Leading small business insurance experts in Canada
Starting and growing your business is exciting, but every success comes with risks. From fire damage to product recalls or a client dispute, one unexpected event could put your hard work at risk. That’s where small business insurance comes in.
Affordable, simple, and tailored to your needs. The right insurance coverage not only protects your business and reputation, but also your peace of mind. Safeguard your business, without the worry. Connect with Acera Insurance and let our brokers handle the rest.
No matter the size of your business, our commercial insurance brokers can help
Acera Insurance is the best of both worlds: access to a network of over 100 insurance companies and a dedicated, specialty team that offers you personalized attention with exceptional industry knowledge and experience.
Because we’re independent, operate across Canada, and have access to a large number of insurance providers, we can deliver competitive small business insurance quotes.
Whatever the size or type of your business, at Acera Insurance we can help you find affordable and flexible insurance coverage.
Together, we can help protect your growing company, wherever it operates in Canada. Submit a quote request to get started. Our brokers are ready to get to work for you right away.
Request a small business insurance quote today.
Who needs small business insurance?
Whether you’re a solo entrepreneur, a home-based business owner, or running a growing team, small business insurance is essential protection against the unexpected. Here are some of the professions and organizations who may need small business insurance:
- Sole Proprietors
- Consultants
- Contractors
- Cooperatives
- Partnerships
- Corporations
- Non-Profits
Don’t worry if your profession isn’t mentioned above. You can request a quote online and one our experienced brokers will be in touch to discuss your options.
Types of small business insurance coverage to support future growth.
- Property Damage
- Commercial General Liability
- Professional Liability
- Product Liability
- Cyber Liability
- Directors & Officers Liability
- Equipment Breakdown
- Business Interruption
- Commercial Vehicle
A basic small business package includes liability insurance and property damage, however, you may require additional coverage to adequately protect your business. Our small business insurance brokers can help you determine your needs and work within your budget to find you insurance that works. Complete our quote form or continue reading below to learn more about each coverage type.
Expanding on key small business coverages
Here is more information on some of the most essential commercial insurance protections which are applicable to many small businesses.
Property Damage Insurance
This essential small business insurance coverage offers protection for the physical assets of your business such as the premises (if you own it), equipment, inventory, and other business-related property. If your business’ property is damaged or destroyed, this coverage will help you recover. The causes of damage covered can include:
- Fire (including wildfire)
- Explosion
- Smoke
- Falling object
- Lightning
- Hail
- Wind (including tornadoes)
- Theft
- Vandalism
- Snowstorms
- Electricity
- Sewer backup*
- Overland water (flood)*
- Groundwater*
- Earthquake*
*May require the purchase of additional coverage.
Commercial General Liability Insurance
Regardless of your industry, you need commercial general liability for small businesses. If someone is injured or has their property damaged while on your company’s property or due to its operations, they can hold your business liable. This coverage may help cover legal expenses and medical costs related to such an event.
This liability insurance for small businesses is essential for all industries as accidents can happen at any time. For example, if someone enters your store, restaurant, or office, and trips and breaks their wrist, they could hold your company liable for their injury. Small business general liability insurance will help protect you and manage your financial risks.
Professional Liability Insurance
If your growing enterprise provides professional advice or a professional service, professional liability insurance for your small business is essential.
This coverage helps protect you if a client claims financial loss as a result of your advice or service through potentially helping to cover your legal expenses including defence costs, settlements, and awards. It is a vital coverage for many small business owners—especially consultants and contractors.
This coverage is also known as errors & omissions insurance or E&O coverage.
Cyber Liability Insurance
Did you know that small business are often at a higher risk of a data breach or cyberattack? This is often because they’re more vulnerable without the sophisticated software or security practices found at larger companies. This coverage can help your business recover after a data breach or cyberattack as well as provide risk management tools to protect your small business.
Commercial Vehicle Insurance
If you use vehicles for your company, you may need small business commercial vehicle insurance.
Keep in mind that all small business insurance has a policy limit and you generally need to pay a deductible before your insurance kicks in. In most provinces, it is legally required for all commercial vehicle insurance policies to include, at a minimum, third-party liability, accident benefits and direct compensation property damage. There may be additional coverage that benefits your business, which is why a small business insurance broker is a helpful asset.
Business Interruption
Also known as income interruption insurance, this coverage can help your small business survive a temporary shutdown due to a mandatory evacuation, covered claim, or other unexpected events. It helps cover necessities such as utilities and payroll. Some policies also include funds for temporarily relocating. If a sudden halt in business would severely impact your business, this coverage is a fantastic way to protect your financial security and keep your company afloat during an already difficult time.
Equipment Breakdown Coverage
If your business relies on essential equipment, this coverage is for you. If that equipment breaks down and requires replacement or repairs, this coverage can help cover those costs. Some policies also include business interruption insurance, too.
Product Liability Insurance
If you sell or manufacture products, this small business liability insurance can help protect your business if someone is injured or has their property damaged by your product or its malfunction.
Directors & Officers Liability Insurance
As a business owner or director or officer titleholder, you can be held liable for wrongful acts in your role. This small business liability insurance provides additional liability protection in the event this happens to you.
The importance of small business insurance for Canadian organizations.
Is your Canadian-based small business covered with adequate insurance? Can your business withstand disruptions caused by floods, fires, and other potential hazards? Are you protected if you give professional advice that causes damage to another business? These are just a few examples of the risks that small business owners in Canada need to be aware of.
As outlined in the section above, small business insurance isn’t just one type of coverage. Small business insurance is any type of business insurance that you may require for your specific business. This can include many commercial coverages, such as CGL or E&O insurance. In fact, protecting your business operations effectively often requires a combination of multiple insurance solutions—regardless of the size or nature of your company.
For example, commercial general liability protects business owners against losses that could occur in your daily operations, including third party bodily injury or property damage. Meanwhile, professional liability insurance protects you from lawsuits (fees, settlement costs, etc.) if you give professional advice or services to clients. Both are required to safeguard your company from different exposures.
As a business owner, you may also need coverage for:
- Rental property
- Proof of insurance: potential or current clients may ask for proof of insurance before they do business with you.
- Event hosting
- Loans: you may need to provide proof of insurance coverage to get a business loan.
With Acera Insurance, business owners have many options to choose from. Our small business insurance experts get to know your business to help provide tailored recommendations. The type of insurance you need depends on many factors such as industry, revenue, and size. Our broker utilize their industry knowledge to help you find the right insurance solution for your needs.
How much insurance coverage do small businesses need?
Consider the following tips for helping you select the right level of business insurance coverage:
- Make a list of possible losses and liabilities for your business. You should include any assets, vehicles, equipment, and supplies that are essential to your business.
- Distinguish between the personal and commercial. This is particularly important for small businesses that use their home or car for business purposes. Commercial activities can cause damage to your personal insurance policy.
- Learn more about premium reduction strategies. Talk to your broker to find out how you can lower your business premium. Ask about discounts on multiple policies purchased from the same provider or consider ways to lower your risk profile.
- Look for a broker that understands your industry. You need a broker that has the experience to select the right insurance policy for your business.
For advice on coverage levels and determining how much coverage you need, contact Acera Insurance.
Why choose Acera for your business insurance?
We’ve been trusted small business insurance brokers for over 60 years. From our roots in Alberta, we’ve grown across Canada and continue to provide exceptional customer service with a hands-on, human-first approach to insurance. We believe your small business is important.
Expert Commercial
Insurance Advisors
We have knowledgeable and experienced advisors who specialize in small business insurance. Our commercial insurance brokers also have deep expertise in specific industries with many of them having worked in the industries they specialize in.
Coverage Options from
Multiple Insurance Companies
We have access to over 100 small business insurance companies across Canada. That means we can find you competitive small business insurance quotes and offer a choice in your coverage.
Risk Management Solutions Tailored to Your Company
With extensive risk management expertise, our team goes the extra mile to help you protect your business. We act as your insurance advisor and trusted resource.
Small Business Insurance in Canada: FAQs
Canadian law does not require you to have a business insurance policy but it’s highly recommended in most industries to protect your business reputation and your finances. Insurance is a smart choice, especially for small-business owners who may not have the money to pay for legal defense fees if they are sued.
With the right insurance you can prevent potential financial problems that could lead to bankruptcy. Acera Insurance can help. Connect with small business insurance specialist.
Some personal home insurance policies may cover personal items such as a printer or monitor, but there may be exclusions that do not cover items used for business purposes. Your home insurance will not cover you for any damage to your home, or the loss of equipment that could prevent you from working.
The type of business you are insuring will affect the cost of your small business insurance. Because every small business is different, insurance costs for small businesses can vary. Your company’s size, experience, industry risk, and payroll all play a role in determining the cost of small business insurance.
Our small business insurance brokers are ready to offer you free business insurance quotes along with some expert advice.
Other than over-insuring or under-insuring, many business owners make critical errors that lead to them paying more for insurance. First, you shouldn’t be content with purchasing all your insurance (personal or commercial) through the same provider unless there is a compelling reason to do so. Compare quotes to find the best deal.
Don’t accept the first policy that your broker offers you. Although you may believe your broker is looking out for your best interests, keep in mind that brokers can collect commissions on policies they sell. Some brokers also have relationships with providers.
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