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Commercial insurance tailored for your business

Protecting your business is a top priority. There are well over 1 million employer businesses in Canada. What do all of them have in common? You’ve worked hard to build your brand. You’ve invested a lot of time and money. So, it's essential to have reliable commercial insurance to protect the financial well-being and best interests of your small or large business.

Our commercial insurance brokers will help you protect your business by finding you the best business insurance coverage from the leading providers. We'll help you compare plans to get a personalized policy for your business at the lowest rate. We make business insurance easy, understandable, and customized to your unique business needs. Get a quote today with a ThinkInsure advisor and save more.

Key takeaways about business insurance in Canada

Even though it's not legally required, business insurance is essential for all sizes of businesses - small, SMBs, and large enterprises.
Businesses have different coverage needs. Assess threats to your company and compare insurance solutions to find the best policy.
Commercial insurance brokers help you find personalized coverage at the lowest rates.

What is business insurance?

Business insurance, or commercial insurance, is a form of protection available to all businesses. It protects owners against financial losses because of threats and unforeseen events that could happen when running a company. There are many types of coverage. You can get protection for disruption, financial loss, property damage, employee injuries, liability, and more.

A Canadian business insurance broker can help you assess your requirements based on potential risks, industry, operations, size, and other factors. Choose the best plan for your business type, industry, and perils.

Why do you need business insurance?

Business team sitting in office having a meeting

Business insurance protects your investment in your company. You’ve put in countless hours of work and invested your hard-earned money. You’ve done everything you can to make your business a success. Insurance ensures you stay successful and protects you from unforeseen events and actions.

In 2022 alone, Canadian businesses filed more than $10 billion in claims. The reality is most businesses will only survive a major loss with the right commercial policy. Without a plan, you would have to pay for all losses out of pocket. Are you prepared to do this?

No business owner wants the future of their company to be in jeopardy. Insurance ensures your business is covered! It protects you from a variety of things, including:

Unforeseen events
Injuries to customers, employees and others at your place of business
Fire, theft, vandalism
Liability claims
Other perils

Additional benefits of business insurance

Buying commercial insurance also helps your business in several additional ways :

Brand credibility
Build trust with customers
It could be a requirement to earn new business
It provides you with peace of mind in knowing you have coverage

Business owners can overlook these benefits. Proper insurance also plays a key role in your company's development and growth. It gives you protection and the support you need to sustain operations, especially during the early or lean years.

How does business insurance work in Canada?

Generally, when you purchase insurance, your premiums are placed in a pooled fund with other companies. This money is used to help businesses when they experience a loss. Claims payouts are drawn from this pool.

Commercial insurance works similarly to other insurance products. It is a contract between your business and your insurer. You pay a premium in exchange for the insurer covering you against a list of defined threats and unforeseen events.

You will pay the deductible amount listed in your plan. Policies typically are effective for one year, and you can renew them annually. You can adjust your coverage at any time.

How much does business insurance cost?

Insurance rates are different for every business. Each company has a unique combination of insurance needs. Small businesses can expect to pay between $500 and $2,500 per year or more for a standard business policy. This is anywhere from $60 to $210 per month.

Costs are dependent upon the answers to these questions:

What do you do? What products and services do you offer?
What industry do you operate in?
How much are you worth?
How big is your company? How many employees do you have?
Where are you located? Do you have more than one location?
What things could impact your business the most?
What type of protection do you require?

To get an accurate estimate, shop around for quotes. Our business insurance brokers are happy to help you with this process.

Types of insurance coverage for your small or large business

Many types of commercial insurance policies are designed for your business type, industry, and risk exposure. Every organization has unique challenges. Get an assessment to understand the types of coverage that will help protect your operations.

A commercial insurance broker can help you assess your coverage requirements. With knowledge of your vulnerabilities, you can choose the best solution for your situation.

Here are some of the most common types of commercial policies you can get:

What factors affect the cost of business insurance?

How much you pay for business insurance in Canada is based on a variety of factors. The bigger your company, the greater exposure you will have to larger financial losses. Here are the main factors that will affect your premiums:

Your business size: Bigger companies pay more for insurance. For example, a national grocery chain with locations across Canada would pay more than a local grocer with one location. The more assets you must protect, the more it will cost to insure them.
Your industry: Some industries are inherently more dangerous than others. Claims are more common, and the dollar value is greater. Industries with high chances of injury or financial loss will also bump up your premiums.
Type of policies: Many types of policies are available. The more you have, the more it will cost. Many companies start out with basic plans and add more over time as they grow.
Insurance limits: The limits you set for your plan will affect your payments. The higher the limits, the more you will pay.
Deductible: Like your limits, what you set it at will impact your premiums. Increasing your deductible will help you save. Whatever amount you choose, remember, this is what you will pay out of pocket if you file a claim.
Company annual revenue: The more money you bring in, the more it will be to insure you. There is more to protect.
Location: Where you operate directly impacts potential threats to you. The weather, crime rate, population, and other location-based factors influence your policy needs.
Number of employees: The more people you have, the more you need to protect. It also increases your liability exposure.
Your insurance history: Past insurance claims are an indicator of future action. If you’ve had multiple in the past, you are more likely to file a claim in the future.

How to get business insurance

We can help your Canadian business get insured no matter how small or large. Tell us about your operations, and we'll find the best policy for a competitive rate.

Provide your company details

Tell us about your business and operations.

We’ll shop for the cheapest policy

We’ll compare quotes from the top providers in the country.

Select the best rate and get insured

Choose the lowest price and save on your business insurance policy.

How to get affordable business insurance

Your business is unique, and so is your insurance policy. Finding a policy that addresses your specific needs and helps you save money is important. Here are the steps to help you get insurance that matches your requirements for a cheaper rate:

Assess your threats: You have risk exposure. Insurance can help protect against it. Consider the types of accidents or lawsuits that could affect your business. This will help you better understand your requirements.
Industry requirements: Some industries, professionals and provinces may require you to carry a certain amount of insurance to operate. Be clear about these requirements.
Use a commercial insurance broker : Find an advisor to help you search for proper coverage.
Compare quotes: Consider your policy options, coverage limits, and compare options from multiple insurers. Choose the best policy for your company.
Reassess every year: Since a lot can change, it's a good idea to reassess your coverage each year and compare annually to make sure you are insured for the right amount.

What is a commercial insurance broker?

A commercial insurance broker helps businesses compare quotes and find the best solution. They act as an intermediary between an insurer and your organization. They work for you, not the insurer.

Commercial lines insurance brokers are strategic partners and work with you to find the right combination of coverage to protect you from common threats in your industry and location in Canada.

Why use a commercial insurance broker?

Using a commercial insurance broker can give you the support you need when shopping for a policy. Let’s face it—insurance can be complicated. There are many different terms and coverage types, and it can be challenging to know what forms of protection you need, especially in an ever-changing marketplace.

You are busy enough as it is. Rather than try to figure it out for yourself, leveraging the experience of a local commercial insurance broker will ensure you find the right solution to meet your unique insurance requirements.

What are the benefits of using a commercial insurance broker?

Getting insurance through a broker offers many advantages, including:

Threat assessment and mitigation: Get help identifying major threats and enact solutions to mitigate them.
Unbiased advice: Brokers operate in your best interests. Get explanations about technical terms in a language you can understand.
You have more options: They help you compare products from multiple insurers to help you choose a solution that makes sense.
Cost savings: Assessing rate options will help you better understand what the market offers.
Advocacy: Get support from an industry professional when dealing with insurers.
Claims assistance: You are not alone during the claims process.
Personalized connection: You will work directly with a real person. You will have a direct line to someone who can help you with all your needs.

What are the top threats to your business?

Understanding the biggest threats to your business is the first step to protecting it. Ensure you have the right insurance in place to mitigate these potential hazards. Some of the top dangers for small businesses in Canada today include :

Business disruption

Every minute you are not open during normal business hours puts your company at risk. Lost revenue, lost customers, and incurring loss could hurt your company.

Climate change

Unpredictable weather has become the norm. You should have a business continuity plan. Take steps to prepare for weather events and natural disasters.

Cyber threats

Data breaches, identity theft, and e-commerce issues are important to address. Getting compromised can shut down your business, result in legal issues and take considerable time to recover.

These and other vulnerabilities all pose a threat to your business. We can help you mitigate these risks.

Business insurance solutions for all industries and professions

We offer insurance solutions from the leading business insurers in Canada. We will create a custom-tailored policy that is specific to your business, industry and profession. A ThinkInsure business broker will ensure you are insured properly and find the lowest premium from our large network of partners.

Auto repair, garages

Construction and contractors

Commercial real estate

Farming

Home business

Hospitality services

IT, sales, marketing, and consultants

Manufacturing

Marine

Offices

Professional services

Retail

Transportation

Warehousing

Business insurance FAQs

Is business insurance required by law?

The short answer is no, in most cases. Most businesses can operate without insurance in Canada, but it doesn’t mean that you should. If you do, you’ll leave yourself open to financial vulnerability.

Some businesses require more protection than others. Make sure you know what the mandatory insurance requirements are in your industry and location. At a minimum, you should have liability insurance to protect against legal action. However, it is recommended to take out additional protection to have peace of mind in knowing you are covered should you experience a loss.

How much business insurance do I need?

There are many considerations, so it depends on your specific situation. Your risk tolerance as an owner, financial situation, your business type, and many other factors will help you determine the type of insurance and how much you should get. You want to avoid not having enough, but you also want to ensure you don’t over-insure and spend money unnecessarily.

Our advisors will ask you pointed questions during the quote process to help you narrow down your coverage requirements.

What is not covered by business insurance?

What needs to be covered largely depends on the types of protection you include in your plan. It is meant to protect you from incidents involving third parties such as customers, vendors, suppliers and the general public. Plans do not include :

Deliberate damage : You purposefully damage your business.
Intentional criminal acts : You engage in criminal activity resulting in a financial loss.
Cost estimate or guarantees : You seek to recuperate a loss because you have a cost estimate or guarantee.
Other perils specifically excluded in your policy : Policies will outline perils that are not covered.

How do you shop for business insurance online?

Shopping for insurance is quick and easy. Simply start the quotation process, enter the requested information and review your options. Shopping online allows you to identify types of coverage that may be ideal for your business type.

It can also help you find ways to save money on your policy. Then you’ll connect directly with one of your experts to help you choose the right plan.

How do I know what type of business insurance I need?

Every business has its own challenges and insurance needs. After you have completed your quote, you will be connected with a licensed insurance professional who can help determine what protection you need. Your insurance advisor will conduct a thorough assessment and help you lock in the best coverage and rate.

Can you run a business without insurance?

You can. But you have worked too hard to let your business suffer because you didn’t have insurance. Insurance protects you from common threats and unforeseen events. Commerce disruptions, climate change, injuries on your property, fire, theft, and cyber liabilities can all alter your future. They could hurt your business without the forms of protection in place.

Do I require a business license to get commercial insurance?

No. You can get it without a business license. However, you may be required to show proof of insurance to get a license in some professions. Speak with an advisor or your industry governing body to get clarification.

Affordable business insurance solutions

More choice is better. Get coverage from a large selection of Canadian insurance companies. Find the business insurance you need at the best price.

Get flexible insurance options

We partner with over 50 insurers. We’ll find personalized commercial insurance solutions designed to address your business situation.

Get expert advice and satisfaction

Customer satisfaction is our top priority. We strive to make insurance easy for you. We'll answer your questions and provide expert advice.

See our 5 star insurance broker reviews

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Kevin St Clair

2024-11-28

Betsy was a genuine pleasure to deal with considering the circumstances. Thanks again for all your help

Anthony Gomez

2024-11-27

Today, I want to take a moment to recognize Monica Chan, an exceptional insurance broker who has consistently gone above and beyond in her service to me. Monica's dedication to punctuality and consideration has been truly remarkable. She has always been prompt in responding to my inquiries and has never hesitated to offer her expertise and guidance. With Monica as my broker, I have never once felt worried about anything going wrong. Her proactive approach and attention to detail have provided me with peace of mind, knowing that my insurance needs are well-taken care of. Throughout our interactions, Monica has been incredibly helpful, patiently explaining complex insurance concepts and ensuring that I fully understand my coverage options. I wholeheartedly recommend Monica Chan to anyone seeking an insurance broker who genuinely cares about their clients' best interests. Her commitment to excellence and her willingness to go the extra mile make her an invaluable asset in the insurance industry.

Phyllis Baker

2024-11-20

Absolutely amazing service the broker Todd worked on my quote fast I recommend this company to anyone very professional I’m so glad I called them .. Thank you for your great work

Charles Cameron

2024-11-15

Betsy Bannon has been nothing short of amazing at helping us through the complex process of acquiring business insurance. She quickly understood our needs and expertly guided us to the right solution. From start to finish, she made us feel like her most important client which gave us the confidence that we were in great hands. We highly recommend Betsy!

Jermaine M

2024-11-05

I had a great experience with Patrick Vuong. He went above and beyond to help me update last minute changes to my policy in order to qualify for a government grant. Staying back late and coming in early the next day to help finishes the changes. Very kind and professional!

Mark Gaffney

2024-11-05

Betsy Bannon is a professional extremely friendly and knowledgeable and made my experience wonderful! Highly recommend her for any insurance needs. Mark Gaffney

fabian ward

2024-11-04

Great service! Prompt and very helpful! Thanks to Todd allan for really helping me out!

Stephen Mcfadden

2024-11-01

Great experience working with Sohel Rahman, appreciate his honest and can-do attitude. Highly recommend!

Get a free commercial insurance quote today

Comparing business insurance solutions is the best way to explore your options and find a plan that fits your budget. Our commercial insurance brokers will help with both. We’ll help you identify threats to your small business and build a plan to mitigate them. Get affordable rates from the top Canadian commercial insurance companies and save more.

Speak with us today. Call 1-855-550-5515 or request a quote online, and we’ll be happy to help you.

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Commercial Insurance Solutions

Protect your business with personalized coverage from Canada's top-rated commercial insurance broker.