CFIB Reports Rising Insurance Costs for Small Businesses

Insurance costs are becoming a critical issue for Canadian small businesses, with 68% identifying it as a top concern and nearly half reporting increases of 10% or more in premiums over the past year, according to the Canadian Federation of Independent Business (CFIB). The most commonly affected types of insurance—commercial property, commercial auto, and general liability—are also the most expensive, with a typical small business facing an additional $1,500 in premiums due to a 10% rise. Many business owners express dissatisfaction with insurance options, often remaining with their current provider due to a lack of affordable alternatives. In Saskatchewan, the situation is exacerbated by a 'double taxation' on premiums, where both provincial sales and insurance premium taxes are applied. CFIB has urged governments to eliminate taxes on insurance products and improve regulatory oversight to alleviate the financial burden on small businesses. The report highlights a pressing need for better insurance processes and greater clarity from providers.