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Do You Need Business Insurance for a Small Business in Canada?

do you need business insurance for a small business in canada f

It is wise to have your business insured as it gives peace of mind and offers protection from any potential risks or threats. As a leading business insurance broker, we often get people inquiring about whether they should opt for small business insurance. Read on to find out what our experts have to say about insuring small businesses.

Why Should You Choose Small Business Insurance?

A business of any scale and size will have several assets such as tools and equipment, office space, vehicles, inventory, and more that are indispensable. It helps to get them protected against any threats, so you do not suffer a financial loss in the event of any casualty.

Types of Insurance for Small Businesses

1. Insurance for Owners, Chief Employees, and Partners

The loss of a key person can affect your business adversely, which is why the following small business insurance policies can help protect it from potential risks:

  • Key Person Insurance – Most companies have specific people who handle their business. It is wise to be protected against the loss of these employees.
  • Life Insurance – If you have a sole proprietorship, it is crucial that you get a life insurance policy if you are personally liable for all the debts of your business.
  • Partnership Insurance – If you have entered into a partnership for your business, it helps to get partnership insurance that allows you to continue the trade in the event of the death of any of the partners.

2. Insurance for Earnings and Business Premises

This type of insurance helps to protect your earnings and assets in the event of a disaster that may affect your business assets and property. The insurance policies include:

  • Property Insurance – It offers coverage for the buildings owned by your business if any disaster strikes or from damage due to fire and other perils.
  • Vehicle Insurance – It is wise to get vehicle insurance to protect any vehicles owned by your business.
  • Inventory Insurance – Most companies keep a huge stock, and it helps to opt for inventory insurance to ensure it is protected against any perils.

We Offer Fair Business Insurance Quotes for Small Business

Business Insurance Quotes for Small Business

At Orr and Associates, we are dedicated to providing high-quality service and protection through our brokers. We have qualified business insurance brokers to guide you and help you choose adequate coverage for your business. We offer coverage for businesses of all scales, including small businesses.

For more information about small business insurance and to get a fair business insurance quote, call us at 1-866-521-5926 (1-866-292-2592).