The State of Emergency declaration in Canada has left businesses in a tough position, and many are not operating as usual, if at all. There are lots of things to think about when it comes to protecting your business, and there's no better way to do that than together.
Below are a few questions to get you started, that you can ask yourself about your current business operations. If you can answer yes to any of these questions and we haven't already had a conversation about it, send us an email or give us a call so that we can discuss your coverage.
4 questions you should ask yourself about your business right now
1. Is your business closed?
In this case, we mean "is your physical location closed"? You may be working from home or have a skeleton crew in, but is your production facility, storefront or storage facility not open? If the answer is yes, we need to be concerned about crime (theft or vandalism) and damage from normal insurable events such as water damage or fire.
Each policy has specific requirements when it comes to vacant premises. It’s important that we advise the insurance company about any vacancy as soon as possible, because we need to make sure that we understand their requirements of you during this time. For example, do you need to check on the property at regular intervals or whether they require a security system to be put in place.
2. Have your business operations changed?
Have you started doing deliveries to clients (either with a commercial vehicle or your own)? Are you using a delivery service for meals or product? Many business are finding a way to keep functioning during this difficult time. Delivering goods will be considered a better option than closing for many businesses. If the insurance carrier isn’t aware of deliveries being offered, it could cause an issue in the event of a claim. We will need to know what you are delivering, how often, radius, and which vehicles and drivers you're using.
3. Do you have commercial vehicles that are no longer in use?
Parking your vehicle(s) might be the right call right now as your business is closed. We will work together to find the right option for you in this case. The most important part of doing this will be to put the coverage back on (or increase it) once the vehicles are in use again!!
4. Are there any changes to products currently being manufactured?
Many businesses are considering retooling to help with Covid-19, or to deliver on a new opportunity. What a great way to pivot your business, remain operational and serve a new need in the community!
An insurance policy covers only the operations listed on the policy. If these operations are changing, we have to inform the company right away. Your premiums and coverage limits are set based on the risk your business poses. So, if this risk is changing due to a change in manufacturing, your rates may change. This is something we need to work through together, you, your account manager and your insurance company.