Insuring Yourself & Your Business

do it Nov 18, 2017
Do You Need Insurance?

Depending on the type of business you are starting, you may need some kind of insurance, such as:

  • Property insurance
  • Business interruption insurance
  • Errors and omissions insurance
  • Liability insurance
  • Workers’ compensation
  • If your business will own cars, vans, or trucks, you’ll also need to insure those.

It’s generally best to talk with a business insurance broker or agent who can give you personalized advice based on your specific circumstances. You can also shop for insurance online. Either way, make sure you understand exactly what’s covered and what’s not.

You may be eligible for insurance discounts through organizations like the Chambers of Commerce, Business Improvement Associations, and some networking groups.

Property Insurance

If you are leasing space, you’ll need commercial renter insurance to protect your equipment, machinery, inventory, furnishings, and other things your landlord’s insurance won’t cover. If you’ll be operating your business in your own building, you’ll need coverage for the premises and the equipment, machinery, etc. inside the business.

Business Interruption insurance, which covers lost income in the event your facilities are damaged or destroyed, can usually be added to a property insurance policy.

Liability Insurance

There are several different types of liability insurance:

General liability covers your business if someone is injured on your property or if you cause damage to others’ property.

Product liability insurance covers damages caused by products you design, make, or sell. Normally only companies that make or distribute products that could injure someone, like drugs or chemicals, purchase this relatively costly type of insurance.

Workers’ Compensation

Most businesses in Ontario that employ workers (including family members and sub-contractors) must register with the Workplace Safety and Insurance Board (WSIB) within 10 days of hiring their first full- or part-time worker.

Registering with the WSIB provides workplace insurance coverage for all of your workers and gives you access to experts in health and safety for your business sector.

Some industries are not required to register. See for details. 


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