This is an unprecedented and complex time for business owners. We want to work with you to help you understand everything you need to know that may affect your commercial insurance polices.

Material Change in Risk

Have your work practices changed due to COVID-19?

Did you change from an office setting to a home office? Are you a business owner and have lost employees? Have you changed from a brick and mortar location to now doing deliveries for food or retail items?

As a business owner with commercial insurance, you are required to update your insurer of any material change in risk.

Examples of these changes include:

  • Working remotely.
  • A change in product line such as a manufacturer changing their product lines to assist in the fight against COVID-19 such as medical equipment, supplies and sanitizers.
  • Delivery of products including restaurant take-out food and retailers offering a no-contact drop-off or pick-up.

We are behind you every step of the way as you and your business navigate this challenging time. If you have had any material change in risk, please contact us so that we can have a discussion with you about your commercial insurance policy.

Unoccupied Premises

If your business has been closed, you should know about unoccupied property risk in your commercial insurance policy. Most commercial policies state that if a business is unoccupied for more than 30 consecutive days, any claim will not be covered after that 30-day period.

Every insurer is slightly different in terms of their contingencies for their commercial insurance policies. A general rule of thumb is for you, as the business owner, to visit the property at least once every 7 days. While you are at the property, adequately maintain the premises, keep it clean and ensure all services, utilities, burglar and fire alarms are on and operational.

If a construction project has to be left unattended or construction is ceased by order of government, please contact our office to discuss. There may be additional options available such as temporarily extending the cessation of coverage period, but these decisions will be made on a case-by-case basis.

Throughout these uncertain times, you are not alone. Please call us to discuss your business insurance policy with us.  We are here to help, please give us a call at (905) – 576 -7770.