5 Famous Canadian small business insurance companies for everyone
Having the right insurance for your company could end up saving you hundreds of thousands of dollars in the long run. Insurance is just as crucial to the success of your business as a product that sells.
What does insurance for small businesses in Canada cover?
Small business insurance refers to a variety of insurance plans created to safeguard business owners against risks like property damage, bodily injury, negligence, and cyberattacks. The most typical types of commercial insurance are:- Commercial general liability insurance covers the costs related to claims or legal actions alleging third-party property damage or bodily injury as a result of your company's operations.
- Claims or lawsuits involving accusations of negligence, misconduct, or failure to provide a service as promised are covered by professional liability insurance.
- Cyber Liability Insurance shields users from online offenses that might compromise data.
What is the price of insurance for a new Canadian company?
According to Progressive and Insure on, the annual premium for general liability insurance is typically around $600. However, the cost of insurance varies significantly depending on your business's size, industry, insurance provider, and type of policy. For instance, a transportation company will pay significantly less than a freelance graphic designer. The best course of action is to compare prices from several different service providers.The five types of small business insurance available in Canada
With so many intricate offers, the market for small business insurance can appear complicated. Although workers' compensation insurance and general liability insurance are mandated, you should shop around to find the best deal for your business. Here are 5 typical small business insurance plans.1. General liability insurance
General liability insurance offers all-inclusive, thorough protection. Most policies defend your company from claims of property damage and bodily injury as well as slander and libel lawsuits.2. Workers’ compensation insurance
If one of your employees is hurt at work, you might be responsible for their costs and compensation. However, your insurance provider will pay for that if you have workers' compensation insurance.Workers' compensation insurance may cover funeral expenses in addition to medical bills, lost wages, disability, and other related expenses. Except for Texas, every state requires businesses with non-owner employees to carry this type of insurance.
3. Commercial property insurance
Commercial property insurance, also known as hazard insurance or business property insurance, enables your company to replace any lost or damaged commercial property. Any movable property that your business owns, such as stock, furniture, equipment, or real estate, can fall under this category (such as an office building).4. Employment practices liability insurance
Employment practices liability insurance, also known as employers' liability insurance, defends the company in the event that a worker files a claim alleging discrimination or wrongful termination against the company's owner or executives.5. Cyber liability insurance
Due to the fact that they prevent you from accessing your device or encrypt your data until you pay a ransom, data breaches and ransomware attacks can actually harm your customers and your business. There are more attacks of this kind. Liability insurance safeguards you in the event that you must notify customers of a breach, pays for their free credit monitoring, and reimburses them in the event of a claim.5 Famous Canadian small business insurance companies for everyone
1. Sun Life Financial
One of the first insurers, Sun Life Financial (SLF), was founded in 1865 and is headquartered in Toronto. It provides wealth management services, investment goods, and health insurance plans. In addition to North America, the company also has customers in Asia and the United Kingdom.
As of the end of 2019, Sun Life Financial employed over 40,000 people and had close to 126,000 advisors. Sun Life was in charge of managing Canadian assets worth close to $850 billion US. Nearly $38 billion Canadian ($29 billion US) in revenue was generated by insurance-related products in 2019, including insurance premiums and segregated fund deposits, which are life insurance products housed inside mutual funds.
2. iA Financial Group
IA Financial Group is the trade name used by Industrial Alliance Insurance and Financial Services (IAG.TO). The business provides both commercial and private clients with a broad range of insurance and financial services.
According to Progressive and Insure on, the typical annual premium for general liability insurance is close to $500. However, the cost of insurance varies significantly depending on your business's size, industry, insurance provider, and type of policy. For instance, a transportation company will pay significantly less than a freelance graphic designer. The best course of action is to compare prices from several different service providers.
3. Manulife Financial Corp
The small business insurance market is flooded with aggressive offers, giving the impression that it is a difficult market. Although workers' compensation insurance and general liability insurance are mandated, you should shop around to find the best deal for your business. Here are 10 typical small business insurance plans.
Through its subsidiary John Hancock, Manulife operates outside of the United States in Canada, Asia, and Europe. By the end of 2019, the business employed 38,000 people and had nearly 98,000 agents. Manulife managed assets worth $1.3 trillion Canadian ($910 billion US) in total.
The Manufacturers Life Insurance Company, which was established in 1887, sold its first international policy in Bermuda in 1893. The China Insurance Regulatory Commission (CIRC) granted permission to a company branch in 2002 to establish a branch in Guangzhou.
4. Great-West Lifeco
Great-West Lifeco, Inc. is a Canadian-based provider of financial services. It serves as the parent company for six subsidiaries that offer insurance to clients in North America, Europe, and Asia. Life, health, and disability insurance are just a few of the policies that Great-West Lifeco offers.
By the end of 2019, the business had advisor relationships, 24,000 employees, and 30 million clients.
5. Progressive
Progressive Commercial offers a wide range of small-business insurance services, but its commercial auto insurance is its most well-known product.
- insurance is general liability.
- Compensation for workers.
- Transporters for goods.
- Commercial property insurance.
