Protecting your passion: Why Toronto’s small businesses should consider insurance

From the local bakery serving the perfect apple crumble, to the resident plumber who has saved countless homes, small businesses are beloved pillars of their communities that, in many cases, their neighbours couldn’t imagine their lives without. But far too many of Toronto’s business owners leave protecting themselves with business insurance off their to-do list - putting them at risk of unexpected events that could compromise their ability to serve their communities.

According to a recent TD Insurance survey, while one in five small businesses polled consider a temporary shutdown their biggest liability, 40 per cent of respondents do not have business insurance to financially protect themselves. Respondents also expressed concerns about other liabilities that can be protected against with the right insurance coverage, including business interruptions such as a fire that forces a temporary closure, and damage to property and contents.

“The unthinkable can happen, and no business wants to close their doors to their customers,” says Tang Trang, Vice President, Small Business Insurance, TD Insurance. “It’s essential business owners find the right insurance coverage that meets their unique needs and gets them back to serving their customers as quickly as possible.”

It’s understandable that business insurance may not be high on the priority list for business owners, Trang notes, “they often have plenty on their plate just managing day-to-day operations”. In Toronto and other larger cities, he says TD Insurance sees business owners navigating additional challenges, including continued inflationary pressures.

On the other hand, Trang also notes that with the cost of doing business continuing to rise, it’s no surprise that 36 per cent of survey respondents cited cost as a reason not to get business insurance.

“It can be tempting to forego insurance to cope with economic pressures, but the financial loss from an unexpected event could greatly outweigh the cost of protecting your business. For example, a customer slips and falls on the premises of a small grocery store or a bakery has been forced to shut down for a few weeks due to significant fire damage - these are important scenarios where business insurance could kick in.” added Trang.

“Business owners can alleviate their liability concerns by ensuring they have the right insurance coverage in place to meet the unique needs of their business,” Trang says.

The TD Insurance for business product can help protect businesses against unforeseen financial losses due to covered events such as business interruptions, damage to business property, or a collision involving a business vehicle. It’s also customizable to meet the unique needs of businesses of varying sizes, profit levels and industries - and business owners only pay for the coverage they require.

Time-pressed business owners can visit the TD Insurance for Business website to get an online quote or speak to a licensed TD Insurance advisor at a time that is convenient for them — 8am to 8pm Monday to Friday and 9am to 4pm on Saturday at 1-855-724-2883.

“As a business owner, the right coverage can help you feel confident that the things you have worked hardest for are protected,” Trang says.

TD Insurance business policies are underwritten by Security National Insurance Company. They are distributed by Security National Insurance Company in Quebec, and by TD Insurance Direct Agency Inc. in the rest of Canada.