Business Insurance in Nova Scotia

Tailor-made Nova Scotia business insurance

Business insurance is all about risk protection. The right commercial coverage can protect your Nova Scotia business from major financial fallout. So whether you want the peace of mind of knowing that you are protected financially or you want to be prepared for common claims scenarios, commercial insurance can help. To give you a better idea of how business insurance works in Nova Scotia and the most common types of coverage business owners add to their policies, keep reading:

Commercial general liability insurance

Commercial general liability insurance is a type of third party liability insurance that will protect your Nova Scotia business should a third party claim be brought against it. Types of third party claims that commercial general liability (CGL) insurance covers include property damage claims, bodily injury claims, and slander claims. With this type of coverage, your insurer can pay for a broad range of costs associated with the claim, like medical fees, repair bills, and legal expenses.

Product liability insurance

Does your Nova Scotia business sell products to customers? Whether it sells apparel, food and beverages, sporting equipment, or something else entirely, you need product liability insurance if you sell anything to customers. Otherwise, if a product you sold caused bodily harm or property damage to another, they could sue you, and you would need to cover the costs on your own. But with product liability insurance - a subset of commercial general liability insurance - your insurer would help cover the costs of a lawsuit.

Cyber liability insurance

Cyber liability insurance is ideal for any business that stores private information online, whether it be private internal information or information about your customers. The reality is that if you store information online, you are vulnerable to a cyber attack. If a cyber attack, like a data breach, occurs, the consequences could be costly. Thankfully, cyber liability coverage could help pay for everything from legal fees in the event that a customer or client sued you over the breach, credit monitoring, client notification, and more.

Commercial property insurance

Commercial property insurance is similar to home insurance in that it protects your physical workplace and any business-related contents inside of it from loss or damage. You can be compensated for the cost of repairing or replacing a damaged dwelling or piece of equipment, so long as the damage was caused by a peril named in your policy, such as fire or theft.

Business interruption insurance

Business interruption insurance can compensate business owners if their businesses are forced to shut down temporarily due to damage caused by an insured peril. If this happens, your insurance company could give you a payout to cover expenses like property rent or employee wages that you still need to pay, even though your business is shut down.

Crime insurance

Crime insurance protects Nova Scotia businesses from the harsh reality of employee and customer crimes. For example, if an employee steals from you, the crime insurance portion of your Nova Scotia business insurance policy may cover it.

Commercial auto insurance

Commercial auto insurance is a requirement for any Nova Scotia business that uses motor vehicles for personal use, whether they be passengers cars, trucks, vans, etc. This type of insurance features multiple types of coverage, like third party liability insurance, uninsured automobile insurance, and more. If your Nova Scotia business has more than one car, the type of commercial auto insurance you will need to purchase is called fleet insurance. You can learn more about both commercial auto insurance and fleet insurance requirements by contacting BrokerLink. One of our insurance advisors would be pleased to explain how mandatory auto insurance coverage works in Nova Scotia, along with the consequences that come from driving without insurance or from using a personal vehicle for business use without notifying your insurer. Please note that most personal car insurance plans do not cover business use of a vehicle, which is why purchasing a separate commercial auto insurance policy or rider is so important.

Other types of business insurance coverage in Nova Scotia

BrokerLink’s team of commercial insurance experts in Nova Scotia can help you find any type of coverage that your business requires. From contractors insurance to professional services insurance, we want to help you protect your business at all costs, and we have the experience to do so. Our brokers have helped businesses in a broad range of industries protect themselves with insurance coverage. Get in touch today, and we’ll discuss your business needs before finding a policy that matches them:

• Employer liability insurance
• Employment practices liability insurance
• Employee benefits liability insurance
• Directors and officers liability insurance
• Management liability insurance
• Legal expenses liability insurance
• Builders risk insurance
• By-law policy insurance
• Commercial earthquake insurance
• Overland water insurance
• Sewer backup insurance
• Equipment breakdown insurance
• Tool floater insurance
• Umbrella insurance

Understanding the cost of Nova Scotia business insurance

Many Nova Scotia business owners are curious about the cost of business insurance, and we get it. With so many costs associated with running a business, the last thing you need to have is to pay for something else. However, the reality is that commercial insurance is extremely important, and if you work with a broker, it doesn’t have to break the bank. Before we provide you with tips on ways to save money on Nova Scotia insurance , we want to explain how insurance costs are calculated in the province. Insurance companies are responsible for determining premiums. To do so, they must calculate risk - both the risk of your business, such as the odds of your business being damaged by severe weather, and the risk you hold as a policyholder. A few factors relating to your business that insurers use to calculate risk are as follows:

• Your years of experience in the industry
• The size and location of your Nova Scotia business
• The annual and projected gross revenue of your Nova Scotia business
• The number of employees at your Nova Scotia business
• Your personal insurance claims history
• The coverages, limits, and deductibles you select for your Nova Scotia business insurance policy
• Whether your Nova Scotia business operates online, in-store, or both

Get a free Nova Scotia commercial insurance quote from BrokerLink

Are you ready to find out exactly what commercial insurance coverage will cost you in Nova Scotia? Contact BrokerLink today. Our free quote tool is one of our most popular services. We are pleased to offer free commercial insurance quotes to all Nova Scotia business owners. Requesting a free quote is easy. You can use the online quote tool on our website to receive a quote in minutes, or you can call us or visit us in person and request a free quote directly from a BrokerLink insurance advisor. No matter which method you choose, you should be prepared to answer some questions about the size, location, and industry of your business, the type of coverage you’re looking for, and your insurance history. The more information you provide, the more accurate your free quote will be. Please note that all BrokerLink insurance quotes are complimentary and obligation-free.

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Tips to find the right insurance policy for your Nova Scotia business

Choosing the right insurance for your business is no easy feat, but BrokerLink seeks to make things a little easier by providing a variety of tips on ways that you can find the best possible commercial coverage for your business. From reaching out to multiple insurers and comparing your options to taking advantage of bundling, keep reading for our top tips for finding a great commercial insurance policy in Nova Scotia:

Reach out to multiple insurance companies

First, when looking for a commercial insurance policy, make sure to do your research. This means reaching out to not just one but several local insurance companies, gathering information on the business insurance products offered by each, and requesting free quotes. From there, you can easily compare your options and determine which insurance company has the best business insurance policy for your needs. If you need help doing this, contact BrokerLink. We are seasoned professionals and have years of experience comparing business insurance options. Get in touch, explain your needs, and we will start reaching out to Nova Scotia insurance companies right away.

Ask a Nova Scotia insurance broker for help

Asking a licenced Nova Scotia insurance broker for help is another tip for finding great commercial insurance coverage. The commercial insurance brokers here at BrokerLink are all licenced and have years of experience matching local businesses with policies that meet their needs. We know how to find coverage that protects your business from the unique risks it faces while also saving you money. We will inquire about discounts and let you in on the industry’s best-kept secrets for cutting costs on commercial insurance. If you need help with other tasks, like updating your coverage or renewing your commercial insurance policy, a BrokerLink insurance advisor can also help with that.

Take advantage of insurance bundling

Insurance bundling is a smart choice if you need to buy multiple insurance products and want to save money on all of them. However, you have to be willing to purchase multiple insurance products at the same time, and you also must find an insurance company that offers bundling. Not all do, but if you find one that does, you can save a significant amount on each policy you buy. Many insurers offer bundles featuring business insurance, car insurance, home insurance, and more. So while you could choose to bundle two or more commercial insurance products, you could also purchase one commercial insurance policy and one car insurance policy or one property insurance policy. Get in touch with BrokerLink to learn more about the financial benefits of bundling insurance and which insurance companies near you offer bundle packages.

Select high policy deductibles

If you are on a budget and want your Nova Scotia commercial insurance plan to be as cheap as possible, make sure to select high policy deductibles. Chances are, you will get to choose the deductible for each type of coverage included with your policy. When making this choice, consider the fact that the higher your deductible, the lower your premium will be. Do not choose a deductible you can’t afford to pay, but aim to choose the highest one that is feasible and it could save you a considerable amount of money on your Nova Scotia commercial insurance policy. You can always adjust it later on with help from a BrokerLink insurance advisor.

Carefully review your commercial coverage before it expires

Reviewing your policy year after year is of the utmost importance, especially when it comes to business insurance. Unlike car or home insurance, businesses change all the time. The size and scope of your business from one year to the next could be vastly different. As such, your insurance needs will also be different. So before your Nova Scotia business insurance policy is set to expire, take the time to look through your coverage. Assess what coverage worked and didn’t work over the last year, and think carefully about the ways that your business has changed and whether it faces any new risks now that it didn’t previously. An insurance broker can also help you assess your Nova Scotia commercial insurance policy before it renews and offer their professional opinion on whether to renew it, adjust it, or find a new policy altogether.

Protect your business from risk with risk management

One final tip for choosing the right commercial insurance policy for your Nova Scotia business is to adopt a risk management strategy. Such strategies, which should often include a business loss prevention element, can help you avoid an insurance premium increase as they will reduce the risk of something going wrong in the workplace. Thus, in addition to saving you money on your Nova Scotia commercial insurance policy, they can also make your place of business run more efficiently.

We’re in your community

BrokerLink is proud to be a key member of the Nova Scotia community. From Fall River to Yarmouth, we operate with integrity everywhere we go. You can find us involved in all sorts of local charity events and community endeavours. Learn more about our core values by contacting the BrokerLink Nova Scotia team today.

Contact us

At Nova Scotia BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.

You can reach us by phone, email, or in person at any one of our locations throughout Nova Scotia. 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 competitive quote in minutes.

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FAQs on Nova Scotia business insurance

How does home business insurance work in Nova Scotia?

Home business insurance is a type of commercial insurance that is specially designed to protect policyholders who work out of their homes or operate businesses out of their homes. It can be purchased as an independent commercial insurance policy or as a rider or endorsement to a home insurance policy. Either way, if you conduct business out of your home, having some kind of home business coverage is important. Without it, you won't be covered against losses or damages that occur due to the business use of your home. Home business insurance can protect policyholders against property damage, legal claims, theft, and more. It is a wise choice for anyone who runs a home-based business or who works from home a lot, especially if customers visit your home, you store inventory at your home, or you have expensive work-related equipment at your home, such as electronics.

How do I find commercial insurance on a budget in Nova Scotia?

You might think that finding cheap commercial insurance in Nova Scotia is an impossible task, but this couldn’t be further from the truth. There are several ways that customers in Nova Scotia can find business insurance, no matter their budget. A few money-saving tips for commercial insurance include bundling insurance products into one, such as buying one commercial insurance policy and one car insurance policy, selecting the highest possible deductibles you can afford to pay, shopping around between insurance providers and comparing your options, and taking advantage of commercial insurance discounts, like employee or alumni-based discounts. Adopting a risk management strategy at your workplace can also help. The importance of risk management cannot be understated when it comes to saving money on business insurance in Nova Scotia.

How can I renew my commercial insurance policy in Nova Scotia?

The quickest way to renew your commercial insurance policy in Nova Scotia is to set up your policy so that it renews automatically upon the expiry date. With automatic renewals, you won’t have to do anything at the end of your term. Instead, your policy will automatically renew for another year upon the end of your current plan’s term. That said, if you do not have automatic renewals, you can also renew your Nova Scotia business insurance policy by contacting your local insurance agent or broker and letting them know that you would like to renew your policy. Nowadays, you can contact an insurance professional for help renewing your policy by phone, in person, or on the insurance company’s website. Before renewing, we recommend taking a close look at your current policy to ensure it has everything you need.

Does my Nova Scotia business need insurance?

Businesses in Nova Scotia are not under any legal obligation to purchase commercial insurance. That said, you won’t find many businesses without it due to the financial protection it offers. Beyond protection, business insurance often makes businesses look more reputable and credible. In some cases, clients may even refuse to work with you if you don’t hold viable insurance. There are also regulatory bodies in certain industries that might require businesses or employees to purchase specific kinds of business insurance, such as professional liability insurance.

If you have any questions, contact one of our local branches.