Insurers support small businesses with Business Insurance Action Team

Business Insurance Action Team to address commercial insurance challenges facing bars, restaurants, pubs and event halls

Toronto, ON (Nov. 23, 2020) – Insurance Bureau of Canada (IBC) has announced that its Business Insurance Action Team (BIAT) has launched and is ready to help to find viable insurance for small businesses in Ontario’s hospitality sector struggling to find insurance because of the COVID-19 pandemic.

IBC announced the creation of BIAT in late October. This industry-driven solution brings insurers and their representatives together to help struggling small businesses in Ontario’s hospitality sector – specifically restaurants, bars, pubs and banquet halls – secure insurance amid the economic challenges the COVID-19 pandemic has created.

“Small and family-run businesses in Ontario’s hospitality sector are facing extraordinary challenges, and its incumbent upon all of us to try and do what we can to help,” said IBC President and CEO Don Forgeron. “The hospitality industry is a major contributor to the Ontario economy, and we recognize that current pandemic-related restrictions are creating difficult economic conditions. That’s why IBC and a group of insurers in Canada have come together to deploy an innovative solution to assist small businesses struggling to find insurance.”

A recent analysis from Deloitte shows that the challenges affecting the availability of commercial insurance are global and that the ongoing COVID-19 pandemic has compounded this issue.^[1]

“Despite the challenging market conditions, Canada’s insurers are pulling together to find creative solutions to ensure that Canadian businesses can access the insurance they need,” said Forgeron.

The aim of BIAT is to help as many small business owners as possible who cannot secure insurance coverage in the hospitality sector find the insurance they need. Eligible small business owners will work with their insurance representative to submit an application to BIAT. The application will then be reviewed by a risk manager to determine eligibility and provide loss prevention recommendations. BIAT is intended as a last resort for businesses that have exhausted all other commercial insurance options. A business would not be obligated to accept coverage offered through BIAT.

For more information on BIAT, visit www.businessinsurancehelp.ca.

IBC encourages small business owners facing challenges to visit the URL above and call the Business Insurance Helpline at 1-844-2ask-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.

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.

Notes

1. Deloitte Whitepaper: State of the Canadian Commercial Property & Casualty Insurance Market.

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.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, pays over $9 billion in taxes and has a total premium base of $59.6 billion.

For more information, visit www.ibc.ca. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 312,000 people worldwide make an impact that matters at www.deloitte.com.

Source: Insurance Bureau of Canada (IBC)

Tags: commercial lines, coronavirus, Deloitte, epidemic, Insurance Bureau of Canada (IBC), whitepaper
Read the original article at Insurance-Canada.ca