It’s not just your imagination – the weather across Canada is changing rapidly, producing more frequent and ferocious storms and natural disasters.
According to Environment and Climate Change Canada, our country is warming roughly double the global rate. That is fuelling more frequent and intense extreme weather events across the country.
Business owners are feeling the impact of these profound changes. Survey data of Canadian businesses conducted by KPMG, a research consultancy, found that last year’s extreme weather events affected the profitability of 56% of companies, and 49% saw their costs rise significantly due to issues ranging from productivity loss to broken supply chains.
Meanwhile, the Insurance Bureau of Canada (IBC) said that in the last decade, 87,000 businesses suffered financial losses due to severe weather and natural disasters – insured payouts due to catastrophic weather events were over $8 billion last year. IBC added that climate adaptation measures are vital for Canadian communities to become more resilient to extreme weather.
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Business Property Protection for Evolving Weather Risks
There are actions business property owners can take to protect their buildings and properties from the ever-intensifying weather. Our free downloadable guide, “How to Protect Your Business Property in the Era of Climate Change”, offers loss prevention strategies for minimizing damage to your business property.
Nevertheless, a commercial property insurance policy is vital for business owners.
In general, it covers the following due to a natural disaster, extreme weather, fire, internal water damage, theft, or vandalism:
- The business property’s buildings and attached structures, such as offices, storefronts, and warehouses
- Equipment and machinery at the property, including tools and other essential equipment your business owns
- The furniture and fixtures at your place of business, such as desks, shelves, lighting, and other permanent, built-in features
- The inventory or merchandise, raw materials, and supplies at the property
- The computers, laptops, servers, and office equipment at the premises
Many business property policies also include business interruption insurance – a critical coverage to have if you’re forced to evacuate your community or close your business temporarily for repairs following an insurable loss. It can also be added as an endorsement to a policy if it’s not included.
Note: A standard commercial property insurance policy typically does not include coverage for overland floods caused by heavy rain, overflowing rivers and streams, or melting snow. However, it does cover damage caused by burst water pipes, roof leaks, and other internal water damage, such as a dishwasher leak.
If your business is in a flood-prone area and you want extra protection, you’ll likely need to purchase separate flood insurance or an endorsement to cover these risks. Speak to a Zensurance broker to get advice on your options.
Get the Business Property Coverage You Need Before Mother Nature Strikes
Nature and the weather are becoming increasingly unpredictable. While you can’t control the weather, you can control how your business recovers from damages and losses due to sudden storms and disasters like wildfires and tornadoes.
That means getting comprehensive commercial property insurance. Zensurance can help you do that online quickly and easily.
Fill out our online application now for a free quote.
Let our knowledgeable team of experienced brokers shop our insurer partner network of over 50 insurance providers to get the right coverage to suit your business and budget.
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