Small Business Insurance

Get reliable coverage tailored for you by BrokerLink.

Every business in Canada, regardless of size or industry, faces risks that could impact its operations overnight. Whether you're a cafe owner in Vancouver, a freelance graphic designer in Calgary, or a tech start-up in Toronto, as a business owner, you need to be prepared for the unexpected.

This is where small business insurance comes into play, acting as a safety net to protect your interests, finances, and livelihood. With nearly 98.1% of employer businesses in Canada classified as small businesses in 2023, having the right insurance in place is more than a smart financial move, it can help secure your long-term success.

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BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.

What is small business insurance?

Small business insurance is a type of coverage specifically designed for those who own and operate businesses with little to no employees. Tailored to your specific needs as a business owner, these insurance policies can protect you against unexpected expenses, liabilities, and other losses that may arise.

Who we help

Running a business is hard work, but BrokerLink simplifies insurance, letting you focus on your business with coverage tailored for any size or industry. Secure your business with us today.

Tradespeople
Chiropractors
Retail store owners
Massage therapists
Personal Trainers
Physiotherapists
Beauty professionals
Restaurant and cafe owners
Event planners and caterers
Independent contractors
Pet groomers and dog walkers
Freelancers and consultants
Real estate agents and brokers
Photographers and videographers
IT and technical service providers
Cleaning and janitorial service owners

Why you need small business insurance coverage

Although there are 1.07 million small businesses registered in Canada, a recent survey from TD Financial found that almost 40% of owners reported they did not have business insurance coverage, while an alarming 30% reported that they don't see the value in having coverage in place.

Canadian small business owners face numerous risks, whether it be cyber threats, property damage, or professional liabilities that could impact them at any time. Without a comprehensive plan in place, you could be responsible for paying hundreds to thousands of dollars out of your own pocket to cover damages, losses, lawsuits, and more.

What small business insurance covers

In Canada, there are no laws that state that having business insurance is mandatory. However, depending on the type of business you operate, you may need to purchase some type of coverage to meet regulatory requirements. There are many types of insurance policies available, and luckily, this coverage can be customized to fit your specific needs. Some of the most common types of business insurance policies in Canada include:

In 2024, the Insurance Bureau of Canada reported $1.7 billion in losses from severe weather conditions alone. Commercial property insurance is a type of coverage that provides protection to the physical structure of your business and its contents from insured losses, including fire and smoke damage, theft, vandalism, water damage, and weather-related losses like hailstorms or high winds.

Commercial general liability insurance helps protect business owners against liability claims that may arise on the premises of their business property. For example, if someone suffers a bodily injury or property damage while at your location, you could be held legally liable for damages if they decide to sue.

With commercial general liability in place, any medical expenses, legal fees, repairs, replacements, and other associated costs from third-party claims will be covered by your insurance company.

Professional liability insurance, also known as errors and omissions, protects you against claims alleging mistakes, negligence, or the failure to provide services as promised. For example, if you're a consultant who has provided professional services to a client who later claims you acted negligently, this policy will cover legal fees and other associated expenses that may arise during your lawsuit.

Business interruption insurance covers lost income and other costs that may arise if your business is forced to shut down due to an insured peril for an undetermined amount of time. For example, if a fire damages your storefront and you need to halt operations while repairs are conducted, your insurance company will cover costs like lost income, rent payments, employee wages, and more, up to your policy limits.

According to the Business Development Bank of Canada, 73% of small businesses have experienced a cyber incident. Cyber liability insurance is essential for business owners collecting customer or client data. If your business falls victim to a cyber attack, this business insurance policy will cover the cost of a lawsuit that may arise following the attack.

If you operate a motor vehicle as part of your business operations, such as making deliveries or transporting merchandise, you'll need commercial auto insurance. This business insurance policy specifically covers you if you are involved in a collision while conducting business activities, and will reflect provincial requirements based on where you operate.

With commercial general liability in place, any medical expenses, legal fees, repairs, replacements, and other associated costs from third-party claims will be covered by your insurance company.

What coverages are excluded from small business coverage?

Although small business insurance offers comprehensive protection to business owners, there are limitations to this coverage:

Intentional harm or negligence
Unlicensed or illegal activities

To understand what exclusions apply to your insurance, make sure to review your policy terms and conditions.

Let us be your resource for all things business insurance

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Why choose BrokerLink for your commercial insurance needs?

Discover what sets BrokerLink apart. Our commitment to personalized service, expert advice, and comprehensive coverage options ensures you get the best protection tailored to your needs.

Our reviews

23056+ Reviews

Average rating of 4.6

Greg Silver

Excellent service, rates and customer service. Highly recommended.
Andy Rohansingh

Very easy to do business with this company. They handle all of my past, current and will be doing my future vehicles also. They listen and get you the insurance that you want and need.
Ian Roome

I've always had a great experience with their agents/brokers when I've had questions about my policy. Agents are always polite, professional and able to answer my questions.
Clara Furlano

Honestly, they have the best advisors. Ones who take their time to understand your insurance needs.
Joyce Kivuyo-Kisamo

I have been with BrokerLink for over 5 years and have never been disappointed; my issues have been always solved promptly and efficiently, they even found me a cheaper motor insurance with same qualit...
Terry Mason

I find Brokerlink to be better priced than most of their competitors. I have received good, prompt advise and always deal with a live agent.
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DANI L

The best client experience!!! Honest, genuine, professional. They explain AND LISTEN! Trust no one else ❤️
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What a wonderful place of friendly workers always with smiles and happy to help. She sure did wonders on savings me and my hubby on our house and garage insurances next is our vehicles in a couple o...
Peter Ayo

"I had a wonderful experience with Broker's intact at the Calgary branch of BrokerLink. They were incredibly patient and took the time to explain the differences between my old policy and the new one...
Chris Gelowitz

Very nice people here, a welcoming feel, some nice plants, and very helpful and pleasant brokers
Digital Evolution

BrokerLink was fantastic to work with! Excellent communication, they answered all my questions and concerns, and were always very prompt with their responses. I highly recommend their service!
renee king

Always a pleasure to communicate with. Awesome service as always. I would definitely recommend them! Thanks for being there to help when needed!
Andrea Case

The people I have dealt with are always very helpful and quick with answers to my questions and/or changes to my policy.
Dan Hayes

I have been dealing with Doreen at Brokerlink for many years.Always great service and you can tell she really cares to get you the best policy for your needs.Thank you Doreen.
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I had a great experience, staff was friendly and informative. Which made it easy to understand. Thank you for all you help!
Mark Houston

Been using Brokerlink for several years now - exceptional service. It’s nice to actually see and know the broker you are dealing with as opposed to a phone conversation with someone you can barely und...
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Omg... 10 out of 10.. in customer service, helpful and friendly. I would highly recommend this company for anybody's insurance purposes.
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Ifedapo Adeniyi

Excellent Insurance broker especially for new and newly immigrant Canadians. Give them a look if you are looking for excellent service and the right coverage for you.
David Ford

Fast, efficient, knowledgeable service. Helpful staff.
Michelle Hawgood

Always very pleased with call-back time, details of the service and follow-up if required. Friendly, well-trained staff that make us feel that our needs are being met perfectly!
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Great people! Always friendly and knowledgeable and ready to help!
Morgan Adekeye

The women that work in this office are so wonderful. We have had some obstacles come up and they made sure they were solved quickly and as easily as they possibly could be. We are very happy with our...
Tyler Frisby

Fast and professional responses, what more Can you ask for. 5🪄
Steven Melowsky

Very fast and effective service. Was insured within 24 hours of initial call. Fantastic service.
Steve Payne

First rate service all of the time ( last 10 years) no problems, service always given in a friendly, knowledgable way to ensure we receive the very best deals from the best companies
Matt & Sav Weetman

While insurance can be a pain to deal with, the staff are wonderful, friendly, knowledgeable and always willing to help you understand what is on your documents.
Brooklyn Seweryn

Lovely service, great communication and very helpful!!
Craig Gillis

Friendly, hassle free service. I'm impressed. Would highly recommend.
Cheryl Trush

The staff were to a person courteous, professional, and helpful. They answered every question quickly. I came from out of province and my needs were more than usual, yet I had insurance in 3 days. Ver...
Jinene Shinnicks

100 percent recommend, good quotes, good coverage and amazing brokers and customer care.
Geoff Aiken

Everything went perfectly including prompt follow up.
Tony Hynes

My experience with broker link has been very positive one of the best experiences I've actually ever had with the insurance company my representative was very knowledgeable very understanding and I wo...
Christine Fedrau

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amanda

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Lori Coffey

Friendly staff very quick turnaround with assistance anytime I’ve ever needed it. I feel very well taken care of by my insurance company.

Our numbers speak for themselves

Factors affecting your small business insurance premiums

Like all types of insurance, your premiums will vary based on numerous factors unique to your business. Common factors insurance companies are looking at include:

Type of business and industry you operate in

The nature and scope of your business practices and the specific industry risks you face.

The size of your business and the number of employees

The larger your business and the more employees you have, the higher your risk exposure.

Where your business is located

Is your business located in a busy shopping centre? Near a forest, or in a flood plain? How far away is your commercial property from local emergency services?

Your annual revenue

The higher your annual revenue is, the greater your coverage limits will be, which can result in increased premiums.

Your business assets

Does your business own equipment, electronics, and other items? The more assets your small business owns, the higher your coverage limits will be.

The nature and scope of your risk management practices

Having a comprehensive risk-management protocol in place can help prevent accidents from happening and lower your risk profile.

Your personal claims history

The more claims you have on your file, the more likely you are to file a claim in the future, which increases your risk profile. In contrast, having no claims on your file can lower your risk profile.

The coverages, limits, and deductibles you choose

To save on your coverage options, the experienced brokers from BrokerLink can help you shop around, compare quotes, and unlock discounts that can lower your premiums without sacrificing your coverage.

Tips to save on your business insurance policies

According to the Canadian Federation of Independent Business (CFIB), 68% of small business owners in Canada expressed concerns about the rising costs of business insurance coverage. If you're looking to save money on your premiums, here's what you ned to do:

Bundling policies

Own a home? Have car insurance or other policies already? You may be able to bundle your small business insurance with your other coverage options to save on your premium!

Risk management strategies

To avoid insurance claims as a business owner, implementing risk management strategies like security measures, employee training, data protection protocols, and other procedures is key.

Regular policy reviews

Your business can change significantly every four quarters. To ensure your policy reflects the current needs of your small business, make a habit of reviewing your policy terms and limits every time your coverage is up for renewal.

Pay your premium upfront

Insurance companies often add a surcharge to customer accounts that pay monthly, as it costs them money to process every payment. To avoid these fees, consider paying for your premium upfront.

How to choose the right insurance for your business

Your business is your livelihood, which makes choosing the right insurance all the more important. When it comes to insurance, there isn't a one-size-fits-all solution. Therefore, before purchasing coverage, you'll need to consider the following:

Industry type: The nature and scope of your business practices will heavily influence what insurance you purchase, as each industry comes with different risks. For example, if you work in IT, you'll likely prioritize cyber insurance and errors and omissions coverage, while someone who owns a cafe may prioritize commercial property insurance and other liability insurance.
Business size: If you work as a sole proprietor, you may only require minimal coverage. In contrast, someone working with employees in a commercial space may need a more comprehensive policy.
Risk exposure: Do you work with clients? Store consumer data? Rely on equipment or vehicles to operate? Determining what kinds of risk you're vulnerable to will help determine the type of small business insurance you need.
Legal requirements: Some professions and industries will require you to have insurance. For example, if you're a consultant, lawyer, doctor, or massage therapist, you may need to have professional liability insurance to be a licensed practitioner.

Budgeting for insurance

Premiums will vary based on the type of insurance policies you choose, your policy limits, and more. To properly budget for this expense, shop around with different providers to compare costs. Remember, balancing coverage and affordability is key.

Benefits of working with a broker

A licensed insurance broker can evaluate your needs, compare quotes from multiple providers, and customize your final insurance products. But that's not all. Brokers can also assist with any insurance claims that may arise and help you make updates to your coverage as your business grows, saving you time and money throughout the entire process.

Canadian laws & requirements for small businesses

There are no federal laws in place that state business owners must purchase insurance. However, provincial regulations may apply depending on where your business is located. For example, if you hire employees, you will need to purchase workers' compensation coverage. Additionally, depending on the type of professional services you provide, errors and omissions may be mandatory under your professional regulatory body. To verify what your specific requirements are, check your provincial workers' compensation board and other official websites for more information.

Feel confident in your coverage by working with brokers who will go the extra mile

Small business insurance isn't just about financial protection—it's about peace of mind, offering you the confidence to grow your business and secure long-term success. To purchase affordable business insurance for your small business in Canada, work with an insurance brokerage like BrokerLink to secure coverage that doesn't sacrifice your wallet.

Contact BrokerLink over the phone to speak with us directly or get a free quote using our online quote tool at your convenience!

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FAQs

Have questions? Our FAQ section has the answers you're looking for. Find helpful information to guide you through your options.

Do I need business insurance if I am a sole proprietor?

Yes, even sole proprietors should carry some form of business insurance. Working as a sole proprietor means that your personal assets and business are not separate. Therefore, if a lawsuit is filed against you or if property damage occurs to your storefront, any financial losses that arise could seriously impact your personal savings. Speak with a broker to determine what type of policies you specifically need to ensure you're protected should the unexpected occur.

Do I need insurance if I operate a home-based business?

Yes, if you operate a small business out of your home, you will need to purchase a separate insurance policy that protects your business operations. Many Canadians are under the assumption that their home insurance extends to their business practices, which isn't the case. A separate, tailored policy is needed to protect your interests and finances as a business owner.

How do I file a business insurance claim?

In the event of a loss or incident that has affected your small business, you'll need to do the following:

Document the damage or incident with numerous videos and photos.
Contact your insurance company right away to start your claim.
Speak with your insurance adjuster and submit any documents or evidence they request.
Get an estimate for damages or losses.
Receive compensation from your insurance company.

Do I need business insurance if I am a sole proprietor?

How do I file a business insurance claim?

In the event of a loss or incident that has affected your small business, you'll need to do the following:

Document the damage or incident with numerous videos and photos.
Contact your insurance company right away to start your claim.
Speak with your insurance adjuster and submit any documents or evidence they request.
Get an estimate for damages or losses.
Receive compensation from your insurance company.

Do I need insurance if I operate a home-based business?

Vehicle Insurance

Property Insurance

Other Insurance

Small Business Insurance

What is small business insurance?

Who we help

Who needs small business insurance?

Why you need small business insurance coverage

What small business insurance covers

Commercial property insurance

Commercial general liability insurance

Professional liability insurance

Business interruption coverage

Cyber liability insurance

Commercial auto insurance

Commercial property insurance

Commercial general liability insurance

Professional liability insurance

Business interruption coverage

Cyber liability insurance

Commercial auto insurance

What coverages are excluded from small business coverage?

Why choose BrokerLink for your commercial insurance needs?

Our reviews

Greg Silver

Andy Rohansingh

Ian Roome

Clara Furlano

Joyce Kivuyo-Kisamo

Terry Mason

Sandi G

DANI L

Anne Langevin

Peter Ayo

Chris Gelowitz

Digital Evolution

renee king

Andrea Case

Dan Hayes

Rana Najar

Mark Houston

Katherine Bedea

Jessie hansra

Ifedapo Adeniyi

David Ford

Michelle Hawgood

Trevor Hildebrand

Morgan Adekeye

Tyler Frisby

Steven Melowsky

Steve Payne

Matt & Sav Weetman

Brooklyn Seweryn

Craig Gillis

Cheryl Trush

Jinene Shinnicks

Geoff Aiken

Tony Hynes

Christine Fedrau

amanda

Lori Coffey

Our numbers speak for themselves

Factors affecting your small business insurance premiums

Type of business and industry you operate in

The size of your business and the number of employees

Where your business is located

Your annual revenue

Your business assets

The nature and scope of your risk management practices

Your personal claims history

The coverages, limits, and deductibles you choose

Tips to save on your business insurance policies

Bundling policies

Risk management strategies

Regular policy reviews

Pay your premium upfront

How to choose the right insurance for your business

Budgeting for insurance

Benefits of working with a broker

Canadian laws & requirements for small businesses