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About BC Business Insurance

When you run a business, responsibility is synonymous with risk management. You want to ensure that you are as efficient as possible going about providing the best service possible to your customers while maintaining good business standards and looking after your property. It’s a lot – and sometimes, despite our vigilance, things can go wrong. Luckily, Megson FitzPatrick offers business insurance in BC so that you can rest easy knowing we’re hard at work aligning the right coverage and risk management program to support you and your organization.

No matter what you do or where you do it, Megson FitzPatrick has business insurance brokers in British Columbia at the ready to help you. Our coverage for BC business insurance provides you protection at a fair price. Contact us today to get a free business insurance quote for your BC business.

The Value of Business Insurance Brokers

You have worked hard to build your business and probably taken some risks along the way. As you move your business forward it’s important to recognize and understand the risks that can damage what you have grown. Arranging quality coverage at a fair price is just the beginning of what your business deserves. We take the next step and get to know your business and what you want to achieve so we can design and align the right BC business insurance and risk management program to support your goals.

British Columbia Business Insurance FAQ

What Does BC Business Insurance Cover?

Megson FitzPatrick offers business insurance in British Columbia for a wide variety of industries, and because every business is unique, we provide a wide selection of coverage options.

Our basic general business insurance coverage includes:

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Property Coverage

Covers the repair and replacement costs of a business’ building and the contents within.

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Crime & Theft Coverage

Covers replacement costs for business property affected by vandalism or theft.

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Business Interruption Coverage

Offers replacement costs for lost profit during a period of forced closure due to an insured peril.

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Liability Coverage

Covers legal expenses if your business is found liable for bodily injury or failing to provide services.

For more details on what our coverage options are, contact one of Megson FitzPatrick’s business insurance brokers in BC today! Our specialists are always ready to help answer your questions.

Why Would I Need Business Insurance in British Columbia?

In 2017, B.C. had roughly 500,000 businesses, of which some 490,000 were small businesses that had less than 50 employees. No matter how large or how small, all businesses face risks. It is critical that we safeguard our businesses to ensure their future. Business owners need to ask themselves, can their business survive a costly lawsuit? Would there be enough finances to rebuild their place of work if a fire demolished everything? Luckily, business insurance is there to help. You won’t need to worry about having to deplete your business’ finances in order to come back from a loss.

Can Business Insurance Prevent Lawsuits?

Unfortunately, nothing can really prevent a business from being sued if a customer, third-party, other organization or even employee decides to take legal action. Your best bet for reducing your business’ risk of a lawsuit is by upholding good business standards and continuing to provide efficient and quality service to clients. However, lawsuits can arise from anything whether claims are justified or not. Luckily, business insurance in BC can help offset the legal costs used to pay for defence allegations and actions that are taken against your business.

How Does Business Insurance Protect Me from Natural Disasters?

If your business suffers a natural disaster – say, a fire, a storm, or any other insured peril – property business insurance has got your back. Of course, property business insurance will only cover you for the costs of repairs and rebuilding your place of work. During this period, in which your business is unable to function, business interruption coverage will help provide replacement costs for lost income.

Does My Home Insurance Cover My Home Business?

If you run a business in your own home and make a profit, your home insurance will likely not be enough to cover loss or damage of business property – and this won’t include any losses away from your home, either. Moreover, liability coverage will not be included for any business-related incidents. To be covered, you will need a special home-business endorsement or separate business insurance in British Columbia to cover your business assets, property, and protect you from liability risks.

How Much Does Business Insurance in British Columbia Cost?

This can vary depending on the business that you run. Additionally, the size of a business is also considered. Small, home-based businesses can be insured for only a fraction of a cost per year compared to how much money it takes to cover larger companies. However, by practicing effective risk management procedures, business insurance costs can be reduced. A business insurance broker will be able to help you out with this.

Mature restaurant owner calculating finance and bills of new business – Entrepreneur online using tablet and calculator to work and calculate financial expenses of small coffee shop business start-up

What Type of Business Insurance Do I Need?

It depends on your business. Some businesses, depending on their nature, are legally obligated to carry certain types of insurance, whereas others are unnecessary. Ask a business insurance broker in BC for help if you aren’t sure what you are legally required or what coverage you might need for your organization.

Here are a few types of business insurance that are essential for many industries:

  • General liability insurance – This is the most basic form of general liability insurance, and will cover you for lawsuits that arise from accidents, injuries, or claims of negligence.
  • Professional liability insurance – If your business offers a professional service or professional advice, it will need professional liability insurance. This protects professionals from lawsuit expenses resulting from claims of malpractice, negligence, or error.
  • Business property insurance – This covers businesses for damages done to their commercial property as a result of an insured peril.
  • Business interruption insurance – For if your business is no longer able to operate as a result of an insured peril for a period of time, this coverage will offer replacement costs for lost profits.
  • Home-based business insurance – This coverage is intended for business owners who run a business from home. It will cover home-based businesses for general liability, equipment breakdown and cyber liability.

Does Business Insurance in BC Cover Damage from Flooding?

Generally, a standard BC business insurance policy will not cover damage from flooding. But it depends on the policy. More comprehensive policies will include the overland water and sewer backup as part of the package. Others you will need to purchase separately. If your policy does not cover flooding, you will need to carry an overland water endorsement. Typically, a business property insurance policy will cover organizations from certain water damage situations where the water was coming from within the building (i.e: the pipes) – but not flooding. It depends on the policy. To know what exactly you are covered for, be sure to contact a business insurance broker. They will be able to provide you with the help you need and answer all your questions.

Insurance Basics: BC Business Insurance Terms

Insurance has its own vocabulary, which at times can be frustrating if you don’t know much about the industry. The best way to make the most of your insurance is by understanding it – and by understanding your own policy. Megson FitzPatrick has many brokers who are well versed in business insurance and are willing to help you out with the ins and outs of your coverage.

For your benefit, here are some insurance terminologies that will help you understand business insurance in British Columbia a little better:


  • Actual Cash Value (ACV)
    When your business insurance kicks in after a claim, actual cash value is what you will be paid for the replacements: the purchase value minus depreciation.
  • Business Insurance Endorsement
    A business insurance endorsement is an add-on coverage or an amendment to your regular insurance policy and can alter coverage depending on the language it uses.
  • Business Interruption Insurance
    For companies who suffer a loss of profit as a result of their business being inoperable after an insured loss or due to a mandatory evacuation, this business insurance coverage will cover business expenses and even lost revenue.
  • Deductible
    A deductible is the amount of money that the insured is accountable for paying in the event of a loss. The higher the deductible, the more the policyholder pays, and the less the insurance company does.
  • Errors & Omissions Insurance
    This is a type of policy purchased by businesses offering professional services to protect them from claims of wrongdoing. It is also referred to as “professional liability insurance.”
  • Named Peril
    A named-peril is a specific cause of damage that is named in your business insurance policy. This is usually covered.
  • Premium
    The money that a business must pay towards their insurance company in order to remain insured against potential losses.
  • Property Insurance
    A form of business insurance that covers losses or damages to commercial buildings and their contents, inventory, or equipment.
  • Umbrella Insurance
    An umbrella policy is additional liability insurance.


Purchasing business insurance in BC shouldn’t be a difficult or complicated task. By being informed about what risks your business faces and what coverage it needs, talk to one of our knowledgeable business insurance brokers! A good business insurance policy can make a world of difference for your organization and provide you with peace of mind in knowing you are protected.

Areas We Serve

  • Abbotsford
  • Aldergrove
  • Burnaby
  • Campbell River
  • Castlegar
  • Chilliwack
  • Colwood
  • Coquitlam
  • Cordova Bay
  • Courtenay
  • Cranbrook
  • Dawson Creek
  • Duncan
  • Esquimalt
  • Fernie
  • Fort St. John
  • Gibsons
  • Gulf Islands
  • Kamloops
  • Kelowna
  • Ladner
  • Ladysmith
  • Langford
  • Langley
  • Mission
  • Nanaimo
  • Nelson
  • Oak Bay
  • Osoyoos
  • Parksville
  • Peachland
  • Penticton
  • Port Alberni
  • Powell River
  • Prince George
  • Prince Rupert
  • Quesnel
  • Richmond
  • Saanich
  • Salmon Arm
  • Sechelt
  • Sidney
  • Sooke
  • Squamish
  • Summerland
  • Surrey
  • Terrace
  • Trail-Fruitvale
  • Tsawwassen
  • Uptown
  • Vancouver
  • Vernon
  • Victoria
  • View Royal
  • Whistler
  • White Rock
  • Williams Lake

Customer Testimonials

Jo-Anne is amazing!!!!

She puts a tone of work into making sure you end up with the best possible insurance and helps with any questions you have. I have used JoAnne for my personal insurance time and time again and can guarantee I won’t be going anywhere else. She truly goes the extra mile!

In my most recent transaction with her, I was referred to one of her partners and was very happy to find out that she works with a team that holds the same integrity and work ethic as she does. Insurance is a weird thing to understand so having someone like Joanne in your corner is an absolute must!

Thank you Jo-Anne for always being there to help me with my million questions and for always making sure my assets are properly covered. You are awesome!! 🙂

We buy insurance and hope we never need it.  I recently had the need to use mine and it is so comforting and such a pleasure to be supported by a group of committed insurance professionals.  The morning of my fire I phoned Megson’s to report my claim and I was treated to world class service levels.  When I needed them most they were there for me, their responsiveness and care gave me the confidence to know they will be very reliable managing the future needs of my insurance.

I just wanted to let you know how amazing Sue and Chelsea are. Last Friday was our fleet renewal and of course ICBC through us a curve ball hours before. Sue worked around the clock calling and emailing ICBC to resolve the issue. Sue took many calls from me and was always professional, positive and happy. The fleet was reinsured Friday afternoon, both Sue and Chelsea met me in the parking lot to thank me for the business. All year long no matter what time of day it is they always take my calls, from permits to new vehicle purchases they make it a very simple professional process. I can not thank them enough for their hard work and dedication to customer service. Looking forward to another great year with your team.

I wanted to thank you and the whole team over the past year and a bit. Your service was exemplary and I couldn’t be happier with your willingness to help and for the turnaround times in a very precarious market. It definitely made my job easier.

Megson FitzPatrick has been looking after our insurance needs since 2014 professionally and personally. They are very reliable, responsive and we have built a strong relationship with them. Our account is quite complex, but they always find solutions to our needs and everyone involved in our account is knowledgeable about Marina operations. We are very pleased with the service we receive from Megson’s and would recommend them to others.

Recently got in touch with Jeremy @ Megson FitzPatrick over an issue involving liability and a nanny share. He and the team we able to get us sorted in a very quick manor without issue. Great experience and highly recommend them!

Very competent and professional. Since they act as a broker, they find the best deal for you. Contrast that with an insurance chain that tries to fit you to their products.

On the ball staff that really take care of you. Easy to do business with!

Thanks, Steve. You and your team have been an absolute pleasure to deal with. Every time I bring an opportunity to you, you hit it out of the park. A few years ago, we moved to a model of preferred suppliers and consolidated our business because we find that this approach builds a mutually beneficial partnership where both parties win. We consider Megson FitzPatrick our preferred insurance provider, for sure. Thanks for looking out for us.

I am fortunate to have Megson FitzPatrick as our risk manager and insurance provider. They have always taken an active role in our ever-evolving security software business to ensure that we have the most comprehensive coverage and their expert advice and top-notch service are the best in the industry in my books.

This is why we use Megson’s, you make our life so easy…

Cam Williams, Coast Claims handled my golf club claim. He was great!

Start a conversation with one of our expert brokers today to determine the right coverage for you.

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