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Compare business insurance quotes

Own a small business and in the market for insurance? Get a personalized commercial insurance quote online in just a few minutes.

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How to get business insurance with Ratehub.ca

  1. Share information

    Tell us a little about your business operations and your coverage needs.

  2. Connect with an expert

    We'll connect you with our small business insurance partner to finalize all the details on your policy.

  3. Secure your coverage

    Bind your customized, affordable coverage – so you can grow your business with peace of mind.

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What is business insurance?

Matt Hands

Business insurance (or commercial insurance) protects business owners of all sizes from potential losses as a result of unforeseen events that can occur during your day-to-day operations – this includes property damage, injuries, theft, or even tech errors. The most common types of business insurance are commercial property insurance, general liability insurance, and professional liability insurance (also known as errors & omissions).

Why is insurance important for a business?

Whether you’re a new small business owner or simply thinking about commercial insurance for your expanding operations, small business insurance covers many risks that, without it, could have detrimental effects on your finances. Running a business is an investment of both your time and money. You made a calculated decision to launch the business, so commercial insurance has been created to help you protect it. 


How much does business insurance cost?

The price of commercial insurance varies because many different risks exist depending on the type of business you run. For a small business, where you mostly work out of your home, with a laptop and other simple tools, a commercial insurance policy could be cheap. The bigger and more complex your operation becomes, the more you’re exposed to insurable risks, and therefore the more you will have to pay. 

For example, let’s say you start out making ceramic mugs. With some clay, a pottery wheel, an oven, and a laptop – you can earn a simple income. All things considered, the risks are relatively low, so if a mug breaks, you can make a new one. Should a fire break out, you can use a fire extinguisher. As you scale up, maybe you open a shop, which brings in-person shoppers, employees, and a slew of other potential problems that expose you to serious financial loss. 

All in all, if you own a small business you should expect to pay anywhere from $500 to $5,000 annually for your business insurance policy. Remember, the price you pay will depend on the type of business you own and the associated risk factors of your trade.

Looking for cheap business insurance in Canada?

Secure your small business insurance online today – in just a few minutes, you can recieve a customized, low-rate quote for all your coverage needs.

Common types of business insurance

Business insurance comes in many forms, and you can select the type and amount of coverage you require for each. Let’s look at the most common types of business insurance.

Commercial property insurance


General liability insurance


Professional liability insurance (E&O)


Commercial auto insurance


Cybersecurity liability insurance


Directors and officers liability insurance (D&O)


Crime insurance


Key person insurance


Business interruption insurance


Factors that affect your small business insurance quote

The cost of commercial insurance for your business will vary based on a number of factors. In general, the bigger the business and the more potential risks, the more business insurance will cost. Below, we outline the most significant factors affecting the price you pay. After getting an initial business insurance quote online, speak with the broker so you can optimize your policy to get the best value.

  • Types of commercial insurance – There are many types of available business insurance coverages and the more you have, the more it will cost. Most businesses begin with general liability coverage to protect themselves against third parties. As you grow, you may want to add more coverage for specific risks or perils which would increase the amount it costs in exchange for more protection. 

  • Commercial insurance limits – Within each type of coverage, there are limits you can set. The higher the limit, the greater amount of coverage, and the more it will cost you. Speak with your agent or broker about setting the appropriate limits for your business to avoid overpaying or being underinsured.

  • Claims deductibles – The deductible is the money you have to pay before your insurance provider will pay the rest. A higher deductible typically translates into a cheaper premium. It’s a sign you’re willing to accept more risk because you’ll only submit a claim for more than the deductible. When setting your deductible, however, keep in mind you’ll be responsible for the up-front out-of-pocket expense, so make sure you can afford it.

  • Business size & employees –The bigger they are, the harder they fall. That said, if you have a warehouse that's the size of 18 football fields, it will cost you much more than a boutique brick-and-mortar retail store with one location. The same goes for the number of people on your team – the more employees on staff, the greater chance of making a professional liability or general liability claim against your business.

  • Business industry – The construction industry, for instance, is fairly expensive to insure due to the high risk to its workers and third parties on site. There’s also the expensive equipment used, which must also be insured. A private piano teacher, on the other hand, who teaches out of their home, won’t face the same potential hazards and will ultimately have to pay less for their insurance. 

  • Annual business revenue – The more money your business is making, the more it will cost to insure because there’s more to protect if something happens. For instance, if a third party injures themselves in your facility and decides to sue, they may ask for more given the size of your business. 

  • Business location – The cost of business insurance can vary significantly from province and city. A business in BC may need protection from earthquakes, increasing the cost of property insurance. Another business may operate near water, meaning they have a higher risk of flood. If your business is in a high crime zone, it may also cost more to protect yourself against theft and vandalism. Before you buy or lease your place, check the cost to insure it.

  • Annual business revenue – The more money your business is making, the more it will cost to insure because there’s more to protect if something happens. For instance, if a third party injures themselves in your facility and decides to sue, they may ask for more given the size of your business. 

  • Business insurance history – Have you had many claims against your business in the past? Are you notorious for receiving professional liability claims against you? If so, you’ll likely pay more for commercial insurance. An insurance company uses your past as a predictor of what’s to come and a troubled history could mean a turbulent future, and the insurer will charge extra to protect you. 

Is business insurance required by law?

Most businesses aren't required to carry insurance by law in Canada – but despite so, it's always a good idea to protect yourself (and your operations) from threats ahead of time.

learn more

How to get cheap small business insurance online

  1. Compare commerical insurance quotes

    Different business insurance products will vary in price from insurer to insurer. To give yourself the best chance at finding a great rate, we recommend shopping around to find the best price for the product you want.

  2. Bundle your products

    Bundling all your commercial insurance products with one insurer has the potential to save you money. You should comparison shop for bundled quotes – ask any prospective insurer to create you a quote that includes all the coverage you need. You can also ask about available discounts if you bundle your personal insurance with your commercial policy.

  3. Manage your business risks

    There are always risks, but the more you can do to prevent them from becoming a reality, the more you can save. Consider installing cameras to prevent potential thieves or asking your drivers to take an education course to reduce business threats.

  1. Find a group rate

    Working in a specific niche has its advantages and that includes getting cheaper commercial insurance. Ask the group you might be affiliated with if there is a preferred insurer, and if so, ask if they have any discounts you can use.

  2. Understand your needs

    No two businesses are created alike, so each policy should be tailored to meet your needs. If you're operating closer to water, you may consider commercial property insurance that includes flood coverage. Should most of your business activities happen online, you might want to consider cyber security insurance. Make sure to only get the insurance coverage you need.

  3. Pay annual premiums

    With some business insurance companies, paying an annual premium up-front, instead of on a monthly basis, can come with a discount. And that way, you also won't need to worry about the extra bill each month.

Ready to protect your business with the right coverage?

Now that you've learned all about business insurance, it's time to secure your policy. In just a few steps, get a personalized quote with us today.

Frequently asked questions

What are some mistakes business owners make when buying insurance?


Can you write off car insurance as a business expense?


How do you get health insurance for a small business?


How can I have a hassle-free claims experience?


Is business insurance mandatory in Canada?


Does my business insurance cover independent contractors?


How do I get liability insurance for my business?


What is umbrella insurance for business?


Do I need business insurance for a sole proprietorship?


All about your Ratehub.ca business insurance quote

Have questions about our online business insurance process? Here are some of our most frequently asked questions, answered.

Ratehub.ca partners with APOLLO Insurance to offer customers affordable business insurance policies online. After providing us with a few details, you'll receive a business insurance quote, tailored to the unique needs of your operations. Because all rates are calculated using the insurer's own underwriting process, we can accurately estimate how much you'll be paying for your coverage.

Matt Hands, Business Director of Insurance

With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read more

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