Business
Preparing to Pay: TD Insurance survey finds more than half of small business owners turning to costly financing options in emergencies, even though they have insurance
Preparing to Pay: TD Insurance survey finds more than half of small business owners turning to co...
About this update from Toronto-dominion Bank
[{"type":"text","content":"\nPreparing to Pay: TD Insurance survey finds more than half of small business owners turning to costly financing options in emergencies, even though they have insurance\n\n\n\n Preparing to Pay: TD Insurance survey finds more than half of small business owners turning to costly financing options in emergencies, even though they have insurance\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n More than one-third (36%) say they would rely at least in part on loans from friends and family after an emergency\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Sept. 3, 2025\n \n\n /CNW/ - Canadian small business owners say they're prepared for the unexpected — but their actions tell a different story. A new TD Insurance survey reveals that while the large majority (\n \n 94 per cent\n \n ) of owners have business insurance, just\n \n 52 per cent\n \n would actually use it in an emergency. While insurance is their top choice to handle unexpected events, many respondents are still reaching out to additional income sources including credit cards (\n \n 50 per cent\n \n ), bank loans (\n \n 48 per cent\n \n ), lines of credit (\n \n 47 per cent\n \n ), or even friends and family (\n \n 36 per cent\n \n ).\n \n\n The findings highlight an important gap in financial planning.  Insurance doesn't just protect against loss – it preserves cash flow and provides critical liquidity when small business owners need it the most.\n \n\n \"Insurance isn't a last resort – it's a strategic safeguard.  When something goes wrong, your first call to protect the business you've built should be to your advisor,\" said Tang Trang, Vice President, Small Business Insurance at TD Insurance. \"If business owners are turning to outside financing, chances are they're not getting the full value of insurance.\"\n \n\n\n Misconceptions about your coverage\n \n\n\n According to survey results, economic uncertainty is now a top concern amongst Canadian business owners, with nearly one-third (\n \n 32 per cent - up from 29 per...