Before the COVID-19 pandemic, there are about 1.17 Million employer businesses in Canada, and of these 1.14 Million (97.9%) were classified as small businesses. Now, most of them are forced to work from home.

Given that business operations are continuing to shift from a commercial environment to home offices, there has never been a better time for professionals to review their insurance coverage, especially since home insurance does not cover business activities…even though you may be working from home.

So, how can your business adapt to these changing times?

Make sure you have business insurance – even if you are running your business from home. Operating and conducting business activities out of your home is separate from personal activities in the same space. 

Changes in eligibility criteria and expanding the types of businesses that can be insured has opened up additional business insurance categories. This includes professions that have adapted to the COVID-19 reality such as:

• Consultants (such as Business Planning)
• Hair Stylists
• Graphic Designers
• Interior Designers
• Manufacturer’s Agents – i.e. Tupperware, Avon, Pampered Chef
• Music Lessons

Additional changes, like increased special limits for accounts receivable and new optional business property limits are also available. 

In addition to understanding what your home insurance does and does not cover, make sure your business insurance equips you with the tools necessary to best support your small business. Ignoring the need for business insurance can present a financial risk.

OTC offers free commercial assessments to ensure your insurance coverage protects you and your business. Contact us to learn more.