Getting a Business Insurance Quote Calgary in COVID 19

Business

The COVID 19 pandemic has caused immense damage to businesses all across Canada. Lockdowns and lost opportunities have dampened business sentiment and business owners are skeptical about growth.

In this situation, they are looking at ways and means to save money and improve the cash-flow position of their business. One area that offers some possibilities in financial relief is insurance.

Saving money on a business insurance quote Calgary during COVID 19

Since business activity has reduced, exposure to risk has also reduced, and as a result insurance companies are making adjustments in the way they look at risks, determine exposure, and prepare a business insurance quote Calgary. They are also open to making amendments in their existing business insurance policies so that business owners can avail the chance of reducing their premium payments.

Below are some ways to save money on business insurance during the pandemic

– Amend coverage limits.
– Delete coverages that are unnecessary.
– Where you see less risk, amend the coverage type from “operating” to a “parked or idle” status.

Factors to be considered when looking at amending coverage:

– Are there any contractual obligations that involve insurance provisions on property, equipment or stock?

Review the contract terms of mortgages, loans and leasees as they typically have insurance obligations that must be met. This will help you determine whether any changes are required in lending terms.

– Company vehicles – Are they on lease or financed?

Check the insurance coverage related to your company vehicles. Before you decide to park vehicles that are not being driven, you need to ensure that the lender consents to removal of liability and collision coverage. The parked vehicles must not be on government roads as that would require liability coverage.

Business property – Are you an owner or a tenant in a leased or rented space?

As an owner there is no issue, but if you are a tenant then you cannot make changes in the insurance provisions of your lease agreement unilaterally. You have to take approval from your landlord before making amendments.

Does your business require you to have contractual or job-specific insurance?
If yes, then the applicable contractual or job-specific insurance requirements will apply. You must check whether you want to take insurance cover for specific clients or specific jobs before making changes in your business insurance cover.

Are you in the franchise business and require insurance?
If yes, then it might not be easy for you to change the insurance provisions in your franchise agreements as these are quite specific. Franchisors mostly are not agreeable to make changes.

Have you got Certificates of Insurance issued to clients who require them to meet their own contractual obligations?

If yes, then you cannot make any material change since Certificates of Insurance typically have a 30-days notice clause.

Business insurance in case your business is not operating due to COVID 19
It is advisable to retain your business insurance even in case you are not operating it due to either a lockdown caused due to COVID19; or a self-imposed quarantine in case your employees are fearful of catching the virus.

The reason is that exposure to risk continues whether your premises are locked, or open. Pipe bursts, electric short circuits, fires, thefts and damages can still occur. In case an event does happen and you are not covered, then you would have to shell out money from your own pocket to pay for damages.

Therefore, it is advisable to retain business insurance even during COVID 19.

Conclusion
The COVID 19 pandemic requires us to be innovative. We need to look at business insurance with a magnifying glass and come up with measures that can help us reduce our premium payments on existing insurance and an attractive business insurance quote Calgary on new insurance. Only then we would be able to not only protect ourselves against risks, but also economize on our business expenses.

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