From Our Blog Business Insurance and COVID-19


It is sometimes hard to comprehend what a profound change COVID-19 is having on our community, nation, and world. If you own and operate a business, one way or another this time is having a big impact, the scale of which depends on many factors. Business Insurance is one of several topics businesses are investigating to ensure they have the right coverage for the changing state of affairs.  In this blog, we summarize some of the most frequently asked questions related to the COVID-19 impacts on business insurance.

Will my standard business policy or business interruption policy cover me for interruptions due to COVID-19? Generally, commercial insurance policies and traditional business interruption policies do not offer coverage for business interruption or supply chain disruption due to a pandemic. Commercial insurance is complex and specific to your business category which makes it important that you speak to your insurance representative if you have any questions or need clarification about your coverage.

What relief measures are insurers offering to businesses impacted by the COVID-19 Pandemic? Most Insurance Providers are offering the ability to amend coverages mid-term to reflect changes in exposures and reduction in revenue due to Covid-19. These changes can result in a credit reducing your annual premium. It is important to discuss this with your insurance representative, as all businesses face unique challenges that may require other adjustments to your policy.

What if I have commercial vehicles that I am no longer driving due to the covid-19? Insurance Providers will allow you to reduce coverage on vehicles that are no longer in use saving money on annual auto insurance expenses. It is advisable to maintain some coverage on those vehicles to protect against exposure like fire, theft and vandalism.

What if I make all available changes to my policy, but still can’t afford my insurance payments? Canadian Insurance Providers are also trying to help in this regard and the approach will vary. These include facilitating adjustments on payment terms (e.g. payment deferrals), premium payment adjustment, and waiving non-sufficient funds fees.

It is a dynamic situation and information is coming in daily.  Our Bauld Insurance Team is working hard (from home) to understand all the options and do our very best to help our customers stay well protected.

If you have any questions, or to discuss your car insurance policy, please contact your Bauld Commerical Insurance Advisor or call us on 1-877-925-2285. For more information about car & auto insurance, visit our Commercial Insurance Coverages webpage.  For our Bauld Insurance Staff Directory, visit our About page.