10 Best Business Insurance in Canada



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Business Insurance

Every Canadian business owner needs to look into insurance to protect their business and themselves. Business insurance is the best way to ensure that all your hard work doesn’t vanish overnight.

What is business insurance?

Business insurance essentially covers you from any disasters that might cause damages to your business property and belongings. Disasters you will be covered for include flooding, fires, and damage from thunderstorms or snowstorms.

Additionally, it protects your business from unwanted graffiti, vandalism, and theft. With a multitude of options in the market today, it is easy to get overwhelmed. 

How do I purchase business insurance in Canada?

Most insurance brokers make it straightforward for business owners to receive a quote online from the convenience of their homes. Looking into commercial insurance online creates space to search for the best deals and compare quotes from several insurance brokers to ensure you are receiving the most amount of coverage for the best value.

Most online platforms will ask you for some personal information surrounding your business and its operations to get an understanding of what type of coverage you need.

Over or under insuring is, unfortunately, a frequent issue, which is why it is important to be as detailed as possible during the insurance quote process. Business insurance should include coverage for the building itself and any belongings inside such as expensive technology and specialized tools or work equipment.

What is the best business insurance in Canada?

Our team, through research and user reviews, has come up with 10 places to purchase business insurance in order to get the best deal and coverage.

1. Allstate Canada

Allstate provides insurance for homes, cars, and businesses. Their business insurance agents are trained to help business owners learn more about their coverage options including a business owner’s policy to ultimately cover any damages to your business or company vehicle.

Some commonly occurring risks that are covered through Allstate business insurance are theft, fire, windstorm or hail, vandalism, explosions, lighting, any car crashes into your business, sprinkler leakage, and falling objects.

2. Co-operators

The Co-operators have been helping Canadian businesses for over 65 years. With skin in the game for some time, they team you up with a local financial advisor to help guide you on the business insurance process and ensure you are informed with regular updates.

They have a few different coverage types from property protection, loss of income, extra expenses from business interruption, liability, and crime loss. Additionally, they cover insurance for small businesses, home-based businesses, farms, life insurance as well as group retirement and benefits.

3. RBC

RBC is one of Canada’s top 5 biggest banks and they offer an extensive list of coverage for business owners. Depending on your interest and business needs, RBC has policies granting protections for any business overhead expenses so you never have to worry about making sure your business can always pay its bills.

Also, they have coverage in case a key valuable member of your team leaves that might affect your business operations or profitability. With RBC business insurance, your business and family are protected in case anything happens to you or co-owners as well.

4. Aviva

Aviva provides a variety of insurance policy coverage depending on your business. They have three separate policy structures whether you are a business owner to a small business, medium-sized business, or a large corporation.

They offer industry-specific enhancements to your business insurance policies depending on the likelihood of risks in your particular business market. Coverage can be offered as a standalone or part of a package.

Aviva’s coverage extends to a wide range of markets such as retail, transportation and logistics, realty, manufacturing and wholesaling, hospitality and lodging, professional services, contractors and builders, and lastly, educational organizations.

5. Intact

Intact works with over 6,000 independent insurance broker offices nationwide and is one of the leading providers of global specialty insurance.

With roots dating back to 1809, they are one of the oldest Canadian companies. Previously known as ING Canada, Intact operates internationally providing insurance solutions for every aspect of the business.

They offer policies for property insurance, liability insurance, commercial vehicle insurance, business assistance services, and surety bonds. Business assistance services include access to practical advice and tools from specialized professionals that you need that you might not have on your payroll.

Surety bonds are a guarantee to suppliers and customers on your business obligation and delivery, which if anything happens, Intact will cover.

6. Trushield Insurance

Trushield focuses on insurance coverage for the unique needs of small businesses. Their insurance quote process is customized to the operations of your business.

In the case you work primarily with your hands by building, installing, or fixing things, they offer flexible insurance for contractors and skilled tradespeople based on that industry’s unique risks. For those that sell goods online, from home, or from a store, Trushield offers retail insurance coverage.

Lastly, if you provide a professional, creative or consulting service, there are home-based business insurance policies to ensure your business is protected and covered. A new policy recently added is coverage for any cyber or data breaches your business might have incurred.

7. Apollo Insurance

Apollo insurance specializes in cost-effective business and renter’s insurance. For business-coverage, they offer four types: general liability, professional liability, non-profit insurance for directors and officers, and lastly, content and equipment insurance.

What makes Apollo unique from its competitors is that they sell insurance online directly to business owners and do not require calling in to speak to an agent. As such, their application process is quite straightforward and most business owners can purchase their insurance in under ten minutes.

Their policies are customizable and ideal for a range of small business operators such as freelancers, fitness instructors, copywriters, beauticians, barbers, and much more.  

8. Zensurance 

Zensurance is an insurance brokerage that solely focuses on business insurance. As such, their employees are very knowledgeable and specialized with great emphasis on providing excellent customer service.

They offer 24/7 round-the-clock online services and their platform allows curious business owners to compare quotes from more than 50 of their insurance partners. Being quite new in the insurance game, they have risen quickly in the industry as they are known for their affordable competitive rates. 

9. Desjardins Insurance

Desjardins has been in the industry for 120 years and as a big player in the insurance game, they offer a wide range of business policies. Coverage for professional services includes land surveying, law firms, accounting firms, photography studios, translation agencies, and veterinary clinics.

There is also coverage for service-based businesses such as driving schools, private tutoring, shoe repair, and dry cleaning. Retailers, real estate businesses, and contractors also have their unique policy plans. Additionally, Desjardins offers cyber risk insurance, business continuity, and life insurance for your business.

Desjardins connects you to their search engine to find a local insurance agent near you in order to have your options explained and a quote given based on your personalized policy. 

10. Aligned

Aligned is a premier independent Canadian commercial and business insurance brokerage that offers services nationwide. They have several offices in Toronto, Calgary, Cambridge, and Vancouver and serve 1,700 clients across Canada.

Unlike other insurance brokerages, they exclusively specialize in business insurance in order to focus solely on offering the best experience and coverage for your business. Aligned offers a tiered package structure with 4 unique levels of service based on your business needs.

Additionally, they work on a fee-for-service model, which means that brokers do not automatically earn more because of any insurance price increases on your policy, which is vastly different in comparison to the usual commission practices most companies follow.

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Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

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Kareena Maya

Personal Finance and Travel Rewards Expert Contributor



Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.