COVID-19: Canadian home, auto and business insurance information COVID-19 is altering the social and economic landscape of our country and our world. In these uncertain and challenging times, we understand many Canadians will have questions related to their personal or business insurance. On this page you'll find answers to FAQs about insurance.Updated: February 17, 2021 Jump to section:Business InsuranceAdditional Resources: Consumer Relief Measures Business InsuranceCanada's commercial insurance industry was challenged coming into 2020 from the following main contributing factors:An extended period of weather-related claims that were both more severe and more frequentRecord low interest rates (affecting investment income) and capacity withdrawal in certain commercial product lines The challenges affecting the availability of commercial insurance are global and the ongoing COVID-19 pandemic has compounded this issue.Despite challenging market conditions, Canada's insurers are pulling together to find creative solutions to ensure Canadian businesses can access the insurance they need while also making sure commercial insurance remains affordable – even in a time of heightened uncertainty and risk.Insurance Bureau of Canada (IBC) recently announced the launch of its Business Insurance Action Team (BIAT) to help to find viable insurance for small businesses in Ontario's hospitality sector – specifically restaurants, bars, pubs and banquet halls - amid the economic challenges the COVID-19 pandemic has created.A recent analysis by Deloitte shows that the challenges affecting the availability of commercial insurance are global and that the ongoing COVID-19 pandemic has compounded this issue. Commercial insurance is complex and specialized, which makes it important that you speak to your insurance representative if you have any questions or need clarification about your coverage. IBC encourages small business owners facing challenges to visit businessinsurancehelp.ca or call the Business Insurance Helpline at 1-844-2ask-IBC. Related ServicesHow Premiums Are CalculatedWithin reasonable limits, some of which are prescribed by law, your auto, home and/or business insurance premium is calculated to reflect the probability that you may suffer a claimable loss.How Insurance WorksInsurers use a pool of many premiums to pay for the home, auto and business losses of Canadians unfortunate enough to experience a loss. You are covered for losses outlined in your contract only, not for predictable events.Claims ProcessImmediately after a collision, contact your insurance company as soon as possible to report the incident. An adjuster will be assigned to provide you with expert guidance throughout the claims process. Useful LinksReport: Insurance Fraud in Times of CrisisCOVID-19 Pandemic-Related Risks in the P&C Insurance IndustryBusiness Insurance HelpInsurance Bureau of Canada (IBC) and its members are here to help protect businesses from risks and find solutions to ensure commercial insurance remains affordable.Insurers stepping up to help small businesses in OntarioOctober 29, 2020 (TORONTO) – To help struggling small businesses in Ontario secure insurance amidst the economic challenges the COVID-19 pandemic has created, Insurance Bureau of Canada (IBC) is announcing the launch of a new Business Insurance Action Team (BIAT).Business Interruption InsuranceYour ability to generate sales could be threatened at any moment. With business interruption coverage, a business owner can collect the income he or she would have expected to generate were it not for the unexpected event.