Small business insurance isn’t mandatory to run your company in Canada. But it can prove to be invaluable in the event that you find yourself stuck with a hefty bill to cover the cost associated with any losses related to your business. Further, your lender may require that you have a business insurance policy in place when applying for some type of business loan.  In addition, certain types of businesses may require insurance if there are staff members employed. For instance, construction businesses require WSIB insurance coverage for their employees.