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How small are most small businesses in Canada?


According to 2016 Canadian government statistics, 54.1 percent of the 1,167,978 active private employers are made up of companies with only one to four employees. If you include those businesses that employ five to 19 employees, that equals a staggering 86.2 percent of Canadian businesses.

So if you’re thinking of starting a business, you’re in good company. These are essentially small business ventures that are owned by individuals, record very few workers and their yearly earnings show little income in comparison to the more stablished and bigger business ventures.

Canada is dotted with small business varying from, real estate companies to fitness and leisure sports companies as some of the topmost money racking small businesses. This country in particular views small business as companies that have workers not exceeding 100 on the payroll. Bloggers and cab drivers also fall as part of small business owners.

What is (BOP) insurance? Do small businesses need it?

Small businesses are prone to risks and attacks. For this reason, their risk needs to be managed. Business Owners Policy (BOP) is a unique form of risk management designed to secure small and medium size businesses. In the unfortunate event that the
business merchandise and products are spoilt, robbed or even when the product itself harms the costumer, Business Owners Policy will ensure such incidents are taken care of. This policy works to ensure that these small businesses run as smooth as possible with no hiccups or hitches to ruin their profitability and stability. It also mitigates economical losses and debts that the business might have entered into as a result of a sudden stop of regular operations.


Risks in businesses do not discriminate in terms of sizes, they occur anyway. Small businesses involve people and products in their operations both of which are exposed to risks in terms of damages and injuries. It is therefore of great vitality for small
businesses owners to solicit the services of Business Owners Policy (BOP) insurance cover.

It is absolutely never in vain to cover your small business venture regardless of how optimistic you are. We never intend for accidents nor damages and the best thing is to always be prepared with a safe landing in such occurrences.

What are the advantages that having a business (BOP) can bring to a small business?

There are limitless advantages that a small business accrues by having Business Owners Policy (BOP) insurance cover. They include:

First, running and managing a business as an individual can be mentally exhausting.
For proper sound decisions to be made, the business owners need to be in their right frame of mind away from the anxiety of following up and paying insurance premiums to more than one insurance policy in different agencies. A BOP takes care of several important risk protocols under a single policy. The business owner, therefore, has a peaceful time by having most of its and his troubles sorted out at a go.

Also, it is widely known that every business exists to make profits and they try to achieve this by limiting their spending at all cost. By soliciting services from multiple insurance firms, you as a business owner will most likely pay more on insurance
premiums which is eventually cost-ineffective. BOP, on the other hand, gives you the solid opportunity of combining essential coverages for the things that you need to protect to secure your business. Essentially you get to enjoy multiple services offered by a single efficient service. BOP grants you deductions and rebates. You get to save yourself and your business a lot of money that you can otherwise invest elsewhere.

Lastly, no business owner wishes to lose custody of their business firm after pouring their lives to it. The individual will seek to secure their company as the pride possession that it is. In the event your company is sued in court due to say, a client involved in an accident while walking through your store or heavy products falling on them and injuring their bodies, the company can be sued. These processes can get ugly and very costly to solve. Having a BOP cover on such incidents guarantees that you still get to keep your small business.


A small business might also want to procure and understand other insurance covers. These include:

- Workers compensation will allow the business to cover for the accidents suffered by the employees while carrying out their job duties. In the case a worker breaks his/her leg while carrying something at work, the company could use this insurance to cover the hospital bills as well as to pay for the lost income that the sudden stop of work would
have caused the employee.

-An insurance covering data breach can save you when important financial information has been stolen from your business computer. If someone breaches your accounts, steals important data or even introduces a harmful virus that ruins your computer this insurance would be able to hold your back.

-Commercial Auto Insurance covers vehicles employed to work in small businesses. For example, food trucks or cabs for transportation. For example, in case of an accident, the small business is compensated to repair the vehicle.

-Although Product Liability is this is partly covered by BOP is important to understand this insurance by itself works to cover small business owner in the case where for example the heater they provide to clients get to be faulty or causes injury to them
through explosions. The clients can lawfully sue the small business for jeopardizing their wellness due to the products they manufacture and sell.

-Also covered under BOP, Business Interruption insurance works to compensates your small business earnings that are lost when the small business operations are involuntarily instructed to stop when they should be in progress. For example, a disease outbreak where the business is located or flooding and other natural disasters.

- Also included under BOP, Equipment Breakdown Insurance will cover or compensate a small business for the amount it uses in fixing a malfunctioning tool of work. For example, when a commercial expensive photocopy machine is damaged or a fridge in a
dairy shop incurred electrical hazards and needed repair.

- Also covered under BOP, Commercial Property Insurance covers the physical structures housing the small business against the specified risks. For example, when the building is broken into and damaged or it is brought to ruin by a fire accident. The
small business owner will be compensated the cost to rebuild or repair.

In conclusion, Canada thrives with small businesses which are in the extension well insured.

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