurance usually
doesn’t cover home-based businesses or their risks, as it's designed to protect personal property and
liabilities for residential use. To properly protect your home business, it's a good idea to get
separate
business insurance or add a home business endorsement to your current home insurance policy.
How can I save money on a
business insurance policy?
You can cut costs by bundling
policies, looking into employee or alumni discounts you might qualify for, choosing a higher deductible,
paying
for your plan annually instead of monthly, shopping around for the best rates, and putting a risk
management
strategy in place for your business.
If you have any questions, contact one of our local branches.
Other Ways to Find Business Insurance with BrokerLink
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