Business Insurance British Columbia

It depends on the type and size of business you have. If you run a small residential cleaning company yourself, the type of insurance you’ll need will be very different compared to a business with multiple employees that clean professional offices.

There is only one policy you are legally required to have when you run a small business and have employees. It is employers liability insurance or EL. If one of your employees is injured, or suffers an illness, while on the job, this coverage will protect your business.

Rates for business insurance in British Columbia are determined by a few key factors:

• Type of industry/business - The amount of risk associated with insuring your business is the largest contributor to determining what your commercial insurance rate will be. Different industries will have different types of risk associated with them. An electrician, a home-based selling business and a psychologist would all have many different types of risks for their business to be protected from/for.
• Desired coverages - Just as no small business is the same as another, so too are the required coverages to properly insure your business. Typically, most small businesses will require a degree of general liability coverage. More ‘’professional’’ type jobs, such as an accountant or financial advisor will require errors & omissions (E&O) coverage.
• Geography - Depending on where you live in British Columbia, this can factor into your business insurance rate. Population and geography can impact your rates, depending on the type of business you have. This is because certain areas will have higher claims rates — all things equal — compared to other areas insuring similar businesses.

The coverage option you’ll wish to include in your business insurance policy in British Columbiawill vary, depending on the type of business you’re looking to insure. This is why it’s in your best interest to ensure your Surex Personal Assistant fully understands your business and the potential risks associated with it. Your Personal Assistant will want to find the exact coverages you need to insure your business. This ensures you’re not paying for coverages you don’t need.

Most business insurance policies in British Columbia will require general liability coverage. General liability protects your business against claims relating to bodily injury and property damage resulting from your products, services and property.

Errors & omissions coverage can also be required on your commercial insurance policy. E&O covers companies and the employees that work there, against claims regarding the quality of work done or negligent actions.

Type of business: We tailor a small business insurance policy to match your exact needs. A home-based business will have different needs in a policy than a plumber.

Claims history: The carrier you choose for your commercial insurance needs will need to know your prior business insurance claims history. Be prepared to disclose with your Surex Personal Assistant your most recent ten years of commercial insurance claims history, if applicable.

Location of your business: Some locations in British Columbia will be cheaper to get commercial insurance than others.

The number of employees: The more employees that work for your business means the likelihood of a claim increases. This is why larger businesses often cost more to insure.

Amount of general liability: Depending on the contracts your small business gets, some will require a minimum amount of general liability included in your commercial insurance policy. Common amounts are $2 million and $5 million.

Coverage options: Every small business is unique. Coverage options to properly protect your business will vary. The more coverages your business requires, the more costly — all things equal — your policy will be, compared to a business needing less coverage options.

Deductible: A common business insurance deductible in BC is $1000. Your deductible is the amount you pay, out of your own pocket, when you need to activate your commercial policy because of a claim. If you’re wanting to find a way to lower your annual business insurance premium amount, and can afford to do so, increasing your deductible is something you can consider.

The industry you’re in: Business insurance in British Columbia varies depending on the industry you’re in. This variance can be because the cost of a potential claim is higher, the likelihood of a claim is higher or the degree of coverage you need, among other reasons.

Partnering with the top commercial insurers in British Columbia is how Surex is able to get you cheap commercial insurance rates. Our partner business insurers in British Columbia include:

• Aviva
• CNS
• Gore Mutual
• Intact
• SGI
• Travelers

Being able to shop your business insurance policy among the above insurers means you’ll know you’re getting a great, cheap commercial insurance rate.

Business insurance in British Columbia, unlike home and auto insurance, is manually priced. Once you input your personal information, your Surex Personal Assistant will reach out to you to get some specifics relating to the business you’re looking to insure. The more specifics you give your Personal Assistant, the higher the chance they’ll be able to find commercial insurance savings for you.

How is that possible?

Once your Surex Personal Assistant has all the info they need regarding your business, it’s now time for them to go to bat for you among our partner insurers and get you cheap insurance. The clearer your Personal Assistant and our carriers understand your business, and the risk associated with it, the better they’ll be able to tailor a commercial insurance policy just for you.

If you want to be totally sure your newly quoted price covers everything you used to have included in your previous/existing business insurance policy, you can give your Surex Personal Assistant a copy of your policy. This way you can feel confident knowing you're comparing apples-to-apples, as far as your deductible amounts, coverages and general liability protection. This also enables our carrier partners to know the annual commercial insurance rate they need to beat to earn your business.

Allow us the opportunity to earn your business through our industry-leading service and cheap business insurance rates!

Your previous history of paying your insurance bills will be influential in whether the insurer you choose to place your business with offers you monthly payment options.

If you have a history of paying your insurance bills, there’s a far better chance that the monthly payment option will be offered to you (along with the standard upfront, one-payment option).

Small business insurance is designed to protect business owners and their employees from risks they may face while on the job. Examples of these are property damage, negligence, cyber-attacks or bodily injury. Here are the common type of business insurance you can get:

• Commercial general liability: covers costs associated with claims or lawsuits alleging third-party bodily injury or property damage resulting from your business operations.
• Professional liability: covers claims or lawsuits alleging negligence, misconduct, or failure to deliver a service as promised.
• Product liability: covers claims or lawsuits for a third-party injury or property damage resulting from a product you sell or manufacture
• Cyber liability: protects against cybercrimes that may result in compromised data

YES! While business insurance in British Columbia is not mandatory, it is highly important to have once you start operating to protect you and your employees against common risks and injuries you can encounter while on the job. Not having it can be detrimental to your business and you can lose it all. Small business insurance covers costs associated with claims or lawsuits that can threaten the survival of your business and should be an integral part of your risk management strategy.