Small Business Insurance 101


What is small business insurance?

Small business insurance is a commercial insurance policy. Different coverages can be purchased to help protect your company’s assets in the event of an insured loss.


How much does small business insurance cost in BC?

Small business insurance policies are not one size fits all and therefore the cost can vary. There are many things that can contribute to the cost of a small business insurance policy including the type of business, operations, revenues, coverages and limits of insurance. We strongly recommend requesting a quote specific to your business and insurance needs. Getting a quote will give you a more accurate reflection of the cost of small business insurance and help you budget accordingly.


What small business insurance do I need for my start up?

  1. Liability Insurance: Unfortunately liability claims do occur! A general liability policy for your small business can help pay for legal bills, the cost of bodily injury and property damage arising from your or your employees’ negligence. Visit Business Liability Insurance to learn more about liability insurance for small businesses. You can also check out our blog post on liability insurance for small businesses.
  2. Building Coverage: Does your business own a building? If so, it is important to make sure the building has sufficient limits of insurance in the event you need to repair or rebuild due to an insured loss.
  3. Business Contents Coverage: You may want to also think about adding coverage for your business personal property. The replacement of furniture, supplies and other business contents can add up quickly.
  4. Business interruption: Business Interruption Insurance is also commonly referred to as business income coverage. This can help pay for the cost of business expenses and lost income when a business is temporarily inoperable due to an insured loss.

Additional coverages may also be recommended by your insurance broker depending on your business exposure.


Does my home insurance include coverage for my small business?

There are some cases where a small home based business operation can be added to a home insurance policy. Your home insurance agent will need to consider your business operations as well as your annual revenue. You should always discuss your best insurance options with a small business insurance broker. A small business insurance policy may include additional coverages not available on a home based business endorsement to your home insurance policy.


How do I get insurance for my small business?

Westland Insurance has over 190 locations throughout Canada. We also have a team of insurance brokers dedicated to quoting small business insurance.

To learn more visit small business insurance or request a no obligation small business insurance quote online.