Although business insurance isn’t mandatory, it’s highly recommended, even if you operate a home-based business.
Business insurance can protect you and your business’s properties, operations, and ability to generate income. Contact your local insurance agent or broker and get at least 3 quotes for business insurance to find the best rate.
Pays for damage to or loss of your business premises. It also protects against damage, theft or loss of business property or inventory.
Protects your business against third-party liability claims (for example, if a courier slips and falls at your place of business and is injured).
Safeguards your business from claims due to potential mistakes or errors the business owner may have made.
Allows one business partner to use a life insurance death benefit to buy out a partner’s interests simply and quickly after the partner’s death.
Provides money to the business if an important employee dies.
Please consider reaching out to your local insurance agency/broker for more specified information on the right insurance options for you and your business.
People are often misled when starting a business on what types of permissions they require. The simple answer is that it depends on the type of business you want to operate (i.e. a food business acquiring proper liquor licensing and food handler’s certificates).
Businesses are registered on a provincial and federal level, so unless you intend to operate in/on municipally owned spaces and ensure that you and your business activities are obeying local bylaws, you do not require any specific permits to operate a small business in a particular municipality.
Visit https://bizpal.ca/ to find out more about what licenses and permits are.
Funding provided in part by the Government of Ontario