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Small Business Auto Insurance Insight  |  Where Your Business Is Located Matters 

Across every province and territory, small business insurance for autos is mandatory. Government-run insurance companies sell primary auto coverage in the provinces of British Columbia, Manitoba and Saskatchewan. In these provinces, private and government insurers compete to sell additional coverage options as part of small business insurance options. Throughout the rest of Canada, you can get insurance needed for small business such as auto insurance through private insurance companies.

Because each provincial and territorial government has specific auto insurance requirements and minimums, small business liability insurance varies by location. Like other forms of coverage, auto insurance coverage and policy language can be complex as well as difficult to decipher. If you are looking for a small business insurance quote, the following general terms apply to auto insurance.

3 Forms Of Auto Insurance Benefits  |  Liability, Property and Accident 

Accident Benefits
coverage can provide medical expenses, income replacement and other possible benefits to you and your passengers injured in an accident. Depending on where you live, this small business liability insurance may be mandatory.

Third-Party Bodily Injury Liability (BI) covers injuries that you, the designated driver or policyholder (i.e. your organization) is alleged to cause to someone else. It provides you with legal defence if another party files a lawsuit against you. It is designed to cover claims for bodily injury include medical bills, loss of income, or pain and suffering. Note that it does NOT cover the cost of damage to your organization’s vehicle. While it is mandatory across all provinces specific coverage minimums will vary.

Third-Party Property Damage Liability (PD) covers you or someone driving your small business auto with your permission if the vehicle damages someone else’s property. Generally, the “property” is another vehicle, however it could also be a fence, telephone pole, house, etc. This form of small business insurance coverage also provides you with legal defence should another party file a lawsuit against your organization.

Medical payments insurance, accident benefits, funeral expense benefits, disability income benefits and death benefits are other types of auto coverage that you may want to consider as part of your general liability insurance for small business.

Collision vs. Comprehensive Deductibles? Our Experienced Insurance Brokers Can Help.
If you are looking to lower your auto premium for your small business insurance, selecting a higher deductible can help. It is important to be aware that the higher the deductible you choose, the more your small business will pay out of pocket in the event of a claim. When considering your small business auto insurance deductible, take into consideration available cash, the value of the vehicle(s) and as well as your tolerance for risk.

ALIGNED Small Business Auto Insurance  |  1-866-287-0448
Across Canada, our small business insurance brokers can help ensure you have the best small business insurance, including the right auto coverage where you live. Uniquely within the industry, we create, negotiate and deliver the best business insurance and risk management strategies/solutions to Canadian small business. Talk to us to get a small business insurance and auto coverage quote today. 100% Canadian owned, we serve more than 1,400 clients across the country through offices in Toronto, Calgary and Vancouver and a national operations centre in Waterloo, Ontario.

Source: IRMI

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