Small Business Insurance


Risk management is an essential part of every business. While large companies can afford the services of a full-time risk manager, risk management for smaller companies is more difficult to cram into a busy business day. However, the need for small business insurance is just as important for a small company as it is for a large one.

As the owner or operator of a small business in Newfoundland, you will know instinctively that a program to manage risk is essential for your business to prosper in today’s competitive economy. The trick is to find the time to do something about it – we can help. With offices in St. John’s, Bay Roberts, Labrador City, Clarenville, Gander, Springdale, Corner Brook, Grand Falls, Stephenville, and Port Aux Basques, we’ll be here to find a plan that provides you with the protection you need, no matter where your business is located.


Some risk exposures are obvious while others, which could be just as serious, go undetected. Our small business insurance plans cover all aspects of risk: we assess operations, inspect premises, and recommend options for safeguarding employees, buildings, and goods. In many cases, we provide essential engineering and safety services.

If your place of business is rented or leased, you may be responsible to your landlord in the event of fire, explosion, vandalism, or water leaks. If you own your business premises, you will need insurance to protect your interests, as well as those of your mortgage holders.

There seems to be almost no upper limit to the size of loss that could result in some areas, such as legal liability. High losses could arise from defective products or services. Potential losses could result from embezzlement or the loss you might experience during an extended shutdown.

One of our insurance brokers or agents will provide you with a loss-exposure checklist that will help make sure you haven’t forgotten anything.


Take a few positive steps on your own to protect your company from loss and reduce insurance costs. Here are a few loss prevention ideas you may want to consider:

  • Install intruder alarms, fire alarms, and sprinklers
  • Secure windows, doors, storage, skylights, and low-traffic areas
  • Dispose of waste materials properly
  • Isolate flammable materials
  • Leave windows clear and some lights on so police patrols can view the interior
  • Back up computer files frequently (store copies off premises)
  • Register with your local police and fire department so they know who to call in an emergency
  • Consider hiring a security guard

Police, firefighters, and insurers do a great job after damage has been done. The key to the security of your business is prevention.

As new risks arise, old ones will subside – insurance coverage should be reviewed at least once a year. Reviewing your insurance gives you a chance to fix past mistakes, assess new types of coverage, adjust your coverage and deductibles to suit new market and regulatory conditions, adjust for changes in the type and volume of your business, and shop for competitive quotations.


Almost anything is insurable for a price, but full coverage in most areas is not always cost-effective. By offering small business insurance in St. John’s, and across the province of Newfoundland, we think it pays to assume a part of the loss in connection with even essential coverage. Deductibles will free up dollars for other worthwhile coverage and loss prevention investments. It makes little sense to skimp on capital investment that may help your business flourish, in order to buy more insurance than you really need.

Still unsure whether you need small business insurance? Consider this: adopting a risk management program gives a small business the opportunity to use the same loss reduction and cost control mechanisms that large companies use to save money and be more competitive.

Our dedicated Steers Insurance team knows the ins and outs of small business. We are willing to invest the time and effort to study your business with you; you are familiar with the operation of your company, Steers is familiar with cost-effective ways of handling risks. Take the first step: talk to a Steers Agent to get an insurance quote today.

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