Protect your New Brunswick business from risk with the right coverage
right insurance is no easy task, whether you’re purchasing car insurance, home insurance, or
business insurance. But with business insurance in particular, there are so many types of coverage, it can get
overwhelming fast. That’s why the team at BrokerLink is here to help guide and assist you in any way you need. You
can ask us to explain how the different types of commercial coverage work, request a professional opinion on which
coverages make sense for your New Brunswick business, or even enlist our help in shopping around for a policy on
your behalf. To get started, we’ve put together a list of the most common types of business insurance coverage in
Commercial general liability insurance
Commercial general liability
coverage, or CGL coverage, offers financial protection to businesses that are faced with third party
lawsuits. Also known as slip and fall insurance, if a customer were to bring a legal claim alleging property damage
or bodily injury against you, it is this portion of your New Brunswick business insurance policy that would
compensate you for associated costs, like defence and settlement fees, medical expenses, repair bills, and more. CGL
insurance is one of the most important and standard forms of commercial insurance in Canada.
Product liability insurance
Product liability insurance is another type of coverage that can protect your business from legal claims, but in this
case, the legal claims relate to products you sell to customers. This type of insurance comes into play if a product
you sell causes bodily harm or property damage to a customer and they sue you. Similar to CGL insurance, your
insurer can help pay for any related legal fees, medical bills, and repair bills under the product liability portion
of your policy. Please note that product liability insurance covers a wide range of items sold, from food and
beverages to skincare products, sporting equipment, clothing, electronics, and more. Product liability can also
offer coverage for products that you do not manufacture but distribute through your business, whether it be online
Cyber liability insurance
Cyber liability insurance can protect New Brunswick businesses that fall victim to an unfortunate cyber incident,
like a data breach or hack. It can help pay for costs like client notification, legal fees should someone sue you
over the incident, credit monitoring, and more. While cyber liability Insurance for online businesses
is extremely important, it can also be beneficial to any business with an online presence. For example, if your
business has a website or a database with sensitive customer information, experts recommend adding cyber insurance
to your business insurance policy.
Commercial property insurance
Commercial property insurance, along with CGL insurance, is another staple of most business insurance policies in New
Brunswick. In essence, if your business has a physical place of business, whether that be a retail store,
restaurant, office, etc., commercial property insurance can help protect it from damage. It can also help protect
places that store business inventory or stock, like warehouses. In addition, commercial property insurance covers
business-related contents inside of the insured place of business, like computers in an office. The only catch with
commercial property insurance is that you will only be protected against specific types of property damage, which
will be clearly named in your policy. The most commonly named perils are fire, theft, vandalism, windstorms, and
water damage, though you will have the option of including other risks as well. As long as the damage to your place
of work or business-related contents was caused by a named peril in your policy, your insurance company will step in
and cover the cost of repairs or replacement.
Business interruption insurance
If you choose to include it, business interruption insurance can be part of your commercial property insurance
coverage. How this type of coverage differs from commercial property insurance is that it will help cover you for
the costs of running your business if it is forced to temporarily shut down due to damage by a named peril. For
example, if a burglar breaks into your retail store overnight and smashes a window, you may have to close your store
for a week while the window is repaired. During this time, business interruption insurance coverage could help pay
for costs like employee wages or rent while your business is closed. As with commercial property insurance, you will
only be covered if the reason for your business’s closure is a named peril in your policy.
Crime insurance is a commercial insurance add-on that protects New Brunswick businesses against customer and employee
crimes, like theft, fraud, and more.
Commercial auto insurance
Commercial auto insurance is an integral component of many business insurance policies in New Brunswick. Since car
insurance is mandatory throughout the province, your business needs to purchase a commercial auto policy if you have
cars for company use. If you have one car, the name of the policy you will need to buy is commercial auto insurance.
If you have multiple business vehicles, you will need to buy fleet insurance. Fleet insurance is not only about protecting your commercial
fleet, it's also about protecting you as a business owner. Without this type of insurance, you
likely wouldn’t be covered for any business usage of your vehicle, as personal car insurance plans in New Brunswick
typically do not extend to commercial use. Thus, if your business uses vehicles , whether to transport
materials, visit clients’ homes, or deliver products to customers, commercial auto insurance is important. As
with any type of insurance policy, when purchasing commercial auto insurance, you will get to choose which coverages
to include. Although your policy must include the mandatory auto insurance coverages in the province, like third-party liability
insurance and uninsured automobile coverage.
Extra protection for your New Brunswick business
The coverages listed above are some of the most popular among New Brunswick business insurance policies. However,
that doesn’t mean that they are the only types of coverage available. Far from it. In reality, you can add a wide
range of other coverages to your business insurance plan, like professional services
insurance, by-law policy insurance, overland water insurance, and more. Keep reading for a long list
of coverage options for New Brunswick businesses:
Employer liability insurance
Employment practices liability insurance
Employee benefits liability insurance
Directors and officers
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
If you aren’t sure which of the above coverages are right for your business, or need help finding a different type of
commercial coverage altogether, contact BrokerLink.
How New Brunswick commercial insurance rates are calculated
Calculating New Brunswick commercial insurance premiums is a complex business. Insurance companies consider a
multitude of factors when setting rates, which is why no two New Brunswick insurance policies cost the same. An
insurance agent will take into account a range of personal factors, as well as specific factors related to your
business. To give you a better idea of what an insurer will look at when determining your New Brunswick business
insurance rates, check out the list below:
Your years of experience in the industry.
The size and location of your New Brunswick business.
The annual and projected gross revenue of your New Brunswick business.
The number of employees at your New Brunswick business.
Your personal insurance claims history.
The products or services offered by your New Brunswick business.
The coverages, limits, and deductibles you select for your New Brunswick business insurance policy.
Whether your New Brunswick business operates online, in-store, or both.
Get a free business insurance quote in New Brunswick from BrokerLink
Find out how much it will cost to insure your New Brunswick business by reaching out to BrokerLink today. Not only
can we provide further insight into the ways in which insurance companies calculate premiums, but we can also
provide you with a complimentary quote. Before requesting a free quote, take care to read through the requirements
for a business insurance quote. This way, you will be prepared to answer various questions and
provide the necessary information, such as the annual revenue of your business and your insurance claims history.
Once you are ready to obtain your free quote from BrokerLink, contact us by phone, email, or in person. You can also
use our online quote tool to request a quote on our website.
Find New Brunswick commercial insurance on any budget
BrokerLink is here to help New Brunswick business owners find commercial coverage on any budget. At the end of the
day, we just want to make sure that your business is protected from risk. So if you are looking to cut costs and
save money on business insurance, you can come to us and we’ll give you a long list of strategies. To get started,
check out the list of money-saving tips below:
Compare your coverage options before purchasing a New Brunswick business insurance policy
Before buying commercial insurance in New Brunswick, make sure that you assess your options thoroughly. This means
researching products from various insurance companies, obtaining quotes, and comparing them. This rigorous process
is the only way to know that you are getting the best coverage at the most affordable price. That said, weighing
your options takes time, and not everyone has the time to do this. If this sounds like you, reach out to BrokerLink.
BrokerLink insurance advisors will shop around on your behalf by reaching out to Canada’s top insurance companies,
requesting quotes, and then comparing them to determine your best options. In other words, when you work with a
broker, you get to sit back and relax, while your broker does all the work. They will contact you when they are
ready to present you with some top choices, and all you have to do is pick your favorite. Contact BrokerLink to
learn more about the benefits of an insurance broker.
Only buy coverage that suits your New Brunswick business
Not every type of commercial coverage is intended for every New Brunswick business. For example, whether you operate
online only or in-store, the size of your business, and the industry of your business, will all determine the best
types of coverage for you. Buying more coverage than you need will lead to higher premiums and unnecessary costs. If
you are on a tight budget, only buy the coverage that makes sense for your unique business and the risks it faces.
For help deciding which coverages are worthwhile, get in touch with BrokerLink. A BrokerLink commercial insurance
specialist will get to know your business and recommend personalized coverage accordingly.
Speak with a licenced commercial insurance broker in New Brunswick
Think of licenced insurance brokers as a free tool for you to leverage when shopping for commercial insurance.
BrokerLink’s team of insurance professionals are all fully licenced with years of experience helping business owners
just like you find the coverage they need. When you get in touch, you will be matched with a dedicated broker, who
will guide you through the entire process of purchasing business insurance. Your dedicated broker can also suggest
all sorts of ways to save money on commercial coverage.
Choose the highest policy deductibles you can afford
A quick way to lower your New Brunswick business insurance premium is to select the highest possible policy
deductibles you can afford to pay. Chances are, you will get to pick the deductible for each type of coverage that
you add to your policy. The higher the amounts, the lower your premium will be. Be sure to talk with a broker about
the consequences of raising your deductible and about how business insurance deductibles work before increasing
Bundle New Brunswick commercial insurance with auto or home insurance
your New Brunswick commercial insurance policy with an auto or home insurance policy is another way to save money on
coverage. You might be surprised to learn that many insurance companies across the province offer insurance
packages, known as bundles, to customers. Not all types of insurance products are eligible, but many commercial,
home, and auto insurance products are. Thus, by purchasing a business insurance policy and a car insurance policy or
home insurance policy at the same time, you could save big. Ask a BrokerLink insurance advisor for more information
on insurance bundling.
Adopt a risk management strategy for your New Brunswick business
Adopting a risk management strategy at your New Brunswick business is one final tip for cutting commercial insurance
costs. When you come to understand the importance of risk management, you
realize that these types of strategies are crucial for minimizing risk and therefore reducing the number of
unforeseen (and costly) incidents that occur. Key components of any effective risk management strategy are workplace
safety and business insurance. If you have both, the odds of an unexpected event occurring are
lower, and the number of insurance claims you need to file will also be lower, keeping rates down.
We’re in your community
Since 1991, BrokerLink has prioritized community every step of the way. We make efforts to uplift and improve the New
Brunswick community by fostering connections with local businesses and customers. Find out more about our efforts
and dedication to corporate social responsibility by getting in touch today.
Local New Brunswick Insurance Links
If you’re a member of a group or association, you may be eligible for more
At New Brunswick 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. We also make
understanding insurance easier than ever before, by breaking down complicated industry jargon, like deductibles,
premiums, and loss payee vs additional
You can reach us by phone, email, or in person at any one of our locations throughout New Brunswick. 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.
New Brunswick business insurance FAQs
Can I buy insurance for my home business in New Brunswick?
Yes, home business insurance is a type
of commercial coverage available to policyholders in New Brunswick. With this type of coverage, your
your home will be protected from any business-related losses or damage. For example, if your home
covered theft and a burglar broke into your home and stole a bunch of your business’s inventory from the
your home business plan would cover you.
Alternatively, if you did not have a home business insurance policy and
were relying solely on your personal property insurance plan, your claim would likely be denied as
homeowner’s insurance in New Brunswick does not cover business-related claims. Please note that in most
home-based business owners have the option of purchasing an independent home business insurance policy
or adding a
commercial coverage add-on to their home insurance policies. Speak with an insurance professional to
one is right for you. It is also worth noting that home business insurance isn't just for business
owners, it is
also for employees who work from home often.
What types of business insurance are available in New Brunswick?
There is a wide variety of insurance options available to New Brunswick companies. Such options vary
depending on the
insurance company and the type of business you operate, but generally speaking, you can expect to be
able to choose
from the following coverage types:
commercial general liability insurance, directors and officers liability insurance, business
overland water insurance, sewer backup insurance, employer liability insurance, product liability
liability insurance, commercial property insurance, crime insurance, commercial
auto insurance, umbrella
liability insurance, and more.
Do I need to buy business insurance in New Brunswick?
No. Business insurance is not compulsory in New Brunswick the way that other types of
insurance, such as car
insurance, are. That said, you will be hard-pressed to find a New Brunswick business without insurance.
how small your business is, commercial coverage is a key part of any risk management strategy and can go
a long way
in ensuring the financial safety of your business.
If you have any questions, contact one of our local branches.
Other Ways to Find Business Insurance with BrokerLink