TD Insurance announced the launch of TD Insurance for Business, a new direct insurance product offering, tailored for small businesses in Canada. As the #1 Direct-to-Consumer Insurer in Canada, and #1 Affinity Insurer in Canada, TD Insurance is leveraging its leadership position and expanding its services to offer insurance protection to business owners.
The small business market in Canada continues to grow. Ninety-eight per cent of all businesses in Canada are small businesses, representing a significant insurance demand and opportunity for TD Insurance to create a unique value proposition with a customer-centric direct advice-driven experience.
TD Insurance for Business will first be available in Ontario, with other provinces to follow and will provide tailored coverage for micro and small businesses across a number of industries, including retail, contractors, wholesale, business and professional services, and healthcare.
"We are thrilled to launch TD Insurance for Business to deliver legendary experiences to Canadian business owners," said James Russell, Executive Vice President, President and CEO, TD Insurance. "We know there is unmet demand to provide protection to small businesses, and by leveraging our #1 direct-to-consumer operating model and expertise, it allows us to enter this market from a position of strength and extend protection to a new customer segment."
Industry Leading Protection
TD Insurance will harness its competitive strength, top-rated brand and trust of its existing customers to become a leader in the small business insurance market. Strategic investments made across contact centres, digital capabilities, claims and fraud management will benefit business owners with creative products and new services that continue to support TD Insurance's customer-centric philosophy.
The new small business offering is a natural extension for TD Insurance and will meet the needs of more Canadians with advice-driven protection. Customized packages based on the specific industry segment will offer coverage options specific to the business including, Commercial Property, General Liability and Auto Insurance.
"We have become a leader in the insurance industry by offering simplified, tailored advice and coverage that best meet our customers' needs," continued Russell. "As we continue to deliver on our Mission to care for Canadian families, making it easy to get the best advice, protection and support in their moments of need, we are excited to extend our leadership to protect small business owners in Canada."
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves over 27 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had $1.9 trillion in assets on January 31, 2023. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.