Intact Financial is offering $50 million in financial relief to over 100,000 of its small business clients, to support them in this difficult time.
The insurer is providing the grants through its new Small Business Relief Program. Intact also noted that the $50 million small business grant program is in addition to the more than $350 million that it previously provided to both its personal and business insurance customers by the end of the second quarter of 2020.
According to a company release, Intact “carefully considered” the types of small businesses most affected by the mandated shutdowns and public health restrictions enforced due to the second wave of the COVID-19 pandemic. The insurer will be sending these businesses a cheque equivalent to 20% of their annual premium.
“Intact is committed to helping its small business customers weather this crisis,” said Intact Financial Canadian operations president Louis Gagnon. “This is why we are directing $50 million in targeted relief to the most vulnerable small businesses whose owners’ livelihoods depend on their doors staying open.”
Gagnon added that Intact continues to work with brokers and small business customers to find financial solutions.
“Our message is clear: we are here to help,” the president said.
In addition to the small business grant program, Intact is also inviting its small and medium-sized business clients – particularly those that have closed due to the mandated shutdowns or have been impacted by reduced payrolls/revenues – to reach out to their brokers for flexible payment options and premium adjustments.
“The unique situation businesses face is an industry-wide challenge and one that requires a cross-industry solution,” the president commented. “We want to ensure more small businesses are equipped to overcome the challenges of this global pandemic. Intact is committed to working with the Insurance Bureau of Canada on a cross-industry effort to ensure small businesses across Canada can access insurance products during the pandemic.”
Intact’s small business grant program comes after the Insurance Bureau of Canada launched its own program. Similarly, Canada Life has introduced a grant program to support smaller businesses.
