19% of small businesses consider a temporary shutdown as their biggest liability, but 40% do not have business insurance
Other top concerns for business owners include damage to property and employee safety, according to TD Insurance and Maru Public Opinion.
It can also be important for those with a home-based business or who work from home.
The TD survey said 36 per cent of small businesses mentioned cost as a reason they do not have insurance. It also said 21 per cent of business owners have no intention of meeting with a licensed insurance adviser and only 32 per cent of businesses regularly review their existing policy.
“It can be tempting to forego insurance to cope with economic pressures, but for a small grocery store whose customer slips and falls on its property or a bakery who has to shut down due to significant fire damage, the financial loss could greatly outweigh the cost of protecting your business from the unexpected,” Trang said.
For those concerned about temporarily losing their business to unforeseen circumstances, there are other ways to mitigate your risks beyond insurance.
“Establishing safety and emergency protocols and training employees on them regularly, conducting safety inspections and addressing any issues identified, and installing anti-theft devices for their vehicle are just a few steps small businesses can take to protect what they’ve worked so hard to build,” Trang said.
The Trans Mountain Pipeline expansion has given Canadian oil producers a level of stability not seen in years, as it gives them more options to export their product.
The Canadian oil’s discount to the West Texas Intermediate has changed an average of less than 10 cents U.S. per barrel since July, the most stability in Canadian oil since early 2022.
The stability is expected to continue as well, as the expanded pipeline should have capacity until 2028.
- Bank of Canada governor Tiff Macklem and senior deputy Bank of Canada governor Carolyn Rogers appears before the standing senate committee on banking, commerce and the economy.
- Ontario’s finance minister will deliver the fall economic statement.
- Today’s Data: U.S. real GDP for the third quarter, U.S. pending home sales for September
- Earnings: Microsoft Corp., Meta Platforms Inc., Eli Lilly and Co., Starbucks Corp., DoorDash Inc., Coinbase Global Inc., Ebay Inc., TMX Group Ltd.
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- Majority of young Canadians say they plan to buy a home in the next five years
