To help struggling small businesses in Ontario secure insurance amidst the economic challenges the COVID-19 pandemic has created, Insurance Bureau of Canada (IBC) is announcing the launch of a new Business Insurance Action Team (BIAT). BIAT will help to find viable insurance solutions for as many small businesses in Ontario's hospitality sector as possible.
The BIAT will launch in November and will initially focus on Ontario-based small businesses in the hospitality sector, including restaurants and bars that have been impacted by COVID-19 and are currently experiencing challenges securing insurance.
"There is no question that these are especially challenging times for small business owners in Ontario's hospitality sector, and we understand and acknowledge the frustration they are feeling," said Don Forgeron, President and CEO of IBC. "That's why insurers have committed to a new and innovative solution to help tackle insurance challenges that small businesses are currently facing."
Working directly with insurance brokers and business owners, a risk manager and a committee of insurers will assess and review eligible business applications to make loss prevention recommendations, and determine the level of coverage and premium that can be offered. A business would not be obligated to accept coverage offered through the BIAT.
Prior to the official launch of BIAT, IBC encourages small business owners facing challenges to visit businessinsurancehelp.ca and call the Business Insurance Helpline at 1-844-2-ask-IBC. Commercial insurance is a highly competitive market, and it is very possible that another insurance company can offer a different option at a lower rate. It is critical that businesses explore all available options.
"We have a shared interest in making sure that as many small hospitality businesses as possible in Ontario can find the insurance they need – even in a time of heightened uncertainty and risk," said Forgeron.
The property and casualty insurance industry has provided more than $1 billion in personal and commercial insurance relief to help Canadians impacted by the pandemic, plus an additional $200 million in deferred premiums to personal and commercial customers. These figures will continue to rise over the coming months as the industry continues to support Canadians through this challenging period.
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About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
SOURCE: Insurance Bureau of Canada