A Word on Business Interruption
Business interruption coverage is not intended to cover lost profit due to sickness or interruption by civil authority due to any type of sickness or disease, but rather is triggered when there is direct damage to a business that is covered such as a fire, windstorm etc. We do not have the authority to advise you whether your claim is covered or not but we will review all of your company’s policy wordings to best equip you to determine if you should put in a claim upon your contacting us due to your business suffering during this COVID-19 pandemic.
Some brokers are encouraging for their clients to submit a claim in case the government requires proof there is no coverage under an insurance policy in which case you may need to present them with a decline letter from your company in order to receive government compensation. There have been no announcements to date this will be a requirement and you have up to a year to submit a loss from the date which it occurred. If you wish to submit a claim we will be happy to forward all details to your company at which time an adjuster will be assigned and contact you. If you proceed with this the company will forward you a formal decision once they have thoroughly investigated your claim.
The Canadian Government has announced that they will be funding aid to small businesses and those who are self-employed. We would urge you to check with the Government of Canada website for more details. Here is the link to the government site where you can find this information: https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19/businesses-employees.html
Please let us know if you have any other questions or concerns and advise whether you would like for us to submit this claim for you on your behalf. Please keep in mind whether a claim is covered or not there are expenses typically incurred which could end up affecting future premium. Due to the current situation, we would be hopeful any company would waive such future fees.
Give our office a call if you have any other questions or concerns or want to discuss options for possibly reducing your policy premium.
Cyber Security Coverage – this has never been more important to have this coverage for your business with so many employees now working remotely from home! Call our office today to discuss this crucial coverage.
What Emergency Relief are Insurance Companies Offering to Insureds?
*Note: please note these relief options are offered on a “case-by-case basis” and to contact us directly if you have questions for your policy.
Government of Canada: Canada’s COVID-19 Economic Response Plan:
7 Steps to Sustain Your Business Through the Disruption:
Additional Support for Canadian Businesses from the Economic Impact of COVID-19
Canadian Chamber of Commerce: Business resilience resources
Ontario Together: help fight Coronavirus