Small business insurance Regina

Commercial property insurance protects your building (if owned), equipment, inventory and even furnishings from risks such as fire, theft, vandalism and certain weather-related damage.

If your Regina business has to temporarily close due to a covered loss, business interruption insurance can help replace any income you lose during the shutdown period. It may also assist with your ongoing expenses, such as rent, utilities, payroll and, in some cases, the cost of operating from a temporary location while the repairs are being completed.

In Saskatchewan, most employers in designated industries are required to register with the Workers’ Compensation Board (WCB). WCB provides no-fault coverage for workplace injuries suffered by employees. It is separate from general liability insurance, which responds to third-party injuries, as WCB addresses employee injuries.

Professional liability insurance, also called errors and omissions insurance, may be important if your business provides advice, design, consulting or other professional services. If a client alleges that an error, missed deadline or oversight caused them to lose money, they may decide to sue you. This policy would then help cover your legal defence costs and potential settlements.

If you lease commercial space in Regina, your landlord may require tenant legal liability coverage as part of your agreement. This protects you if you are found responsible for damage to the rented premises, such as accidentally causing a fire or water damage within the unit.

If your business uses vehicles for deliveries, service appointments or transporting equipment, you may need additional (commercial) auto coverage beyond Saskatchewan’s Basic Auto Coverage. This type of policy helps ensure your business-owned vehicles and listed drivers are properly protected in the event of a collision, with higher liability limits, accident benefits and physical damage protection.

Many small businesses in Regina rely on online payment systems, cloud-based software and shared drives to manage their operations day to day. If your system is locked by ransomware or your client information is accessed without your permission, cyber insurance can help with the investigation costs, required notifications, system recovery and potential legal expenses.

For any tradespeople and contractors working across Regina, their portable tools are essential to their daily operations. So if their tools are stolen from a secured job site or are damaged while being transported between projects, tools and equipment coverage can help them repair or replace them quickly.

Companies that handle fuel, industrial equipment, waste materials or move chemicals from site to site can face environmental exposures, including spills or long-term contamination. If an incident occurs, environmental liability insurance can help you with any cleanup costs, third-party claims and your legal defence costs.

Commercial property insurance will generally cover outside causes of loss, such as fire or severe weather, but not any unexpected mechanical or electrical breakdowns. So if the HVAC system in your downtown office near Scarth Street stops working during a temperature swing or your server hardware malfunctions due to an internal electrical fault, equipment breakdown coverage would help to pay for any repairs or replacements and may also assist with related business income loss, depending on your policy.

If your Regina business is incorporated or operates as a nonprofit, your directors and executives likely make decisions that affect your company’s finances, staffing and long-term strategy. If those decisions are later questioned, directors and officers (D&O) insurance can help with defence costs and potential settlements.

Not all losses come from outside your business. Employee dishonesty, forged payments or internal fraud can cause your business major financial damage. Crime insurance is what helps protect your Regina company against financial losses caused by these types of dishonest acts.