Business Insurance

What Is Business Insurance?

Business insurance is a category of coverage designed to protect companies from various risks, including legal liability, property damage, cyber threats, and lost income. Whether you're a freelancer, startup, or established corporation, insurance helps safeguard your operations, reputation, and bottom line.

Coverage needs vary by industry and size, but most businesses benefit from having a combination of general liability, professional liability, and property protection. Some policies are required by law or contract, while others offer peace of mind in a risk-filled business environment.

Why Is Business Insurance Important?

Running a business comes with risk — from lawsuits and fire damage to cybersecurity threats. Business insurance provides the financial support needed to respond quickly and effectively when the unexpected happens.

It also helps you meet legal and client requirements, secure contracts, and build trust with partners and customers. Having the right policies in place can be the difference between recovery and financial strain.

The benefits of business insurance for you

• Protect against lawsuits and liability: Shield your business from legal costs, injury claims, and negligence accusations.

• Replace lost income: Recover quickly if operations are paused due to unexpected events.

• Safeguard physical assets: Cover inventory, office equipment, and commercial property.

• Defend against cyber threats: Respond to data breaches, ransomware, and security failures.

• Maintain business continuity: Reduce downtime and keep operations on track.

Explore the Different Types of Business Insurance

The articles below break down the features, benefits, costs, and key considerations of each business insurance option available in Canada:

Commercial General Liability (CGL)

• What Is Commercial General Liability (CGL) Insurance and Who Needs It?: Learn how this core policy protects businesses from injury, property damage, and legal claims.

• What Does CGL Insurance Cover for Small Businesses?: Explore the typical protections for on-site accidents, advertising injury, and legal defence.

• Is CGL Insurance Mandatory in Canada?: Understand which provinces or contracts require this coverage by law.

• How Much CGL Coverage Does Your Business Need?: Get guidance on setting limits based on your industry, size, and exposure.

• What’s the Difference Between CGL and Professional Liability Insurance?: Compare how each policy protects against different types of risk.

• Can CGL Insurance Protect You Against Lawsuits?: See how this policy responds when legal action is taken against your business.

Professional Liability (Errors & Omissions)

• What Is Professional Liability Insurance (E&O) and Why Is It Important?: Discover how this coverage protects you from claims of negligence, errors, or advice gone wrong.

• Who Needs Errors and Omissions Insurance in Canada?: Find out which professionals are most at risk and require E&O protection.

• What Does E&O Insurance Cover That Other Policies Don’t?: Explore how this policy uniquely protects services, advice, and specialized expertise.

• How Much E&O Coverage Should Professionals Carry?: Learn how to determine limits based on your practice, clients, and contracts.

• What Happens If You’re Accused of Negligence or Misconduct?: See how the policy helps pay for legal defence and settlements.

• Can Contractors and Freelancers Get Professional Liability Coverage?: Understand how independent professionals can secure affordable protection.

Business Interruption Insurance

• What Is Business Interruption Insurance and What Does It Cover?: Learn how this policy helps replace lost income when operations are halted.

• When Should a Business Consider Interruption Coverage?: Discover when it's necessary based on your industry and risk profile.

• What’s the Difference Between Property and Interruption Insurance?: Compare how each policy handles physical damage vs. income loss.

• How Long Does Business Interruption Insurance Pay Out?: Understand the time limits and recovery periods defined in a claim.

• Does Business Interruption Insurance Cover Pandemics or Lockdowns?: See whether COVID-19 and similar events are included or excluded.

• How Do You File a Claim for Lost Income?: Follow the steps to submit documentation and prove loss of revenue.

Business Property Insurance

• What Is Commercial Property Insurance and What Does It Protect?: Learn how this policy covers physical assets like buildings, equipment, and inventory.

• How Is Business Property Insurance Different from Home Insurance?: Compare how policies are written for business vs. residential risks.

• Does Property Insurance Cover Inventory and Equipment?: See what’s included for tools, supplies, computers, and machinery.

• What Types of Damage Are Covered by Commercial Property Insurance?: Understand what risks—like fire, theft, or storm damage—are typically covered.

• Can You Insure a Home-Based Business Property?: Learn how to extend or customize coverage for businesses run from your residence.

• How Is Business Property Insurance Valued and Priced?: Explore how insurers calculate premiums based on location, assets, and risk.

Cyber Insurance

• What Is Cyber Insurance and Why Do Small Businesses Need It?: Discover how this policy protects against growing digital threats and breaches.

• What Does Cyber Liability Insurance Cover After a Data Breach?: Learn how the policy supports you with legal help, notification, and recovery services.

• Does Cyber Insurance Protect Against Ransomware Attacks?: Understand how cyber extortion events are handled and what’s covered.

• Who Should Consider Buying Cyber Insurance?: See which industries are most vulnerable and why cyber protection is essential.

• How Much Does Cyber Insurance Cost for a Small Business?: Get a sense of pricing based on size, revenue, and data sensitivity.

• What Happens If Client Data Is Stolen?: Learn how this coverage helps manage exposure, reputation, and legal fallout.