Floods | Here’s what’s important to know about flood insurance Canada options
Water, water, everywhere. It’s a scary prospect and one that more and more Canadian communities are dealing with. For example, CTV news notes, “A series of severe weather events in Alberta this year has led to insured damages of nearly $2 billion. And that between 1983 and 2008, the average yearly total for insured damages related to severe weather across Canada was $422 million.”1
Meanwhile, Maritimes business owners and residents are remembering Hurricane Dorian, which left 500,000 people without power. Known as, “the most destructive storm to hit the region on record [Dorian] brought widespread heavy rain, pounding surf, damaging storm surge and severe winds. Wharfs were destroyed, roofs were ripped from buildings, hundreds of trees broke or fell, and even a crane was toppled.”2
Consequently, for business owners in these regions and across the country, flood insurance Canada is major concern. Between spring runoff, fall storm seasons and watermain breaks, there’s lots to know about flood insurance Canada. As a result, here’s some info that you can use to understand and secure flood insurance Canada options.
1 BILLION. It’s the new normal for water-related catastrophic losses.
Floods are happening. And they are costing all of us more and more money to recover from. The Insurance Bureau of Canada (IBC) notes that, “In today’s world of extreme weather events, $1 billion has become the new normal for yearly catastrophic losses – most of this is due to water-related damage.”3
Furthermore, recognizing that, “Flooding and related sewer backup damage is costly for homeowners, businesses, municipalities and insurance companies.”4 IBC shares the following four ways that you can prepare for water-related property damage.
“From ensuring that important documents are not stored in your basement to installing a sump pump and/or backwater valve, there are many ways to be proactive such as:
- Keep a current and detailed home inventory.
- If your neighbourhood is prone to flooding, take precautions throughout your house and property.
- Assemble a disaster safety kit.
- Create a 72-hour emergency preparedness plan for your family.”5
In other words, like many risks we face, the best protection against risk is taking a proactive approach. This is where flood insurance Canada comes in. ALIGNED Insurance brokers of Canada understand that flood insurance is an essential concern for many businesses.
This is just one of the reasons why we specialize in delivering commercial insurance options only.
Flood insurance Canada | Aligning your business with the best options in the marketplace
Even a slow leak can make it hard to stay afloat. A hidden leak can lead to significant damage just as much as an extreme weather situation can quickly force a business to close its doors.
This is why flood insurance Canada is so important to understand.
IBC provides some insights about specialized insurance products that businesses should be aware of in the event that their business suffers from flood damage.
For example:
- “Most business owners will have purchased two common types of insurance: commercial property insurance, which would include building and stock or equipment coverage to help replace or repair damaged property and contents; and business interruption insurance to compensate for loss of income while a business is shut down following an insured loss.
- Flood insurance is available as an add-on coverage to both commercial property and business interruption insurance policies. In other words, to be covered for losses due to flood, business owners must have chosen and paid for this option.
- Sewer backup coverage is also available in most commercial property insurance policies, but is usually purchased as an extension or extra.
- If you purchased a business interruption policy, find out whether it is a limited (earnings) form, extended (profits) form or unlimited (actual loss sustained).
- A limited form pays only until the damage is repaired or the property is replaced. Ask whether there are limits on the amount of time your business is covered and the amount your insurance will pay in any one month.
- An extended form continues to pay until your business resumes its normal, pre- interruption level, subject to the maximum period of indemnity listed in your policy.”6
Above all, if you are looking for flood insurance Canada options, it is important to work with an insurance broker who understands the nuances of commercial insurance. Across Canada, ALIGNED Insurance brokers can help you find the best possible products and solutions.
Flood Insurance Canada claim? Expect FirstOnSite support
After a loss occurs, getting your business back up and running as quickly as possible is the primary goal. Extended periods of downtime quickly add up to lost revenue. More importantly, not being able to deliver services or goods can impact a company’s brand, reputation, credibility as well as relationships with clients and suppliers.
Worst-case scenarios – such as a flood insurance claim – can and do happen. After a flood or other weather-related disaster strikes, business continuity is not something that anyone can afford to leave to chance.
Related Matters: Business insurance for extreme weather risks in Canada does exist
Unfortunately, many companies that suffered water damage quickly realized that after a catastrophic event, securing contractors to fix the damage in a timely manner can be frustrating and challenging.
ALIGNED With Key Responders
Most importantly, we are here for you when things go wrong. We’re partners with the leading disaster response companies in Canada. With more than three decades of experience, ALIGNED clients have the benefit of having well-known national leaders in disaster restoration assist with recovery.
In the event of property damage related to a catastrophic loss situation, ALIGNED clients can receive priority response for their flood insurance claim. A timely response to all claims helps to ensure your business will be up and running again as soon as possible.
Priority claims response is just 1 of 18 points of differentiation that we offer Canadian organizations. It’s an important means by which we deliver a different and better insurance experience.
An ALIGNED Insurance Advocate can provide expert guidance on your flood insurance claim, business insurance and what coverage can best address your business risk exposures.
Want to work with an insurance broker who’s your advocate?
In summary, if you are looking to understand flood insurance Canada options for your business, we are here to help. Aligning the best possible insurance products, solutions and claims response support is what we do every day. We are proud to be our clients’ advocate in the Canadian insurance marketplace.
Here at ALIGNED Insurance, we take pride in delivering a different and better insurance experience to Canadian businesses. We focus exclusively on supporting commercial business and advocating on behalf of our clients across the country.
Our commitment to you is the reason why the ALIGNED broker you work with acts as your advocate in the Canadian insurance marketplace.
The Canadian insurance marketplace is complex and constantly changing. This is why, now more than ever, it’s important that you choose an insurance brokerage that specializes in client advocacy.
Here at ALIGNED, we take great pride in advocating on behalf of our thousands of clients each and every day.
Source(s):1 EdmontonCTVnews.ca: Wild weather hikes Alberta insured damaged above national average at nearly $2B ; 2 CBC.ca: Remembering Dorian: Storm last September left a trail of destruction ; 3,4,5 IBC.ca: Water ; 6 IBC.ca: Flood Damage to Businesses ; FirstOnSite
