Frequently Asked Questions

Do you have additional questions on Small Business Insurance? Speak to a licensed TD Insurance Advisor or check out these FAQs – we're here to help you make the best decision for your small business.

Featured Questions

I need to make a claim. What should I do?

If you need to start a new claim, our dedicated TD Insurance Claims Advisors are ready to help. You can reach one of our Advisors at 1-855-724-2883, and they will work with you every step of the way throughout the claims experience.

What drives the cost of business insurance coverage?

The cost of insurance is based on a range of factors including the following: 

  1. The value of the company assets you wish to insure.
  2. Number of employees.
  3. Specific risks associated with your industry.
  4. Your personal risk tolerance and the amount of liability protection you prefer.
  5. Your years of experience and your previous claims history.

Our licensed TD Insurance Advisors will work with you to understand what kind of coverage you require. Give us a call at 1-855-724-2883 so that we can assess the type of insurance coverage that suits your business needs.

What types of business insurance do I need?

Business insurance can be adapted to your specific business needs. Recommended coverage often depends on the type of business you have and the risk protection your business will need to stay healthy and whole. At a minimum, you should carry commercial property and commercial general liability insurance – this often comes in the core business owner's policy. If you have commercial vehicle(s) you will require a commercial auto policy. If you have questions or could use additional information, a licensed TD Insurance Advisor can help you sort through the options and suggest policies that best fit your company.

I run a home-based business. Can I just use my home insurance to protect my business?

Your home insurance policy may cover certain activities for your business; however, the coverage limits are generally much lower than the coverage you would receive through a small business insurance policy. There are also certain types of coverage that your home insurance policy would not cover, for example if your business is temporarily shut down due to an insured event, you would not be covered for any loss of income during this period. Speak to a licensed TD Insurance Advisor to help find the coverage that is right for your business.

Additional Answers to your Small Business Insurance Questions

How much will a Commercial Property Insurance policy cost me?

The cost will vary depending on your business. Our licensed TD Insurance Advisors will work with you to understand what kind of coverage you require based on your type of property and type of business. Give us a call at 1-855-724-2883  so that we can assess the type of insurance coverage that suits your business needs.

Why do I need Business Income Insurance / Business Interruption Insurance?

If you must temporarily close your business due to a covered event, such as to make repairs after a fire, Business Interruption Insurance covers lost income and ongoing expenses during this period. This way, you could pay your bills during a time when you might not be earning income.

What is General Liability Insurance?

Liability Insurance covers your legal defense costs and judgments against you, if you are found responsible (liable) for damages caused to someone else.

How much liability coverage do I need?

Your licensed TD Insurance Advisor can suggest a liability coverage that is optimal, based on your company size and industry. The key is to make sure you have adequate coverage if a liability claim arises (for example if a customer slips and injures themselves on your premises). Make sure to talk with your TD Insurance Advisor about your needs and the associated costs, to help you make the best decision for your business.

What is Commercial Auto Insurance?

Insurance that covers your business vehicle(s). Your personal auto insurance policy will not cover losses from commercial use. A commercial auto policy covers physical damage and liability protection for vehicles registered to your business.

Should I get comprehensive coverage?

Damages to your business vehicle may not always be caused by a collision with another vehicle or object. Your vehicle may be vandalised, stolen, or perhaps damaged in a hail storm. Comprehensive insurance will respond to repair your vehicle, or if the vehicle is found to be unrepairable, the Actual Cash Value of the vehicle would be determined and paid.

Should I add collision coverage?

Unless your policy contains collision coverage, there would be no option to repair damage to your own commercial vehicle in an at-fault loss. By adding collision coverage, you can rest easy knowing that if your vehicle is damaged in an accident where you are at fault or if you are hit by an unidentified vehicle (hit and run), collision coverage will respond to repair your vehicle. If the vehicle is found to be unrepairable, the Actual Cash Value of the vehicle would be determined and paid.

Why do I need insurance for my business?

Running your own business means taking on some degree of risk. As a business owner, you already have the passion and drive to take on new challenges, but you'll also need to protect the value of the assets you purchase for your company. Insurance can help you recover when things go wrong. From property losses related to items such as fire or theft, to liability issues should someone sue – or threaten to sue. With the proper policies in place, you'll gain peace of mind and feel more comfortable as a business owner.

Should insurance be included in my business budget?

Yes, you should include insurance expenses in your initial business plan and yearly budget. From a cash flow perspective, you'll want to understand what kind of payment options and timing are available. When starting out, aim to separate your company assets from your personal items to determine the amount of insurance you'll need to carry.

How do I know my business insurance policies are adequate for my company, given its size and risk profile?

As a business owner, you should always feel comfortable with the amount of insurance you carry. Insurance can help you recover from events that would otherwise threaten your company and reduce the likelihood of you staying in business. The key is to ensure you understand the true value to repair or replace what you have. When customizing a policy, our licensed TD Insurance Advisors take your location, your industry risks and your personal risk tolerance into account.

What types of businesses and industries does TD Insurance cover?

We are currently covering:

  • Small Retail: Bakeries, clothing, pet shops, etc.
  • Contractors: Carpentry, painting, machinery, etc.
  • Wholesale: Clothing, hardware supplies, office supplies, etc.
  • Business & Professional Services: Individual professionals (photographers, engineers, lawyers, accountants, etc).
  • Healthcare: Chiropractors, dentists, physiotherapists, etc.
  • Realty: Realtors, office buildings, single occupancy retail buildings, etc.
  • Small Manufacturing: Clothing, ceramics, bakeries, etc.
  • Hospitality: Restaurants, cafés, bed & breakfasts, etc.

What are my payment options with TD Insurance?

TD Insurance offers several payment options. Our current available payment methods are as follows:

Pre-Authorized Debit (PAD):

  • Monthly: Withdrawals are taken directly from your bank account. Note that your first policy term premium will be paid over 11 equal installments. Your premiums are then paid one month in advance over 12 installments for each subsequent renewal. Eligibility rules apply.
  • 1-Time (annually): Your full policy premium is taken in a lump sum from your bank account, typically on the inception or renewal date of your policy.

Other Payment Options:

  • Credit Card: For monthly and one-time annual payments. We currently accept VISA, American Express and MasterCard. Eligibility rules apply.
  • Cheque: For one-time annual payments

I operate my small business out of a rented property. If my business is broken into and items are stolen, what will my insurance cover?

If your contents such as your inventory or your laptop are damaged or stolen, depending on the coverage you have selected, your insurance may cover the cost to repair or replace these items.

I don't see my industry or occupation listed. What should I do?

If you can't see your industry or your occupation listed on our website, please give us a call at 1-855-724-2883 . Our licensed TD Insurance Advisors will work with you to make sure our products are aligned with the needs of you and your business.

What size of small businesses does TD Insurance cover?

  • 1-10 locations
  • Annual Revenue of up to $5 Million
  • Local Canadian businesses
  • Maximum of 5 commercial vehicles at inception

What kind of information will I need to provide when I call and speak to an Advisor?

Being prepared with your business information will ensure our licensed TD Insurance Advisors are able to give you a quote as quickly and accurately as possible. We will need to understand:

  • The type of business you run, including your business name, industry, location(s), number of owners and their details, and the number of employees you have.

You should also be ready with:

  • The value of the assets, equipment, and inventory you want to be included in your coverage - this will help in determining the level of coverage you require.

In addition, we will need to understand your annual revenue, the number of years your business has been in operation, and years of experience you have in the industry.

If you require commercial auto insurance, you will also need to provide information on:

  • The number of vehicles you want to insure.
  • What business activities the vehicles are used for, as well as details on who will be driving the vehicles.

How long does my business need to have been in operation to qualify for Small Business Insurance?

If your business has been operational for a minimum of 3 years or you have the equivalent relevant experience, you may be eligible for Small Business Insurance.

Can’t Find the Answers?

Speak to one of our licensed TD Insurance Advisors and they can provide you all the answers to your Small Business Insurance questions

Mon-Fri 8am to 8pm
Sat 9am to 4pm

Give us a call at 1-855-724-2883


The content on this page is for general information purposes only and does not constitute legal advice. Coverages described herein may be subject to additional eligibility criteria, limitations and exclusions. In the event you make a claim, potential indemnification is also subject to the receivability of the claim and the type of coverage you bought.

In the case of conflict between the content on this page and your policy wordings, your policy wordings shall prevail. Please speak to an Advisor or consult your policy wordings for further details.

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