We all know that small and home-based businesses require business insurance to protect themselves from potential risk or losses, which could seriously threaten the survivability of their business. There are many types of small businesses that are required to show proof of insurance on a regular basis – landscaping and construction immediately come to mind. The Insurance Bureau of Canada provides a list of some of the main types of business insurance you may need for your business.
However, even with adequate coverage, you may run into a situation where a client requires you to carry additional or a different type of insurance as a contingency of doing business with them. For example, if you are a renovation company and you are bidding for a contract with a large organization, you may be required to have a certain level of liability insurance.