Welcome to the Community
Your phone is protected for defects for 1 year with the manufacturer's warranty.
You also have the option to add the Fido Device Protection. This would give you coverage after the first year but also for physical/water damage which are not covered by the warranty.
If you're using an iPhone you can also purchase the Apple Care+.
You can check out all the details right here.
Let me know if you have any questions.