Commercial insurance is vital to small business owners, as these enterprises often comprise individuals' source of income and means of supporting their family and dependents. The Government of Canada affirms the importance of commercial insurance: "You need to protect your assets and earnings in the event that a disaster or emergency destroys part or all of your business premises and assets."

Here are five different types of commercial insurance, compiled from the Government of Canada's list: 

Property insurance. This typically covers your property and buildings in cases of destruction or damage from fire and other causes. 

Contents insurance. This covers assets stored within your business premises. If you lease your work space, the property owner usually has property insurance, however, both you and the owner are responsible for your own contents insurance. You will likely need a separate contents insurance policy if you run your business from your home. 

Business interruption insurance.  In the event that you need to shut down your business due to a fire, among other reasons, business interruption insurance covers your earnings losses until your business is back and running.

Vehicle insurance. Make sure that you insure all vehicles that your business owns, and if you use personal vehicles for business purposes, notify your insurance company. 

Liability insurance. All business owners know that accidents in the workplace happen. To protect yourself against suits, you may want to consider insurance policies that lower your liability. There are three types of liability insurance: General liability, Product liability and Professional liability insurance. 

For your home, auto and commercial insurance needs, contact Fundy Mutual. One of our experienced brokers will be happy to assist you and offer personalized advice.