How Do I Get Small Business Insurance?


Nov 4, 2020

How do I get insurance for my Small Business?

If you're a business owner looking for Small Business Insurance but you're not quite sure about how to obtain it or where to start, you're already on the right path by knowing you need insurance! Regardless of size or industry, Business Insurance is crucial to have to protect your hard work and ensure peace of mind as your company grows too. Often times, Business Insurance is required by investors, landlords, partners and more so even if you're just starting your business, it's good to already own it to prevent delays down the road. In this article, we'll explain how to get Small Business Insurance, what you need handy to get a quote and if you can get insurance without being a registered business.

How Do I Find Small Business Insurance?

The most effective way to find insurance is through a broker. Brokers, like our Foxquilt team, have access to multiple markets that provide different premiums and coverages so you always know you are getting the best rate! Brokers are also skilled with insurance so they can help provide guidance through your business journey. At Foxquilt, we provide a smarter Business Insurance solution accompanied by our experienced and specialized team of Account Executives who will help you find tailored insurance built for the needs of your business.

If you're looking for a broker or provider, the internet is your friend! You can easily search online for local brokers or providers near you. At Foxquilt, we believe that insurance should be quick, simple and easy. That's why, we have an online quote application so you can start the process of getting Business Insurance wherever, whenever in minutes.

What information should a business owner have handy to get a quote?

The information needed will vary depending on the nature of your business operations; however, business owners should always be prepared to answer the following:

  • Legal name

  • Location address

  • A key description of the business operations

  • Do you have any operations outside of Canada?

  • Revenues (last year and for the next 12 months)

  • Years of experience

  • Insurance history

  • Information on any claims within the last 5 years

  • The cost of any equipment or tools you own

If you have a current insurance policy, you should always have it handy with you so that you can compare the insurance limits with the limits on your new quote.

Can you get business insurance without being a registered business?

Not every business needs to be licensed or registered but all businesses should be insured. Many new business owners need to understand what permits, licenses or registrations they need for their small business. These are critical questions because obtaining business insurance also requires complying with provincial and federal regulations.

If you are a sole proprietor in Canada and use only your legal name (i.e John Smith) as the name of your business, then you do not need to register your business - unless a word is added to the name (i.e John Smith Bookkeeping.) We highly recommend checking out your local government's resources for business owners, like ServiceOntario, for more information.

Hence, if your business does not need to be licensed or registered, you have as much of a right to insurance as any other business!

Like we mentioned at the beginning, if you're unsure of where to start or what to do, that's okay! You shouldn't have to be an insurance expert just to get the right insurance for your small business; it's why it is highly recommended to speak to a broker or insurance professional. You can choose from many different types of insurances such as Commercial General Liability, Professional Liability Insurance (E&O), D&O Insurance or Cyber Insurance. Our Foxquilt team does the work for you from start to finish, from reviewing the needs of your business to finding a tailored insurance solution customized for you. Insurance should be painless; between our supportive team of professionals and our easy online quote, we want to make sure getting Business Insurance isn't a headache. Start your quote today with Foxquilt!

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