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As pressure mounts to address rising rates during the pandemic, insurers pledge to help small businesses

A group representing Canadian insurance companies is launching a team to help small businesses find affordable coverage as rates rise because of the COVID-19 pandemic. The Insurance Bureau of Canada (IBC) said the team will start its work by focusing on helping the hard-hit hospitality sector in Ontario by evaluating the needs of businesses and finding them appropriate coverage.

The move comes after business owners and politicians in Ontario raised concerns over increasing instances of sky-rocketing commercial insurance rates and outright denial of coverage in some cases.

“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 Don Forgeron, CEO of IBC, who acknowledged the frustration small business owners are facing.

If you work in the hospitality sector and want to find out more, speak with your broker or agent.

Read the article: https://www.canadianunderwriter.ca/insurance/insurers-pledge-small-business-help-as-pressure-mounts-to-address-rising-rates-1004199217/