The COVID-19 outbreak was unexpected. B.C. business owners have been left scrambling for a way forward despite making dramatic operational changes and shutdowns.
Businesses protect themselves from unexpected events by purchasing business interruption insurance. If a business has insured itself against a particular risk, it could be compensated for any disruption. The most typical are fire, flood and earthquake insurance.
We all can picture a fire shutting down a business; but what about a pandemic? Does a commercial insurance policy cover for risks associated with COVID-19? Does a policy cover an owner if the local, provincial or federal government forces the business to temporarily shut down?
There are insurance policies that offer such coverage. These policies may cover business interruption from “virus” or “disease,” or where a government order has forced a business to close because of safety concerns. They are typically add-ons to a standard commercial insurance policy.
If you have purchased this coverage, we recommend that you first check your insurance policy. Keep in mind that each insurance contract and each term is different.
If you are unsure about your policy or you have been denied coverage from your insurer, contact us for free consultation.
We can review your policy and make sure your insurance company provides you with the coverage that you paid for.
On May 1,2021 ICBC is enacting a new no-fault insurance model. This model is referred as an “enhanced care”, individuals involved in car accidents in British Columbia will no longer be able to sue for injuries.
Insurance brokers have a duty to give sound insurance advice. In a commercial insurance context, brokers are required to know the in/out of a clients’ business in order to source and secure the proper insurance coverage.
Many businesses have been forced to close, limit their hours, or reduce their capacity. Despite a vaccine, the economic impact will likely continue, particularly in the face of new strains of the virus.
On January 28, 2021, the Ontario Superior Court addressed “inadequacies in current legal responses to internet defamation and harassment” by creating a new tort of internet harassment and cyber bullying.