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Business insurance

Grow and protect your business with smart coverage and advice


Prepare your business and your team for the unexpected

Protect your business and your financial stability so it can weather the unexpected—providing peace of mind for you, your team and your creditors. Attract and retain the team you want by offering competitive benefits packages.

Want help finding the right insurance strategies for you? Our Wealth Protection Specialists can help.


Benefits of business insurance

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Cover unexpected costs

Stay the course even when setbacks come. If a flood, fire or accident damages equipment or inventory, or an unforeseen event forces you to close temporarily, insurance covers your fixed overhead expenses.

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Attract and retain great employees

Build a strong and successful team, recruiting and retaining exceptional employees with competitive benefits like health insurance, retirement plans and other perks.

Explore business insurance options

Key person insurance

Your business relies on a few key people whose expertise and contributions are invaluable. Ensure your business can carry on even when they’re gone. Here’s how it works:

Your business buys a life, critical illness and/or disability insurance policy on the life of a key person in the business. In the event of their death, the business receives a tax-free payout that provides immediate cash so your business can:

  • Keep daily operations running smoothly

  • Reassure lenders and employees

  • Pay off debts

  • Cover the cost of recruiting, hiring or training someone to replace the invaluable skills that were lost

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Business loan protection

You've worked hard to secure loans to grow your business. Make sure your business can continue to thrive even if the person responsible for repaying the loans gets sick or passes away.

With business loan protection, your business buys a life insurance policy on the life of the individual responsible for repaying the loans. In the event of their death or disability, the business receives a tax-free payout that allows the business to:

  • Pay off outstanding business loans

  • Relieve financial burdens on the business and its stakeholders

  • Protect the business owner and their estate from becoming liable for business debts

  • Help sustain business operations in a time of transition

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Funding capital gains

If you’re a business owner, partner or shareholder, your death could trigger capital gains tax on your business assets, including any shares and partnership interest. Without proper planning, your family could end up with a heavy tax burden, forcing them to sell the assets.

With the right life insurance policy, you can provide your beneficiaries with the funds they’ll need to cover capital gains taxes and secure those assets when you're gone. Take steps today to protect your family’s future and the value of your business.

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Business overhead expense insurance

As a business owner, so much depends on you. If you get sick or hurt and can't run your business for a while, business overhead expense (BOE) insurance helps cover essential operating expenses like rent, utilities and employee salaries.

Take the time you need to recover, knowing your business will run smoothly until you’re back.

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Buy/sell funding

Ensure a smooth transition of ownership—and avoid potential conflicts—when your business faces big changes like the retirement, disability or loss of a partner. Here’s how buy/sell funding can work for you and your business partner(s):

  1. Decide together what will happen if any of you can no longer be part of the business. Often called a buy-sell agreement, this covers who will buy that person’s shares, a fair price for the shares and how the sale will work.

  2. Set up a funding tool for buying out the shares of the departing partner. Life insurance is a common and affordable choice. 

  3. When one of you leaves or dies, the life insurance policy (or other financial tool) is used to buy that individual’s share of the business. This ensures continuity for the business while providing financial security for the leaving partner or their beneficiaries.

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Group health and RRSP benefits

Adding group health and Registered Retirement Savings Plan (RRSP) benefits to your compensation package not only helps you attract and retain top talent but also shows your team you’re committed to their financial and overall wellness.

There are also tax advantages for you as a business owner, as many premiums are tax-deductible as a business expense. Group health and RRSP benefits are a sound investment in your workforce and your business's success.

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Ready to set up business insurance?

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Call 604-419-8888


Boost your business finance know-how

How do I get commercial lending?

Securing commercial lending for your business takes careful planning. Whether you want to expand your operations, upgrade your technology or start a land development project, we’ve got the tools and advice to help propel your business forward.


Get advice on the go

Life gets busy, but don't let that stop you achieving your goals. Whether you’ve got $50 or $50,000, we want to help power your possible – and we'll come to you to do it.

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Business insurance FAQ

Business insurance is any type of insurance designed for businesses, and most typically involves protecting businesses from risks and financial losses. Many forms of business insurance help businesses recover after unexpected events or incidents that could lead to legal liabilities or disruptions to daily operations. Common types of business insurance include:

  • Key person insurance

  • Business overhead expense insurance

  • Employee benefits insurance

  • Business loan insurance

  • Group Registered Retirement Savings Plans (RRSPs)

  • Segregated funds for retained earnings

While the government doesn’t require your business to have specific coverage, the right insurance products can provide peace of mind and help your business weather the unexpected.

Overhead expense insurance covers your essential operating expenses—like rent, utilities and employee salaries—during challenging times. Business loan protection and key person insurance are all valuable tools that protect your team and your business if a key person dies or becomes critically ill or disabled. Group benefit and health insurance plans also help you attract and retain talented employees, support their well-being and reduce the financial strain of healthcare costs.

We can help you find the right insurance products and strategies for your business. Get in touch!

Getting business insurance is a smart move to protect your business, and it’s easy to get started. Assess your needs: what sort of coverage are you looking for? What specific risks does your business face? 

Then, book an appointment with Steven Camele, a Gulf & Fraser Wealth Protection Specialist! He’d love to work with you to find a policy that meets your needs and your budget.

Have more questions?

Don’t hesitate to reach out. We’re just a live chat, video, or phone call away when you need us.

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Other business tools you might want

Business credit cards

Simplify and manage your corporate expenses with Gulf & Fraser credit cards.

Business lines of credit

Instant access to funds you need, when you need them. Manage daily operations and seize new opportunities with ease.