{"id":35638,"date":"2026-04-08T11:26:15","date_gmt":"2026-04-08T15:26:15","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/?p=35638"},"modified":"2026-04-08T15:53:53","modified_gmt":"2026-04-08T19:53:53","slug":"what-is-business-insurance-canada","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/what-is-business-insurance-canada","title":{"rendered":"What is Business Insurance and Do I Need It?"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">What is Business Insurance and Do I Need It?<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2026-04-08T11:26:15-04:00\">April 8, 2026<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">15 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"Lisa Jackson\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Lisa Jackson<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/What-is-Business-Insurance-and-Do-I-Need-It.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"What is Business Insurance and Do I Need It\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/What-is-Business-Insurance-and-Do-I-Need-It.webp 1024w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/What-is-Business-Insurance-and-Do-I-Need-It.webp?resize=300,200 300w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/What-is-Business-Insurance-and-Do-I-Need-It.webp?resize=768,512 768w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/What-is-Business-Insurance-and-Do-I-Need-It.webp?resize=420,280 420w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=What is Business Insurance and Do I Need It? &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/what-is-business-insurance-canada\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/what-is-business-insurance-canada\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">What is business insurance in Canada?<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-what-is-business-insurance-in-canada\">What is business insurance in Canada?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-are-the-benefits-of-business-insurance\">What are the benefits of business insurance?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-types-of-business-insurance-in-canada\">Types of business insurance in Canada<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-take-the-next-step-in-insuring-your-business\">Take the next step in insuring your business<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-rbc-insurance\">RBC Insurance<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>More than <a href=\"https:\/\/ised-isde.canada.ca\/site\/sme-research-statistics\/en\/key-small-business-statistics\/key-small-business-statistics-2025\" target=\"_blank\" data-dig-id=\"LP-Uncategorized-35638-d10155a9\" data-dig-category=\"LP-Uncategorized\" data-dig-action=\"link click\" data-dig-label=\"1.1 million employer businesses\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">1.1 million employer businesses<\/a> operate in Canada, and if you\u2019re one of them, you already know how much work goes into building something of your own.<\/p>\n\n\n\n<p>Running a business takes grit and effort. You\u2019ve got ideas to chase, clients to serve, invoices to send, and about a hundred moving parts on any given day. But while you\u2019re focused on growing what you\u2019ve created, it\u2019s worth asking a simple question: what happens if something goes wrong?<\/p>\n\n\n\n<p>That\u2019s where business insurance comes in. At its core, business insurance helps protect your company, your assets, and the livelihood you\u2019ve worked hard to build, whether you\u2019re running a start-up, a side hustle, or an established business in Canada.<\/p>\n\n\n\n<p>In this article, we\u2019ll explain what is business insurance, what it typically covers, and how different types of coverage can help protect your business if the unexpected happens.<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  faqs is-style-plain-text\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\" id=\"h-key-takeaways\">Key takeaways<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Business insurance is designed to help protect your company from financial losses related to its operations, such as property damage, liability claims, or business interruptions. It can help owners manage risk, recover from unexpected events, and keep the business running over time.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Common types of business insurance include commercial property, liability, cyber, and coverage for key people or buy sell agreements.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Coverage needs vary by business, and many owners use a combination of insurance products rather than a single policy.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Business insurance may be relevant for a wide range of businesses \u2014 from home-based entrepreneurs and sole proprietors to established companies with employees.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The right coverage depends on your business, your industry, and the risks you\u2019re most likely to face.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-business-insurance-in-canada\">What is business insurance in Canada?<\/h2>\n\n\n\n<p>Business insurance is a type of insurance designed to help protect a business from financial losses related to its operations. In practical terms, it can help cover costs if property is damaged, equipment is stolen, a client files a lawsuit, or another unexpected event disrupts the business.<\/p>\n\n\n\n<p>Unlike personal insurance, which protects individuals and their personal property, business insurance focuses on risks tied to running a company. That can include things like physical locations, equipment and inventory, professional services, employees, and even business income.<\/p>\n\n\n\n<p>Because no two businesses operate the same way, coverage needs can vary widely. A home-based consultant, for example, may face different risks than a restaurant, construction company, or tech start-up. That\u2019s why many businesses rely on more than one type of insurance to help protect their assets and support business continuity if something unexpected happens.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-benefits-of-business-insurance\">What are the benefits of business insurance?<\/h2>\n\n\n\n<p>Business insurance does more than help cover unexpected costs. For many companies, it can also support long-term stability, strengthen credibility with clients, and help meet certain legal or contractual requirements.<\/p>\n\n\n\n<p>Here are a few ways business insurance can benefit business owners.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-protection-and-peace-of-mind\">Financial protection and peace of mind<\/h3>\n\n\n\n<p>Running a business always involves some level of risk. Equipment can be damaged, property can be lost or stolen, or a customer may claim they were harmed by your product or service. In other cases, a client may allege that an error, oversight, or professional advice caused them financial loss.<\/p>\n\n\n\n<p>In situations like these, the costs can add up quickly \u2014 and could even be devastating. Depending on the policy, business insurance may help cover expenses such as repairs, legal fees, or settlements, reducing the amount business owners might otherwise have to pay out of pocket.<\/p>\n\n\n\n<p>Having coverage in place can also make it easier for a business to recover from unexpected disruptions and continue operating.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-professional-credibility\">Professional credibility<\/h3>\n\n\n\n<p>Insurance can also signal professionalism and reliability. Some clients, landlords, or business partners may require proof of insurance before signing a contract or allowing work to begin.<\/p>\n\n\n\n<p>For example, certain businesses must carry liability insurance to bid on projects, particularly in industries like consulting, construction, or professional services. Having the right insurance can help businesses qualify for contracts and compete for new opportunities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-compliance-with-canadian-business-regulations\">Compliance with Canadian business regulations<\/h3>\n\n\n\n<p>In some cases, business insurance may be required by law or by professional regulators. Certain industries must carry specific types of coverage to operate legally or maintain professional licensing.<\/p>\n\n\n\n<p>Requirements can vary by province, industry, and the size of the business. Having the appropriate insurance in place can help businesses meet regulatory obligations and avoid potential penalties or disruptions to their operations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-types-of-business-insurance-in-canada\">Types of business insurance in Canada<\/h2>\n\n\n\n<p>Businesses face different kinds of risks depending on what they do, where they operate, and how they serve customers. There isn\u2019t one type of insurance policy that could meet all these needs. Instead, many companies rely on a combination of insurance products designed to address different types of risk.<\/p>\n\n\n\n<p>Here are some common types of business insurance to consider.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-business-overhead-expense-insurance\">Business overhead expense insurance<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/business-insurance\/business-overhead-insurance\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"Business overhead expense insurance\" class=\"rbc-link-format\">Business overhead expense insurance<\/a> helps cover certain costs if the owner becomes unable to work because of illness or injury. It\u2019s designed to help keep the business running while the owner recovers.<\/p>\n\n\n\n<p>When a business owner can\u2019t work, the company\u2019s bills don\u2019t simply pause. Rent still needs to be covered, employees may still need to be paid, and equipment leases or utilities may still come due. Business overhead insurance can help cover those types of fixed operating costs so the business can stay open during the owner\u2019s recovery.<\/p>\n\n\n\n<p>Depending on the policy, covered expenses may include things like rent or mortgage payments for the business space, property taxes, utilities, essential employee salaries, or other essential operating costs.<\/p>\n\n\n\n<p>This type of coverage is often relevant for small business owners or professionals whose work directly drives the company\u2019s revenue \u2014 like physicians, lawyers, accountants, or other professionals running their own practices.<\/p>\n\n\n\n<p>For many business owners, the idea of stepping away from work because of <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/injury-illness-insurance-coverage\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"illness or injury\" class=\"rbc-link-format\">illness or injury<\/a> can be stressful enough. Business overhead expense insurance can help relieve some of that pressure by helping continue operations while the owner focuses on recovery. Learn more about how <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/business-insurance\/business-overhead-insurance\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"RBC Business Overhead Expense Insurance\" class=\"rbc-link-format\">RBC Business Overhead Expense Insurance<\/a> can help.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-commercial-property-insurance\">Commercial property insurance<\/h3>\n\n\n\n<p>Commercial property insurance helps protect the physical assets your business relies on to operate. That can include things like buildings, equipment, tools, furniture, inventory, and other property used for business purposes.<\/p>\n\n\n\n<p>If those assets are damaged or destroyed by events such as fire, theft, vandalism, or certain types of severe weather, this type of coverage may help pay for repairs or replacements, depending on the policy.<\/p>\n\n\n\n<p>Coverage can apply to a wide range of business property. For example, it may include computers and electronics, stock or inventory, office furniture and fixtures, tools and equipment, and even improvements made to a rented workspace. Some policies may also extend to items like customer property kept on-site or equipment used off-site for business activities.<\/p>\n\n\n\n<p>For many businesses, these assets represent a major investment. If something unexpected happens, replacing them out-of-pocket could be expensive. Commercial property insurance can help businesses recover from those setbacks and get back to work.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-buy-sell-insurance\">Buy sell insurance<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/business-insurance\/buy-sell-insurance\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"Buy sell insurance\" class=\"rbc-link-format\">Buy sell insurance<\/a> is a type of insurance that helps business owners plan for what happens if one of them can no longer continue in the business. It\u2019s often funded through <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"life insurance\" class=\"rbc-link-format\">life insurance<\/a>, and in some cases, <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/health-insurance\/disability-insurance\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"disability insurance\" class=\"rbc-link-format\">disability insurance<\/a>.<\/p>\n\n\n\n<p>In businesses with multiple owners, there\u2019s usually a buy sell agreement \u2014 a legal arrangement that outlines what happens if an owner dies, becomes disabled, or leaves. In many cases, it requires the remaining owners to buy that person\u2019s share of the business. But the challenge is often funding that buyout.<\/p>\n\n\n\n<p>Buy sell insurance helps address that. For example, if one owner passes away or becomes disabled, the policy can provide a tax-free benefit that the remaining owners can use to purchase that person\u2019s share. This can help avoid situations where family members become unintended business partners, or where owners need to rely on personal savings or business assets.<\/p>\n\n\n\n<p>This type of coverage is often considered by businesses with more than one owner, especially when each person plays a key role. It can help create a clearer path forward during a difficult time and provide financial support to both the remaining owners and the departing owner\u2019s family. Learn more about how <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/business-insurance\/buy-sell-insurance\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"RBC Buy Sell Insurance\" class=\"rbc-link-format\">RBC Buy Sell Insurance<\/a> can help.<\/p>\n\n\n\n<p>Read more: <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-for-small-business-owners\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"Life insurance for small business owners\" class=\"rbc-link-format\">Life insurance for small business owners<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-home-based-business-extension-insurance\">Home-based business extension insurance<\/h3>\n\n\n\n<p>When you work remotely for an employer, you\u2019re doing your job from home but still working for a company. In many cases, the equipment you use \u2014 like your laptop or phone \u2014 belongs to your employer, and their insurance may cover those items.<\/p>\n\n\n\n<p>Running a home-based business is different. In that case, you\u2019re operating your own business from your home, whether that\u2019s selling products online, offering consulting services, or managing a side hustle from your dining room table.<\/p>\n\n\n\n<p>This difference matters when it comes to insurance. A standard home insurance policy is designed to protect your home and personal belongings, not business activities. That means it may offer only limited coverage for business equipment or inventory, and it may not cover business-related liability.<\/p>\n\n\n\n<p>A home-based business extension helps fill that gap. It\u2019s typically added to an existing home, condo, or tenant insurance policy and can provide protection for things like business equipment, inventory, and certain liabilities related to your business, depending on the policy.<\/p>\n\n\n\n<p>Unlike commercial property insurance, which is designed for businesses operating from dedicated commercial spaces, a home-based business extension is meant for smaller operations run primarily from a personal residence.<\/p>\n\n\n\n<p>For entrepreneurs, freelancers, and small business owners, that extra protection can help reduce the financial impact if something unexpected happens \u2014 such as equipment being stolen, inventory being damaged, or a client being injured while visiting your home. Speak to a licenced advisor to <a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/home-insurance\/index.html\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"learn more about home-based business insurance\" class=\"rbc-link-format\">learn more about home-based business insurance<\/a>.<\/p>\n\n\n\n<p>Read more: <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/home-insurance\/do-home-based-businesses-need-extra-insurance\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"Do Home-Based Businesses Need Extra Insurance?\" class=\"rbc-link-format\">Do Home-Based Businesses Need Extra Insurance?<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-professional-liability-insurance\">Professional liability insurance<\/h3>\n\n\n\n<p>Professional liability insurance helps protect businesses that provide services or advice. Also known as errors and omissions (E&amp;O) insurance, this coverage is designed for situations where a client claims your work caused them financial loss, property damage, or injury.<\/p>\n\n\n\n<p>For example, a consultant might give advice that a client later says led to financial losses, or a technician might perform a service that unintentionally causes damage. Even when a business believes it did nothing wrong, responding to a claim can involve legal fees and other costs.<\/p>\n\n\n\n<p>Depending on the policy, professional liability insurance may help cover legal defence costs or settlements related to claims like these.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-cyber-liability-insurance\">Cyber liability insurance<\/h3>\n\n\n\n<p>These days, many businesses rely on technology to get work done \u2014 from online payments to cloud storage and customer databases. But the more digital tools, the more a business may be exposed to cyber risks.<\/p>\n\n\n\n<p>Cyber liability insurance helps protect businesses from financial losses related to cyber incidents, such as data breaches, hacking, ransomware attacks, or other technology disruptions.<\/p>\n\n\n\n<p>For example, if a cyberattack exposes customer information or shuts down your systems, your business may need to investigate what happened, notify affected customers, restore data, and strengthen security. These situations can also lead to legal claims or regulatory obligations.<\/p>\n\n\n\n<p>Depending on the policy, cyber liability insurance may help cover costs related to responding to these incidents. That can include expenses such as forensic investigations, restoring compromised data or systems, notifying customers of a breach, and addressing legal claims.<\/p>\n\n\n\n<p>While cyber threats often make headlines for large companies, smaller businesses can also be vulnerable. In many cases, data breaches happen because of human error \u2014 like clicking a suspicious link or using weak passwords. Cyber liability insurance can help businesses prepare for these risks and manage the financial impact if something goes wrong.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-person-insurance\">Key person insurance<\/h3>\n\n\n\n<p>In many businesses, one or two people play an outsized role \u2014 whether that\u2019s driving revenue, managing key client relationships, or holding specialized expertise. If that person suddenly becomes unable to work due to illness, injury, or death, the impact on the business can be significant.<\/p>\n\n\n\n<p>Key person insurance helps protect a business if someone critical to its success is no longer able to work. This could be an owner, partner, or employee whose knowledge, skills, or relationships are difficult to replace.<\/p>\n\n\n\n<p>It\u2019s typically funded through life or disability insurance. If the insured person passes away or becomes disabled, the policy can provide a benefit to the business, which can be used to help manage the transition. For example, it may be used to cover lost income, repay debts, hire and train a replacement, or reassure lenders, employees, and clients during a period of uncertainty.<\/p>\n\n\n\n<p>This type of coverage is often considered by businesses that rely heavily on specific individuals whose contributions would be difficult to replace. It can help provide financial stability and support business continuity if something unexpected happens. Learn more about how <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/business-insurance\/key-person-insurance\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"RBC Key Person Insurance\" class=\"rbc-link-format\">RBC Key Person Insurance<\/a> can help.<\/p>\n\n\n\n<p>Read more: <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/health-insurance\/disability-insurance-for-self-employed-workers\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"Disability insurance for self-employed workers\" class=\"rbc-link-format\">Disability insurance for self-employed workers<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-take-the-next-step-in-insuring-your-business\">Take the next step in insuring your business<\/h2>\n\n\n\n<p>When you\u2019re running a business, your days fill up fast. There\u2019s always something more immediate to deal with \u2014 clients, deadlines, cash flow. Insurance can end up feeling like just another item on the list. But it can play an important role in managing risk and keeping your business on track over time.<\/p>\n\n\n\n<p>A good place to start is by thinking about what your business depends on every day \u2014 your equipment, your inventory, the services you provide, the people you rely on, or the technology that keeps things running. Each of those comes with its own set of risks.<\/p>\n\n\n\n<p>From there, you can start to narrow down what <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/business-insurance\/\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"business coverage\" class=\"rbc-link-format\">business coverage<\/a> might make sense. A retail store, for example, may focus on property and liability coverage, while a consultant might prioritize professional liability insurance. Many businesses use a mix of coverage to help protect different parts of their operations.<\/p>\n\n\n\n<p>It\u2019s also worth checking in on your coverage as your business evolves. What made sense early on may not reflect where you are today.<\/p>\n\n\n\n<p>If you\u2019re ready to explore your options, RBC Insurance offers a range of business insurance solutions and can help you better understand what coverage may fit your needs. You can also <a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/retirement\/index.html\" data-dig-id=\"LP-GeneralInsurance-35638-d9d1c885\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"connect with a licensed advisor\" class=\"rbc-link-format\">connect with a licensed advisor<\/a> to learn more.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-insurance\">RBC Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center\">We make it easy to find expert advice, money-saving tips, and a range of insurance options for every moment of life.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button has-custom-font-size aligncenter btn is-style-primary primary has-text-lg-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/en-ca\/personal\/\" rel=\"noreferrer noopener\" data-dig-id=\"LP-11775-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Learn More-https:\/\/www.rbcinsurance.com\/en-ca\/personal\/ \">Learn More<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-faqs faqs mar-t-dbl mob-mar-t-dbl mar-b-dbl mob-mar-b-dbl\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\">FAQs<\/h3>\n\n\n\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-is-business-insurance-tax-deductible\">Is business insurance tax deductible?<\/h4>\n\n\n\n<p>In many cases, business insurance premiums may be considered a business expense and could be tax deductible. However, this can depend on the type of insurance and how your business is structured.<\/p>\n\n\n\n<p>Because tax rules can vary, it\u2019s a good idea to check with a tax professional or accountant to understand what applies to your specific situation.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-can-i-get-business-insurance-if-i-work-from-home\">Can I get business insurance if I work from home?<\/h4>\n\n\n\n<p>Yes \u2014 but it depends on what you mean by \u201cworking from home.\u201d<\/p>\n\n\n\n<p>If you\u2019re working remotely for an employer, you\u2019re not running a business. In many cases, your employer owns the equipment you use and may have insurance that covers its business activities.<\/p>\n\n\n\n<p>If you\u2019re running your own business from home \u2014 even as a side hustle \u2014 that\u2019s different. In that case, you may need business insurance or additional coverage.<\/p>\n\n\n\n<p>A standard home insurance policy is designed to protect your home and personal belongings, and it may offer only limited coverage for business equipment or supplies. It also typically doesn\u2019t cover business-related liability, such as a client being injured or a claim related to your work.<\/p>\n\n\n\n<p>Depending on your situation, you may be able to add a home-based business extension to your existing policy or consider separate business insurance. This can help provide coverage for things like equipment, inventory, and certain liabilities related to your business.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-do-i-need-business-insurance-if-i-am-a-sole-proprietor-in-canada\">Do I need business insurance if I am a sole proprietor in Canada?<\/h4>\n\n\n\n<p>Even if you operate as a sole proprietor, business insurance may still be worth considering. As the owner, you\u2019re personally responsible for the business, which means you may also be accountable for certain risks.<\/p>\n\n\n\n<p>For example, if a client claims your work caused them financial loss, or if your equipment is damaged or stolen, the costs could fall on you. Business insurance may help reduce that financial risk.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-what-are-the-four-common-needs-for-business-insurance\">What are the four common needs for business insurance?<\/h4>\n\n\n\n<p>While every business is different, many business owners are looking to protect a few key things:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your assets<\/strong>, such as equipment, inventory, or physical space.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your liability, <\/strong>in case a client or third party makes a claim against you.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your ability to keep operating<\/strong> \u2014 insurance can help support business continuity if operations are disrupted.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your key people and ownership<\/strong>, especially if your business depends on key individuals or has multiple owners.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>The right mix of coverage depends on your business, your industry, and the risks you\u2019re most concerned about.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-10384-2de7ba0a\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business insurance helps protect your business and livelihood from unexpected events. Learn about the different types of business insurance available in Canada. <\/p>\n","protected":false},"author":203,"featured_media":35635,"comment_status":"open","ping_status":"open","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[44],"tags":[21,25],"article-type":[80],"ppma_author":[188],"class_list":["post-35638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-insurance","tag-managing-money","tag-wealth-management","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is Business Insurance and Do I Need It? | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Business insurance helps protect your business and livelihood from unexpected events. Learn about the different types of business insurance available in Canada.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/what-is-business-insurance-canada\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Business Insurance and Do I Need It? | RBC Insurance\" \/>\n<meta property=\"og:description\" content=\"Business insurance helps protect your business and livelihood from unexpected events. 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