To aid small businesses in Ontario struggling to secure insurance amid the COVID-19 pandemic, the Insurance Bureau of Canada (IBC) is launching a new initiative for local restaurants and bars.
IBC’s new Business Insurance Action Team (BIAT) aims to find viable insurance solutions for many small businesses in Ontario’s hospitality sector. The BIAT launches in November, and will initially focus on restaurants and bars that have been affected by the pandemic.
“There is no question that these are especially challenging times for small business owners in Ontario’s hospitality sector, and we understand and acknowledge the frustration they are feeling,” said IBC president and CEO Don Forgeron. “That’s why insurers have committed to a new and innovative solution to help tackle insurance challenges that small businesses are currently facing.”
Through the BIAT, a risk manager and a committee of insurers will work with insurance brokers and business owners to review eligible business applications to make loss prevention recommendations. The team will then determine the appropriate level of coverage and premium that can be offered.
A release said that any business approaching the BIAT is not obligated to accept coverage offered through the program.
“We have a shared interest in making sure that as many small hospitality businesses as possible in Ontario can find the insurance they need – even in a time of heightened uncertainty and risk,” said Forgeron.
