Insurance Glossary for Small Businesses: Important Terms

Insurance Glossary for Small Businesses: Important Terms

When you own a small business, you must understand the ins and outs of small business health insurance, almost like an insurance glossary. Group benefits plans help protect you and your employees during accidents or medical emergencies. Employees may not want to work for your company if you do not offer group health benefits.

Group Enroll helps millions of Canadians find the best group insurance quotes each year. We work with the best insurance companies nationwide, including Sun Life and Manulife. You can use our service to find the top insurance provider for your company.

When you understand small business health insurance, it takes a weight off your shoulders and allows you to get the most out of your employees. Below are some of the most valuable terms you need to know to understand small business health insurance.

Table of Contents

Insurance Terms to Know When Signing Up for Health Insurance

Signing up for small business health insurance can be daunting. Below are some of the most frequent insurance glossary terms you will encounter when signing up for an insurance policy.



Insurance Premium

Small Business Health Insurance Quote

Digital Assets


Insurance Agent



Terms to Know When Using Your Insurance Benefits

When you enroll in an insurance plan, you may encounter some unfamiliar jargon. Below are some insurance glossary terms to understand when utilizing your group insurance benefits.



Grace Period


Tail Coverage

Certificate of Insurance


Insured Loss

Insurance Terms to Know When Debating Coverage Eligibility

Filing an insurance claim can be confusing. When discerning what your insurance policy covers, you must recognize the following terms.

Actual Cash Value


Replacement Value

Policy Limit

Per-Occurrence Limit

Professional Negligence


Vicarious Liability

Named Peril Policy

Primary Policy


Prior Acts Coverage

Duty to Defend



Qualifying Event

Insurance Binder

Types of Small Business Health Insurance in Canada

Canada offers many different types of small business benefits. These policies protect you and your employees and help you save money on workplace expenses.

With many business group insurance packages to consider, it can be hard to find the best one for your company. Here are some of the different kinds of small business policies in Canada.

Business Owners Policy

Commercial Auto Insurance

Cyber Business Insurance

Business Liability Insurance

Pro Liability Insurance

Umbrella Insurance

Waiver of Subrogation

Workers Comp

The Need for Insurance for Small Businesses

Small businesses need to invest in group insurance for many reasons.

Property Damage



Below are some answers to the most frequent questions we receive from our customers.

Who Gets Coverage in a Group Insurance Package?

How Do I Sign Up for a Group Benefits Plan?


Get Business Benefits Quotes Today

We work with some of the best insurance suppliers in Canada, including Sun Life and Manulife. Our team wants to help you and your employees get the best group insurance package available. With a comprehensive group benefits plan, you will no longer worry about equipment damage, legal fees, or commercial car accidents.

If you have any questions about our insurance glossary, email us at Also, you can visit our office at 10 Great Gulf Drive, Unit 5, Vaughan, ON, L4K 5W1.

You are one step away from comparing Canada’s best insurance quotes. Get quotes from some of the best insurance companies in Canada by filling out our brief quote form.