Small Business Insurance FAQs
What is Business Insurance?
Business insurance policies are uniquely designed to help protect a business' physical property, financial assets, and intellectual property from a wide range of covered losses, such as:
- Fire damage
- Storm damage
- Property damage
- Loss of income
While a standard business insurance policy may not cover all of the different perils that could potentially impact your business, your insurance broker can help you select add-on policies that can be purchased alongside a standard business policy, providing your business with even more coverage against unique risk factors.
Do You Need Insurance to Start a Small Business?
While every business needs insurance to help cover a range of costs associated with covered risks, it is important to keep in mind that there is no one-size-fits-all policy. If you are planning on starting a new business, make sure to speak with a qualified insurance broker to find out which business insurance policies will work best for your unique wants and needs.
Is Business Insurance Mandatory in BC?
Business insurance is not mandatory in BC; however, certain businesses may be required by law to have WorkSafeBC coverage. Even though business owners do not have to purchase business insurance, having a solid insurance policy will help protect you in the event of a workplace accident, lawsuit, or natural disaster.
How Much Does Small Business Insurance Cost?
On average, BC business owners can expect to pay between $300-$1700 for business insurance; however, the total cost of your business insurance policy will depend on a variety of different factors, including the business' size, type, industry, and sector. Your insurance broker can help you select the best business insurance plan for your needs and budget.
What Type of Insurance is Most Important for a Business?
General liability insurance tends to be the most important type of insurance for a business to have. This is because general liability provides coverage for a wide range of different types of claims, including bodily damage, property damage, medical payments, damage to products, property damage, etc.