Celebrating small business

Right across Canada small businesses are the engine that keep the country moving. In fact, approximately 98% of the companies in Canada have less than 100 employees and are considered small. Canada has always been a country defined by the small businesses that support the livelihoods of people from coast to coast to coast.

We owe it to these businesses to continue to support them not just with our patronage, but also providing them with the insurance coverage that is right for them. Insurance experts and local associations estimate that many Canadian businesses are underinsured while others even go without. It seems that many owners believe they can’t afford coverage, while in truth, they can’t afford to not have coverage.  

Small businesses have faced significant changes, and many have evolved to meet these changes. Restrictions and limitations on how they could be open for business resulted in Canadian small businesses redefining what their community was – growing it from customers within driving distance to embracing customers across the country with ecommerce and other forms of online transactions and delivery options.

But with this came new exposures that needed to be addressed.  

In addition to securing these new forms of invoicing and payment, the ability to protect customer’s data has moved from just a large corporation’s issue to every small business looking to move forward in an ecommerce / data world. Companies are collecting more and more client information including personal and financial data. Increased regulations around data protection while protecting your ability continue to invoice clients means cyber policies are a must for all Canadian companies that house customer information.

Cyber solutions protect businesses and individuals from internet-based risks, specifically those relating to IT infrastructure, information privacy, information governance liability, and others. Small businesses should look for cyber products that cover against losses such as data destruction, extortion / ransom, theft, hacking, and other costs associated with notifying your clients. In addition, businesses should look for protection against both cyber-attacks and cover liability for breaches of any privacy legislation anywhere in the world.

We have redefined what buying local means. Whether it’s supporting the hardware store at the end of the block, having a specialty product shipped from another province or providing professional services, small businesses are filling a very important service. As insurance providers we need to provide solutions that meet their needs as they embrace this new economy.