Canadian Small Businesses Struggles With Insurance
More Canadian small businesses than ever are recognizing the need for adequate business insurance Alberta coverage, though some still struggle to obtain or renew a policy. Interestingly, 40% say they don’t have business insurance at all.
That’s because, even though small businesses are confident about economic recovery in 2025, the insurance industry continues to face a challenging market cycle. This means the majority of businesses—especially those in specific sectors—still need to do more to improve their risk profile, invest in solid risk management strategies, ensure their Insurance to Value is up-to-date, and get out in front of their renewals.
A trusted business insurance broker Edmonton can help you identify your risk and exposures, reveal coverage gaps, and formulate a robust risk management strategy. In the event of a claim, your broker will guide you through the process step-by-step when you need it most.
1) Many Have Been Priced Out of Insurance
Although it is illegal for Canadian businesses to operate without insurance, many have been priced out of purchasing coverage. CFIB’s Senior Vice President of National Affairs stated that it would be in everyone’s interest (business owners and insurance providers) to preserve those ties and work together rather than excluding a significant portion of the economy from this necessary service. While commercial insurance in Edmonton providers have tried to step up and find solutions, the situation remains difficult for too many small Canadian businesses.
2) Business Owners Are Not Able To Find An Insurer
Businesses in sectors like Hospitality, Transportation, and Agriculture are more likely to report premium hikes of 25% or more in recent years. Nearly 10% of all these business owners say “they were not able to find an insurer willing to offer coverage for their business needs.” Working with an experienced business insurance Edmonton specialist can help connect you with the right providers.
3) Rising Risks Have Increased General Liability Concerns
Economic uncertainties and evolving risks have worsened conditions for small business insurance Alberta needs. According to 40% of small business owners, changing market conditions have raised their general liability risk. Ensuring you have proper commercial general liability insurance Alberta coverage is essential for long-term protection. A survey by the Canadian Federation of Independent Business (CFIB) keeps governments and insurance industries updated about the requirements of small Canadian enterprises.
Regardless of size or industry, business insurance covers the financial expenses related to unanticipated occurrences like injury to third parties, claims of professional negligence, or faulty goods.
Looking for commercial insurance in Edmonton? We are always happy to help you insure your business. Contact us for any insurance-related queries.