October 29, 2025 •

Protecting Your Biggest Investment | Small Business Insurance in Ontario & Alberta

October is Small Business Month in Canada

Every October, Canada celebrates Small Business Month — a time to recognize the entrepreneurs, innovators, and dreamers who power our economy.

Small businesses (1–99 employees) are the backbone of our communities. In fact:

Approximately 98% of employer businesses in Canada are small businesses. source: Statistics Canada)
They employ over 10 million Canadians. source: Statistics Canada)
They contribute 36.7% of Canada’s GDP. (source: Government of Canada)

Behind those numbers are real people — owners, families, and employees — who take risks every day to serve their communities. But with big rewards also come big risks, which is why small business insurance is essential.

Why Small Business Insurance Matters

One accident, cyber breach, or unexpected lawsuit can derail even the most resilient business. Without the right coverage, you could face serious financial strain, legal challenges, or even closure.

Business insurance protects:

Your property and assets (buildings, equipment, tools).
Your revenue stream (business interruption coverage).
Your liability exposure (lawsuits, product issues, professional errors).
Your digital risks (cyber liability, ransomware, data breaches).

Think of it as an investment in your company’s continuity and reputation.

10 Common Insurance Gaps Small Businesses Miss

Even the most experienced entrepreneurs can miss important coverage areas. Here are ten of the biggest gaps that leave small businesses in Ontario and Alberta exposed — and how to fix them.

No Business Interruption Coverage — Protects lost income and fixed costs if you’re forced to close temporarily after an event like a fire or other covered peril.
Neglecting Cyber Liability Insurance — 69% of Canadian small businesses don’t consider cyber threats a priority (IBC), but breaches can cost thousands in recovery, legal fees, and lost trust.
Forgetting Errors & Omissions (E&O) Insurance — Covers professional mistakes, negligence, or bad advice (essential for consultants, IT, accountants, contractors).
Inadequate Property Coverage Limits — “Actual cash value” may not be enough to rebuild; “replacement cost” coverage is often the safer option.
Assuming Home Insurance Covers Home-Based Businesses — Most home policies exclude commercial activity and could be voided if you don’t disclose your business.
Relying on Personal Auto Insurance for Commercial Use — Personal policies don’t cover vehicles used for deliveries, transporting tools, equipment, stock or inventory.
Missing Product Liability Insurance — Protects against claims if a product you sell or make causes harm (important for restaurants, retailers, and e-commerce sellers).
No Umbrella (Excess Liability) Coverage — Provides an extra layer of protection if a lawsuit exceeds your policy limits.
Not Protecting Portable Tools & Equipment — Covers theft, vandalism, or damage to tools, electronics, or gear used on-site or in transit.
Ignoring Contractual Liability — Leases and contracts often shift liability to you; coverage ensures you’re protected if disputes arise.

Many small businesses only discover these gaps after a claim is denied — when it’s too late.

Tips to Save on Small Business Insurance

Price isn’t everything, but here’s how to get the most affordable small business insurance in Ontario and Alberta without cutting corners:

Bundle policies — Combine liability, property, and other coverages into one policy for discounts.
Understand your needs — Tailor your coverage to your business’s unique risks (not a one-size-fits-all plan).
Manage risks proactively — Safety practices, contracts, and training can reduce premiums.
Compare quotes — A broker can shop multiple insurers to find the right balance of coverage and cost.

At My Insurance Broker (MIB), we shop 20+ top commercial insurers to help small businesses get the best protection — and the best price.

Local Focus: Ontario & Alberta Entrepreneurs

Ontario: Contractors, restaurants, and retailers face risks from liability claims to cyber incidents.
Alberta: Energy, trades, and rural businesses need protection for vehicles, equipment, and weather-related interruptions.

No matter where you operate, having the right coverage in place can protect your growth and your peace of mind.

Final Thought

Running a small business takes courage, resilience, and vision. Protecting it shouldn’t be left to chance. The right insurance coverage — and the right broker — can help you avoid hidden risks and even save money.

This Small Business Month, take time to review your coverage, close gaps, and explore your savings options.

At My Insurance Broker (MIB), we shop 20+ top commercial insurers across Ontario and Alberta to protect your business — so you can focus on growth, not risk.

Call My Insurance Broker today at 1-855-482-5001 or info@myinsurancebroker.com for a free non-obligation business policy review.

Latest Articles