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Business Insurance for Sole Proprietors

Protect Your Sole Proprietorship with Comprehensive Business Insurance

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Compare rates from Canada's leading business insurance providers.

Secure Your Future with Tailored Insurance for Sole Proprietors

Are you a sole proprietor in Canada? Whether you're turning your passion into a thriving business in the heart of Toronto or setting up a boutique consultancy in Vancouver, every step you take is towards building a legacy uniquely yours. But with great dreams come great responsibilities—and unforeseen risks. That’s where Insurance Genie steps in, not just as an insurer, but as a partner who stands by you as you chase your dreams.
Imagine a sudden flood in Calgary, a fire in Montreal, or a client dispute that escalates beyond a simple discussion in Halifax. Any of these could halt your progress or, worse, threaten the survival of your business. With the right insurance for sole proprietors, you’re not just purchasing a safety net—you’re investing in peace of mind and securing your future. So, let’s talk about safeguarding your dreams and ensuring that every risk is managed with precision and personal care.

Why Every Canadian Sole Proprietor Needs Insurance

For sole proprietors, the line between personal and business is often blurred, and so are the risks associated with them. Operating your own business without the safety net of comprehensive insurance is like navigating a ship in stormy seas without a lifejacket. It’s not just about protecting your business—it’s about ensuring your entire lifestyle isn’t capsized by a single unexpected wave.

Financial Security in Uncertain Times

In the fluctuating economic landscape of cities like Toronto and Vancouver, where competition is fierce and the market is unpredictable, insurance acts as your financial anchor. Professional liability and business interruption insurance aren't just features of a policy; they are your safeguards against catastrophic losses. They ensure that when disasters strike—be they natural, like the floods in Calgary, or professional, like a major contractual mishap in Edmonton—your financial security remains unshaken.

Protecting Your Personal Assets

As a sole proprietor, your personal assets are indistinguishably linked to your business. A lawsuit or a business debt can jeopardize not just your commercial operations but your home, your savings, and your future. Here lies the benefit of a tailored insurance plan. It doesn’t just protect your business operations in bustling city centres or quiet suburbs; it shields your entire life’s work. Every piece of advice you give, every product you sell, and every service you provide carries a risk—insurance transforms these risks from threats into mere hurdles.

Tailored Insurance Solutions for Every Profession

Each sole proprietor's business is as unique as their fingerprint, and so are their insurance needs. Whether you're a digital marketer spinning strategies in Toronto, a tradesperson fixing realities in Saskatoon, or a wellness professional balancing lives in Vancouver, Insurance Genie has a bespoke insurance solution that fits perfectly into your professional landscape.

Digital Marketers and IT Consultants

In the digital arena, where one click can either scale your business or bring down a network, the right insurance is crucial. Professional and cyber liability insurance are not just part of your defence strategy—they're essential tools that protect your business from data breaches and client lawsuits. Imagine you're working from your home office in Montreal, and an unexpected data leak puts your client's sensitive information at risk. With the right insurance, this scenario shifts from a business-ending disaster to a manageable challenge, allowing you to respond confidently and keep your business reputation intact.

Tradespeople and Artisans

For those who work with their hands, your tools and creations are your livelihood. Equipment insurance and liability coverage are not mere features; they are the backbone of your business's resilience. Picture yourself as a carpenter in Halifax; a theft of tools or an accident during work could significantly disrupt your business. Comprehensive insurance ensures that these risks are just bumps on the road to your success, not roadblocks.

Health and Wellness Professionals

The health sector carries its own unique risks, from professional liability when treatments don’t go as planned to the personal impact of dealing with sensitive client information and well-being. Whether you’re a chiropractor in Calgary or a personal trainer in Ottawa, having the right insurance means you can focus on healing and helping without the looming fear of legal issues or client disputes.

Why Choose Insurance Genie?

business insurance sole proprietor insurance genie

Flexibility

Adaptable coverage options that grow with your business, whether you’re expanding from a local service in Regina to a nationwide enterprise.

tailored insurance solutions for commercial offices

Comprehensive Coverage

From professional liability to business interruption and cyber risk, our plans cover a wide spectrum of potential threats, ensuring that you're prepared for any business climate.

Unparalleled customer service for office insurance

Personalized Service

Our expert advisors take the time to understand your business, offering personalized advice and solutions that align with your specific professional and personal aspirations.

Save BIG!

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Customer
Quoted from:
February 3, 2023
Male, 29 years old
Vehicle
2018
Honda
Accord
Average rate
$
306
/mth
$
3,672
/yr.
Our rate
$
210
/mth
$
2,520
/yr.
Location
Ontario
Saved
$
96
/mth
31
%
savings
Customer
Quoted from:
January 31, 2023
Male, 34 years old
Vehicle
2022
Tesla
Model X
Average rate
$
318
/mth
$
3,816
/yr.
Our rate
$
192
/mth
$
2,304
/yr.
Location
Ontario
Saved
$
126
/mth
39.6
%
savings
Customer
Quoted from:
January 26, 2023
Male, 64 years old
Vehicle
2015
Jeep
Wrangler
Average rate
$
135
/mth
$
1,620
/yr.
Our rate
$
87
/mth
$
1,044
/yr.
Location
Ontario
Saved
$
48
/mth
35.5
%
savings

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Ready to Transform Your Business Security with Insurance Genie?

In the world of business, timing is everything. The right decision at the right time can define your future. Choosing Insurance Genie now means setting up a foundation of security and confidence that allows you to focus on what you do best—running your business. Don’t wait for a sign or the right moment; make the choice to protect your business today.
Take the first step towards unmatched protection and peace of mind today. Contact Insurance Genie for a free quote and let us answer all your questions. It’s time to ensure your business is as resilient and thriving as your aspirations. Why wait? Reach out now and secure your future with confidence. Your business deserves the best defence—let Insurance Genie provide it.

Frequently Asked Questions

What types of insurance do sole proprietors typically need in Canada?

Sole proprietors in Canada should consider several types of insurance based on their specific business activities. Common types include professional liability insurance, general liability insurance, property insurance, and cyber liability insurance. The specific needs can vary depending on the nature of the services or products offered.

Is insurance mandatory for sole proprietors in Canada?

While not all types of insurance are mandatory, certain professions may require specific coverages as part of regulatory or licensing requirements. For example, professionals in healthcare, engineering, or financial services often need professional liability insurance to operate legally.

How does professional liability insurance protect sole proprietors?

Professional liability insurance, also known as errors and omissions insurance, protects sole proprietors from claims of negligence, mistakes, or failures to perform that result in a financial loss to a client. This is essential for anyone who provides advice, services, or consulting.

What is the difference between professional liability insurance and general liability insurance?

Professional liability insurance covers claims related to the performance of professional services or advice that result in a client's financial loss. General liability insurance covers claims of physical injury or property damage. For instance, if a client slips and falls in your office, general liability would cover this.

Can sole proprietors deduct insurance premiums on their taxes?

In Canada, sole proprietors can typically deduct business-related insurance premiums, such as liability and property insurance, as business expenses on their tax returns. This does not usually include personal insurance, such as health or life insurance.

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Business Information

Is your mailing address the same as the business address?
Do you own or lease the building/unit that the business operates from?
Are all employees and physical locations based in Canada?
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Do you have employees or physical locations in Quebec?
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Business Details

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smart
Learn more about CGL Insurance

CGL provides coverage for bodily injury or property damage caused by products you sell, services you offer or locations from which you operate. The insurance coverage provided within a CGL policy includes Employers Liability, Employee Benefits Liability, Tenant's Legal Liability, Products Liability, Personal Injury, Advertising Injury, Completed Operations, and Non-owned Automobile.

We suggest you have at least $2M as your liability limit
Learn more about what's included:
  • Employers Liability: Most employees are covered by worker's compensation but some employees do not qualify. Thus, the employers' liability provides bodily injury if an employee gets hurt at work—specifically, office employees who are not covered by worker's compensation.

  • Employee Benefits Liability: Provides employers who make an error or omission in administering their employee benefits program.

  • Tenant's Legal Liability: Included within most commercial general liability policies; and provides coverage for damage to a premise that you rent or control in which a covered peril damages the rented space within your care, custody and control. The policy does not cover the property you own within the rented space, only the damage caused to the landlord's property.
  • Products Liability: This is included within most commercial general liability policies and provides coverage for any bodily injury or property damage caused by the products you sell.
  • Personal/Advertising Injury: Encompasses a range of non-physical injuries that stem from specific actions. These actions include, but are not limited to, false arrest, detention or imprisonment, malicious prosecution, wrongful eviction or entry, defamation through oral or written publications, and infringement of an individual's right to privacy. These injuries may arise from various scenarios, such as being falsely accused, wrongfully evicted or having one's reputation tarnished through defamatory statements.
  • Completed Operations: Refer to injuries that are not physical and occur after a specific action or event has been completed. These actions include, but are not limited to, false arrest, detention or imprisonment, malicious prosecution, wrongful eviction or entry, defamation through oral or written publications, and infringement of an individual's right to privacy. These injuries may occur as a result of a completed service or project and can have long-lasting effects on the individual or organization involved. It's important to note that these injuries differ from Bodily injuries, which are physical injuries caused by an accident or incident.
  • Non-owned automobile: This coverage offers protection against liability when an employee uses their personal vehicle for business purposes. It is meant to cover situations where a business-related accident occurs while an employee is driving their car, not the company-owned one. This coverage is intended to fill the gap when the employee's personal auto policy needs to provide adequate protection. It's important to note that this coverage applies only when the vehicle is not owned, registered or contracted by the named business or on its behalf.