Small Business Insurance

Owning a small business in Ontario is a wonderful way to contribute to the local economy and do what you love. Of course, running any business has risks, and small businesses often have less financial buffering than enterprises. Fortunately, small business insurance is there to protect you in incidents that may cause you to pay out of pocket.

Small business insurance helps in cases of physical damage or liability, ensuring that your company’s reputation and personal finances remain intact.

At Ron Johnston Insurance, we are proud supporters of small local businesses here in Ontario. Our brokers are passionate about protecting companies like yours, so you can continue improving our province’s economy and product/service diversity.

All small business types across a variety of industries benefit from liability insurance for small businesses. Whether you own a corner store, sell custom artwork out of your garage, or run a quaint café on the main strip, your business matters, and it’s worth protecting.

What Does Small Business Insurance Cover?

Small business insurance isn’t a single product, but a variety of specialty insurance products catering to the needs of small businesses in Ontario. An important form of small business coverage involves liability protection, but there are many extended policy options to consider. The most basic form of small business insurance is:

General Liability

General liability insurance protects your company from medical, legal, or repair costs resulting in damage or injury sustained on or by company property. General liability insurance also covers services offered which have resulted in damage.

An example covered by general liability protection is if a delivery person slips on the wet floor of your grocery store on their way to the back office. If the delivery person sues because there was improper signage for a spill, or requires medical assistance not covered by Canadian healthcare, you are held liable as a small business for the mishap. This is where your liability insurance for small businesses protects you against financial loss.

Business Disruption

If your business is disrupted due to inclement weather, a power outage, lack of employee attendance, or property damage, your business disruption coverage ensures that you are able to pay your bills. Business disruption protection helps with costs of your office rental, electricity, and other daily costs associated with running a small business.

Property Damage

If your small business location is damaged, property damage protection helps pay for repairs. Like other structural insurance products, commercial property insurance covers specific perils. Usually these are:

• Fire
• Wind
• Lightning
• Explosion
• Vandalism
• Theft
• Hail

Property protection covers belongings inside your business as well, such as equipment, inventory, and tools.

Product Liability

The performance of your products is under customer scrutiny, and there are always risks with sending a physical item into the world. Whether a customer gets food poisoning from a candy bar that your company manufactured or a sneaker under your brand is found to have a sharp object in the insole, product liability insurance protects you from paying out of pocket for legal costs.

Cybersecurity

Many small businesses operate online, making cybersecurity an important feature of your small business insurance policy. If a customer’s personal information is leaked or stolen, you could be held financially accountable. Cybersecurity coverage through your small business insurance policy protects against these costs.