As a small business owner in Ontario, you’ve poured time, money, and energy into building your dream. But one unexpected accident, claim, or lawsuit could derail it all. That’s why getting the right insurance coverage isn’t just smart — it’s essential. Here’s a quick guide from a local insurance broker serving Mississauga and Toronto on the types of insurance every small business should consider.
The Must-Have Coverages Every Small Business Needs
1. Commercial General Liability Insurance (CGL)
No matter your industry, liability coverage is the foundation of business protection. It covers claims related to bodily injury, property damage, or negligence — for instance, if a client slips in your Mississauga office or a project causes property damage at a Toronto job site.
2. Commercial Property Insurance
Whether you own or lease your workspace, property insurance protects your physical assets — equipment, inventory, furniture, and even signage — from fire, theft, or vandalism. Many Mississauga small businesses located in shared offices or retail spaces underestimate the cost of replacing lost equipment. Don’t make that mistake.
3. Professional Liability Insurance (Errors and Omissions)
Service-based businesses in Ontario — such as consultants, accountants, or real estate agents — need protection against claims of negligence, bad advice, or mistakes. One simple oversight could lead to an expensive lawsuit.
4. Commercial Auto Insurance
If your company uses vehicles for deliveries, site visits, or client travel, a personal car policy won’t cover business use. Commercial auto coverage ensures your business vehicles (and drivers) are properly protected.
5. Cyber Liability Insurance
Cyberattacks are growing in Mississauga and Toronto. Even small businesses holding client data are potential targets. Cyber insurance helps with the cost of data recovery, breach notification, and legal fees.
6. Business Interruption Insurance
Picture this: a fire damages your Toronto storefront, forcing you to close temporarily. Business Interruption insurance covers lost income and operating expenses while you recover.
A Local Broker’s Perspective
As an independent insurance broker based in Mississauga, I work with multiple insurers to find tailored solutions that fit your business — not just a generic policy. Every business is unique, and so is the right insurance strategy. Whether you operate from a downtown Toronto office or a Mississauga warehouse, I can help you understand coverage gaps before they become costly problems.
For more guidance, visit katherinele.ca to get a personalized quote or schedule a chat with a local insurance expert.
Frequently Asked Questions
Q: Is business insurance mandatory in Ontario?
Not always, but certain industries and contracts require proof of insurance. Even if it’s optional, coverage can protect you from expensive risks.
Q: How much does small business insurance cost in Mississauga or Toronto?
Costs vary depending on your industry, size, and coverage limits — most small businesses pay between $500–$2,500 annually.
Q: Can I combine different coverages in one policy?
Yes! Many insurers offer Business Owner’s Policies (BOPs), which bundle multiple coverages into one affordable package.