In British Columbia, running a small business comes with numerous risks. However, roughly 40% of small business owners across Canada do not have adequate insurance coverage. It leaves businesses based in British Columbia vulnerable to financial hiccups. Therefore, having proper business insurance is essential to thrive as a small business in BC.
Business insurance provides a cushion to cover legal liabilities, property damage, and other employee-related accidents. British Columbia is prone to natural calamities such as floods and earthquakes. This makes having proper business insurance more important.
Choosing the right insurance partner in BC depends on many factors. Although many insurance partners provide customized plans, they seldom align with the unique needs of a specific business. This article will help you to decide the right insurance partner for you by summarizing the strengths of top insurance companies in BC.
1. Zensurance – Top Business Insurance Provider in BC
Location: Offices in Vancouver, BC, and Toronto, ON
Founded: 2016
Overview: With its fully online platform, Zensurance has reimagined the way in which business insurance is handled. Zensurance is a product built for small business owners with customizable insurance policies for general liability, professional liability, and commercial property. As a busy entrepreneur, their seamless online platform makes it an easy choice for getting business insurance.
Why Zensurance Stands Out: Versatile coverage plans for industries, startups, tech companies, and professional service providers are what Zensurance has to offer. The online portal allows people to have fast and easy access to insurance plans, whereas their office has local people with expertise.
See our full review here.
2. Westland Insurance
Location: Surrey, BC
Founded: 1980
Overview: Westland Insurance is a BC-based insurance brokerage that specializes in business insurance for small and medium-sized enterprises across the province. With a dedication to providing quality customer service, Westland offers a range of policies covering business, car, and home insurance needs.
Why Westland Stands Out: Westland’s deep understanding of local markets positions them as the best in industries such as retail, construction and hospitality. With a strong local presence and knowledgeable brokers who understand the unique risks of the region, Westland’s strong local presence means tailored solutions for BC businesses.
3. Axis Insurance Managers
Location: Vancouver, BC
Founded: 1928
Overview: Axis Insurance Managers is a BC-based brokerage that specializes in providing insurance solutions to several industries, including technology, manufacturing, and real estate. Axis offers a uniquely personalized approach to business insurance that offers tailored coverage customized to BC’s unique business community.
Why Axis Stands Out: Axis is a good choice for businesses with a client-centered business and nationwide presence who need customized insurance solutions. They are experts in a number of products, including cyber liability, commercial property insurance, and everything in between, making sure you have the best protection available.
4. Waypoint Insurance
Location: Surrey, BC
Founded: 1862
Overview: We create comprehensive insurance solutions for businesses across British Columbia. General liability, commercial property, auto and marine insurance are just some of the offerings BC companies can take advantage of, which are tailored to the needs of the companies. By virtue of their deep knowledge across many industries and total commitment to providing service excellence, they have earned themselves the status of a trusted vendor for numerous businesses.
Why Waypoint Stands Out: Waypoint is known for its customer focused approach and expertise in niche markets, focusing on delivering personalized insurance plans and a wide variety of coverage options. They’re able to serve the unique insurance needs of businesses throughout British Columbia efficiently.
5. Park Insurance
Location: Burnaby, BC
Founded: 1950
Overview: Park Insurance offers a wide range of commercial insurance solutions for businesses in BC. Park Insurance offers simple, affordable coverage options for businesses, homeowners, and car owners. Given their strong emphasis on risk management services, they are a perfect choice for BC businesses who want all-rounded protection.
Why Park Insurance Stands Out: Park Insurance’s focus on risk management helps businesses expedite their claims. By enabling consumers to be informed decision-makers, Park insurance is certainly a prime choice for companies looking for affordable coverage options.
6. B&W Insurance
Location: Langley, BC
Founded: 1983
Overview: B&W Insurance is a local insurance brokerage based in Langley, BC. The company serves small and medium-sized businesses with business insurance solutions. They provide general liability, commercial property, and professional liability insurance for various industries.
Why B&W Stands Out: B&W specializes in personalized insurance solutions with a focus on the local community and understands BC’s unique business landscape. They have a great, approachable team and customizable coverage options that make them a great fit for growing businesses.
7. Megson FitzPatrick Insurance Services
Location: Victoria, BC
Founded: 1968
Overview: Megson FitzPatrick Insurance Services is a BC-based brokerage that provides business insurance solutions. This is because they cover almost every industry, from retail to construction, and provide specific solutions to each business.
Why Megson FitzPatrick Stands Out: Megson FitzPatrick has over 50 years of experience offering businesses tailored, reliable insurance products. The personal service and strong community ties are what make them a top choice for local businesses.
8. HUB International
Location: Vancouver, BC
Founded: 1998
Overview: BC is a key market for HUB International, a global insurance brokerage. From general liability to cyber liability, they offer business insurance solutions and are known for their customized risk management strategies. HUB International has offices throughout the province and is prepared to serve businesses of all sizes.
Why HUB International Stands Out: Having global and local expertise, HUB is a trusted option for BC businesses looking for comprehensive coverage. They focus on risk management and industry specific solutions to help businesses protect against a wide range of risks.
Final Thoughts
When choosing an insurance company for your business in British Columbia, factors such as type of coverage, price, and customer service are important. Zensurance is a top choice due to its flexible, easy-to-use online platform and tailored policies for entrepreneurs. But other companies on the list also provide competitive and comprehensive insurance options for BC businesses so they are protected from potential risks.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
