Severe weather in Canada refers to a weather condition that poses risks to life, property or requires the intervention of authorities. It can be general or localised in an area. High winds, hail, thunderstorms, tornadoes, cyclones, wildfires and floods are some typical forms and effects of severe weather against which you can seek protection.
Severe weather can cause extensive damages
As per the Insurance Bureau of Canada, severe weather can cause extensive damages. In 2016 it resulted in $4.9 billion in insured damages.
Small businesses are particularly vulnerable, as damages from severe weather can damage not only the physical property of a business, but also, result in lost revenue.
Therefore as a business owner, you must plan in advance and get the right small business insurance in Canada. While, it will not stop severe weather, it can certainly help you get back to business.
What options are available under small business insurance in Canada to handle the aftermath of severe weather?
Below are some options that are available for small business owners:
Equipment breakdown insurance
Small businesses are mostly reliant on specific equipment to carry out their day-to-day activities. Severe weather has the potential to cause breakages or partial/ permanent damages to the equipment, thus renedering it useless. Equipment breakdown insurance could help here with equipment replacement costs, depending upon the policy you have.
Sewer backup insurance
Severe weather can cause water flooding a main drainage system, or a city’s sewer system. This can cause sewers to flow backwards into commercial buildings or homes, posing a health risk because the water could contain sewage. Sewer backup insurance could enable you meet expenses for repairs or replacing of damaged belongings.
Business interruption insurance
Business interruption insurance provides funds for lost income during those periods when your business cannot operate due to severe weather. This can also happen if your equipment gets damaged and requires either repairs or replacement.
Contents insurance provides small business owners coverage against losses occuring due to damages caused by severe weather. Contents include things like office supplies and furniture and owners could get as much as replacement costs in the eveQnt of an occurence.
Business property insurance
Business property insurance protects the small business owner against risks of damage to the physical property of the business (whether owned or rented) caused by severe weather. The amount of liability includes repair or replacement costs.
What information needs to be provided o lodge a claim?
To lodge a claim, you need to simply contact Beneficial Insurance Solutions and they will guide you through the process. Usually the following details need to be provided to the insurance company:
The date of occurrence of the event.
Small business insurance in Canada requires that incidents are reported timely and claims are lodged as quickly as possible. This ensures that damages are assessed quickly and issues are settled within the stipulated time.
Parts of the business that have been damaged
The insurance company requires this information to determine what is the extent of the damage and what kind of a damage it is. This will form the basis to arrive at the value of the business that has been damaged and how much money needs tobe paid to the small business owner.
Photographs of the damage
As far as possible photos of the damage should be included to understand the degree of damage.
Measures taken to mitigate the damage
In case the small business owner has taken steps to minimise the impact of the damage, then those details should be provided to the insurance company. The insurance company will adjust this value in the final payout that they will do to the small business owner.
Always be ready to face severe weather
Veterans in the insurance professions say that it is best to protect yourself and your small business in the event of any risks due to severe weather. One of the best ways to do this is to be prepared in advance, so that you are not caught unawares in case of an occurrence.