One More Thing Worth Knowing
Business insurance in Canada varies more by province than most people realize.
The products themselves are largely consistent across the country, but a few things operate differently depending on where your business is located.
Workers compensation: Every province administers its own program, and if you have employees, registration is mandatory in most cases.
In Manitoba
it is WCB Manitoba.
In Saskatchewan
it is WCB Saskatchewan.
The rules, rates, and classification systems all differ, and the consequences of non-compliance can be significant. Worker’s compensation is not technically a private insurance product, but it is a mandatory cost of doing business with staff in Canada, and your InsureLine broker can point you toward the right resources for your province.
Professional liability requirements for regulated professions: If your business operates in a regulated profession, such as law, accounting, engineering, architecture, or healthcare, the professional liability coverage requirements are set by your provincial regulatory body, and those requirements differ from province to province. What satisfies the law society in Ontario may not meet the requirements of the law society in BC.
Minimum liability limits in contracts: Clients, landlords, and government contracts in different provinces commonly specify different minimum liability limits. What is standard in Ontario may be higher or lower than what a BC municipality requires.
The practical upside of all of this is straightforward. An InsureLine broker who knows your province knows the rules that apply to your specific situation. You do not need to figure out which requirements apply to you. That is what we are here for.
