Economical Insurance is enacting its own response plan to the COVID-19 pandemic, by offering flexible payment options for customers, business solutions for brokers, and contributions to community organizations involved in relief efforts.
Personal insurance customers with Economical, Family Insurance, and/or Sonnet who have been impacted financially by the outbreak can contact their broker, visit Economical’s website, or contact a customer service representative to inquire about any relief measures available to them. These measures include flexible payment options (such as payment deferrals and waived NSF fees), payment plan adjustments, auto insurance premium reductions, and no changes to premiums for customer using their cars or homes differently – such as through efforts to support community goodwill or migrate to remote work.
Commercial insurance customers will also be given some relief. Economical has made changes to the rating approach for commercial insurance customers “to acknowledge the challenging circumstances many of them are facing,” a release said. For SMEs severely affected by COVID-19 and that are temporarily closed, the insurer is working with broker partners to adjust premiums. Economical is also offering flexible underwriting solutions for businesses that have made changes to their operations in light of the outbreak.
These financial relief measures will be offered for the next 90 days, or as otherwise deemed appropriate based on the company’s assessment, a release noted.
Petline, Economical’s pet insurance subsidiary, is also doing its part to help customers. Pet owners can access affordable and simplified insurance though Petline’s Peppermint offering.
In addition, Economical is investing $200,000 to provide front-line support in cities across Canada. The company is also extending its longstanding partnership with the Canadian Red Cross by offering an additional $100,000 donation for COVID-19 support measures. Employees of the insurer will also be given remote volunteer opportunities to help charity organizations such as Kids Help Phone and Junior Achievement.
To keep its own employees safe amid the pandemic, Economical is also adopting new working practices. A release said that nearly 95% of the company’s workforce is now working remotely.
“Our business has supported customers through world wars, the depression, and other more recent crises, and our commitment remains focused on the customer first through the challenges we are faced with today,” commented Economical president and CEO Rowan Saunders.
