Yes, Your Small Business Needs Business Insurance

Your business plan is solid. Your product/service is in demand. You have the financial backing. And your work ethic is unquestioned. Anything missing? The reality is, if you sell a product or provide a service to your customers and get paid for it, you need small business insurance to protect yourself from a variety of risks.

What might happen if you suffer an expensive loss and don’t have an adequate insurance policy? Could you bear the brunt of that loss while still staying afloat? Insurance has never been easier to source, or more competitively priced. Here are a number of common small business scenarios that require you to take out a small business insurance policy:

  • People come to your place of business even if it is home based.
  • You participate in networking events or tradeshows.
  • A client could claim that your advice caused them a financial loss.
  • You visit a client’s location or any other third-party location.
  • Possessions – equipment, furniture, inventory, etc. to protect from theft or fire.
  • You or your employees need to operate a vehicle owned by your company.
  • Your business’s product or service could possibly lead to a customer being injured or you wreck their property

Mistakes Happen

Even the most well sculpted plans can sometimes go awry. You may have crossed all the t’s and dotted all the i’s but fate can still conspire to throw you a curve ball. Starting a business is a risk. Going without a small business insurance policy is one you can easily avoid.


One of the keys to a successful small business is building a strong reputation. You want your company to be trusted and known for its expertise and excellent products or services. Not having proper insurance coverage not only puts you at risk of being sued but can also threaten that reputation with your clients.

Securing A Commercial Lease

When your startup outgrows its surroundings, you may find yourself leasing your first commercial space. In the lease documents, you’ll likely find a clause requiring you, the tenant, to have insurance, including commercial general liability insurance.

Preparing for the Worst

Depending on where your business is based in BC, there are several risks you’ll need to account for. 2017’s wildfire season was the busiest on record, and extreme weather is an ever-present risk. Protecting yourself against these risks is basic common sense.

Still Not Convinced?

Small Business BC sponsor, TruShield Insurance suggests a few questions you can ask yourself to be 100% sure that you need insurance coverage:

  • Do I have enough money set aside to rebuild my business if I ever experienced a major fire?
  • Can I afford the legal costs associated with defending myself and settling a liability lawsuit?
  • How many months can I go without business income while still meeting my financial obligations with my suppliers, employees and the government?

It’s easy to get started: TruShield Insurance has just made it easier to protect your small business online with just a few clicks:

Visit TruShield Insurance to Get a Quote today!

If projected annual revenues are $250,000 or less, your purchase may be completed online.

Whether your quote has been completed online or by phone, simply review the details, make your purchase, and you’re insured!

Here to Help

No matter what stage of business, or what problem you face, Small Business BC offers a range of seminars and one-on-one advisory sessions to suit any business.

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