Business Insurance in Nova Scotia: Free Quotes 2024
- Ideal for business owners that want global coverage for their employees
- Quotes available 100% online
- Serving +20 industries - from fintech to nonprofit
- Small business insurance policies start from $19 per month
- Partnerships with over 50 leading Canadian insurance providers
- Easy-to-use online platform to purchase your insurance
- A true quote-and-buy online business insurance experience
- Competitive rates and services designed for small businesses
- Distribution throughout Canada and the United States
- Ideal for small and medium enterprises
- Customizable policies to reflect evolving needs
- Rated AA- by Standard and Poor’s and Fitch Rating
- Purchase a personalized policy 100% online 24/7
- Competitive rates for packages that can be tailored to specific needs
As a Nova Scotia business owner, it's crucial not to underestimate the importance of business insurance. Even a minor incident can cause serious financial turmoil and jeopardize years of stability. Whether it's a simple mistake, a lawsuit, or a disaster like flooding or fire, the right Nova Scotia business insurance can protect you from these risks.
In this article, we'll dive into the world of Nova Scotia business insurance. We'll outline the different types of coverage you can buy, average insurance costs, and how you can protect your small business without breaking the bank.
You can also use our free tool to compare small business insurance quotes online based on the unique needs of your business.
Nova Scotia Business Insurance: 5 Key Takeaways
- Customized business insurance coverage is available to meet your business's specific needs.
- Average premiums for business insurance in Nova Scotia range from $305 to $1,305 annually.
- Workplace injury insurance is mandatory for most employers in Nova Scotia.
- Due to the financial protection it affords, business insurance fundamentally stabilizes a company’s cash flow.
- Risk management processes lower business insurance costs while providing further benefits.
What are the types of business insurance in Nova Scotia?
For all intents and purposes, business insurance is a safety net that protects your business from financial loss if and when an insurable claim arises. Unfortunately, due to the vast amount of complications that may arise such as property damage, personal injury, data breaches, and product mishaps, to name a few, it can be difficult for Nova Scotia business owners to know exactly what type of coverage they may need.
The list below highlights a few of the most common types of business insurance in Nova Scotia with a short description of the coverage provided.
- Business Interruption Insurance: This insurance is commonly used by companies that don’t have large cash reserves and are susceptible to short periods of business interruption. When a successful claim is made, the insurance will provide financial support and can replace lost income.
- Professional Indemnity Insurance: Also known as errors & omissions (E&O) coverage, professional indemnity provides financial protection where a company makes a mistake or is negligent when carrying out their duties which results in a damage or some form of loss.
- Cyber Liability Insurance: Of significant importance for any company that retains client information either online or on hardware connected to the internet. Cyber insurance offers protection against losses that may arise from hacking, malicious malware or other breaches of security.
- General Liability Insurance: Is the basic form of business insurance which often offers generic coverage against injuries that may occur on company property or damage to third-party property while undertaking normal business operations.
- Commercial Property Insurance: Commercial property insurance will extend coverage to a business’s own assets which include inventory, the property itself and any specified content of significant value to the company.
- Workplace Injury Insurance: This insurance protects against lawsuits arising from injuries or illnesses that occur at work or through employment, and may also cover medical expenses or loss of wages.
Workplace injury insurance
Workplace injury insurance, commonly referred to as worker’s compensation business insurance may be mandatory for your Nova Scotia business. Business can refer to Worker’s Compensation Board of Nova Scotia for more information regarding the necessity of workplace injury insurance.
You can explore small business insurance in Nova Scotia options right here. Use our free tool below to compare small business insurance quotes based on your unique needs. It's completely online and you get your quotes emailed.
Better protection for your business today
Other Business Insurance Options in Nova Scotia
Naturally, the extent of business insurance coverage a company needs greatly depends on its industry and operations. The above list is a starting point for Nova Scotia business owners, but the following is a slightly more comprehensive list of coverage options available.
- General liability
- Commercial property
- Employer liability
- Commercial auto
- Errors & omissions
- Workplace injury
- Business interruption
- Directors & Officers
- Product liability
- Equipment breakdown
- Builder’s risk
- Cyber
- Fidelity bonds
- Sewer backup
How much does Nova Scotia business insurance cost?
It is difficult to provide exact prices for Nova Scotia business insurance due to the number of factors taken into consideration by insurance providers. From the type of coverage needed to the size of the actual business, premiums will fluctuate significantly depending on the company looking for cover.
However, through online business insurance quote tools, it is possible to gain an idea of annual average business insurance costs and the policies they relate to as evidenced in the table below. The business insurance costs assume a small business operation in Nova Scotia with an annual revenue of $200,000 and no previous business insurance claims.
| Type of business | Average annual business insurance cost | Type of coverage included |
|---|---|---|
| Beauty and therapies | $623.51 | General commercial liability |
| Accountant (No Audit) | $1,304.96 | General commercial liability; professional liability |
| Residential plumber | $305.18 | General commercial liability |
| Sole landscape designer | $479.18 | General commercial liability; contents |
| Telecommunications consultant | $617.73 | General commercial liability; contents |
How are business insurance premiums calculated?
As evidenced, the premiums fluctuate wildly and the type of coverage needed also varies. Some occupations like builders or IT consultants will need additional insurance for their property that allow them to undertake their work, while a barbershop’s equipment may not be worth insuring.
While it is hard to determine overall premiums, the list of factors below with the largest influence on costs may help you gain an understanding of the premium pricing process.
- Revenue and size of business: The larger a business the higher the premiums. This is due to the fact that risks increase in line with turnover, in addition to the number of employees and office space. As such, higher premiums will have to be paid to account for a higher chance of a claim arising.
- Business insurance policy: The type of policy greatly affects insurance premiums. If a company only needs general commercial liability, then premiums may remain low (depending on the size of the company). However, where a company needs extended cover such as E&O, product liability or commercial auto insurance, then both risk and premiums increase.
- Claim history: As with all insurance, the amount of claim history one has usually accurately reflects the amount of risk associated with you. Therefore, with a significant claim history a company should be aware that they may pay higher premiums.
- Industry/occupation: The sector in which a business operates greatly affects risk and, again, business insurance costs. Pharmaceuticals, construction and the auto industry are among the highest as the final product sold or created can have a significant impact on individuals.
Use our free tool below to compare business insurance quotes online. You can get free quotes personalized to the needs of your business.
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How to get a business insurance quote in Nova Scotia?
The steps to securing a business insurance quote in Nova Scotia aren’t much different from any other insurance process. However, since business insurance takes into consideration a larger amount of factors when determining coverage and price, business owners will have to supply an insurer with much more information including, but not limited to, the value of inventory, annual revenue, projected revenue, number of employees, amount of office space, and risk management processes in place.
The following steps will hopefully guide you when you try to buy business insurance for your company.
- Needs analysis: A needs analysis identifies specifically the type of insurance coverage you need. Whether you are contractually obliged to carry a certain type of insurance or need mandatory workplace injury cover, a needs analysis will highlight gaps in coverage.
- Collecting information: Gather all information that an insurance provider may need when assessing the scope of your business such as licences, number of employees, previous annual revenue, size of commercial property and value of tools, computers or other equipment.
- Compare quotes: You should contact multiple providers, request several quotes for business cover and ultimately compare the extent of coverage and cost. You could also use the HelloSafe tool to compare quotes in one place.
- Final review: Double-check to make sure that the insurance covers only what you need. Don't pay for cover that doesn’t apply to your scope of operations. For example, lawn care specialists wouldn’t need E&O.
Expert advice
Remember, the cheapest business insurance may not always be the best. More emphasis should be put on coverage and quality of insurance instead of the business premium.
While opting to find business insurance on your own may seem tempting, the intricacies of business insurance often catch business owners off guard; specifically, when insurance is needed to fulfil contractual obligations. It never hurts to contact professionals in the industry and in this case, Nova Scotia business insurance brokers would be the ones to contact.
Considering a Nova Scotia business insurance broker
Let’s face it, insurance administration isn’t everyone’s forte. A physiotherapist wouldn’t do chiropractic work, nor would a mechanic paint a car. Business insurance brokers specifically exist to simplify the business insurance buying process and remove all headaches associated with hunting for coverage.
Here are 4 benefits why you should consider a business insurance broker:
- Knowledge and expertise: Business insurance brokers usually come with decades of experience in the industry. They can offer specific insights into the workings of insurance providers and help break down industry jargon.
- Coverage solutions: Business insurance brokers ultimately represent their clients and use their established network of providers to source the best solutions for them. By having immediate access to numerous providers, the broker can compare and provide several side-by-side quotes to help simplify the insurance process.
- Risk management: The best business insurance brokers will not only assist in finding the right policy, but they will also help identify and mitigate risks to your business. This can further help save money on premiums.
- Continued support: Insurance brokers can act as long-term partners and help your business as it grows and changes. No one will know your risks better than your broker and they can assess your policies on a rolling basis to ensure you maintain the right policy.
What are the best business insurance brokers in Nova Scotia?
Naming the best business insurance broker in Nova Scotia is difficult as a lot of business owners prioritize different factors such as industry specialization, responsiveness or service. However, a few of the top business insurance brokers in Nova Scotia include:
- Zensurance: Zensurance features an intuitive online tool to explore insurance options by profession. It offers a wide choice and competitive rates from 50+ leading providers.
- Apollo: APOLLO allows small business owners to purchase insurance online 24/7. It offers industry-specific coverage and proof of insurance in minutes.
- TruShield: TruShield offers easy online quotes starting at $50 per month. It provides customizable policies and discounts with partners like Staples and QuickBooks.
- Summit: Summit offers over 20 years of experience and partnerships with 40 top insurers. It provides customized coverage for various business needs in multiple provinces.
- Foxquilt: Foxquilt provides competitive rates with a user-friendly online platform. It offers comprehensive insurance products tailored for small to medium-sized businesses.
How to choose the best business insurance in Nova Scotia?
When qualifying business insurance brokers, business owners should take steps to ensure that they find one that works for them. Unlike insurance policies where you need to review technical aspects such as scope of coverage and costs, when considering brokers a business owner should focus on compatibility. Such factors include:
- Experience: Lookout for insurance brokers that have experience in your business field as well as extensive experience in the insurance industry. Combined insurance between partners is often important when the broker is newly formed.
- Reputation: The reputation of a company speaks volumes and nothing beats referrals. Speak to other business owners in your field to see who they worked with and if they would recommend them.
- Customer service: After-sales care is equally, if not more important than finding the right policy. You would ideally feel comfortable relying on the business insurance broker to help give advice on other areas of risk that may arise.
- Communication: Communication is key and you don’t want to be chasing an insurance broker when it comes to your financial protection. Find a broker in Nova Scotia that is proactive with their communication and keeps you up to date with the process.
Better protection for your business today
Small business insurance in Nova Scotia
Small business owners usually have limited budgets, resources and time to dedicate to finding the right insurance. However, finding small business insurance in Nova Scotia doesn’t have to be a nightmare. Follow this quick and easy list when searching for coverage.
- Budget versus coverage: While your main consideration maybe your budget, always remember the potential cost of an incident occurring. The slight increase in premium to secure better coverage may be worth it in the long run.
- Niche industries: Finding coverage in niche industries is difficult. When in this situation do approach a broker for a no-obligation consultation just to see if they can help.
- Remember ongoing needs: Once a policy is in place it is easy to renew it year on year. However, remember that as your business grows so do your risks. Review coverage every year to ensure that all aspects of your business are insured.
