- How much does business interruption insurance cost in Provost?
- The cost of business interruption insurance in Provost depends on your specific details, coverage, and deductible. The best way to know is a free quote — as an independent broker we compare 17 insurers to find your lowest price.
- How do I get business interruption insurance in Provost?
- Request a quote online in minutes or call Insurabiz at 613-355-3130. We'll compare our full panel of insurers to find the right business interruption insurance for you in Provost.
- Why use a broker for business interruption insurance in Provost?
- A broker works for you, not one insurer. We shop the whole market at once to find the best business interruption insurance coverage and price in Provost — with local advice and an advocate at claim time.
- What does business interruption insurance cover?
- It replaces the gross profit or gross earnings a business loses, and pays continuing expenses such as rent, payroll and loan payments, when insured physical damage forces it to close or slow down. It can also pay extra expenses to stay open, and extensions can cover losses from civil authority orders, supplier damage or utility outages.
- Does business interruption need physical damage to apply?
- Yes. Standard Canadian business interruption cover is triggered by direct physical loss or damage from an insured peril, usually at your premises. Extensions widen where that damage can be, such as at a supplier or a utility, but a closure, a slow season or a lost customer without physical damage is not covered.
- How long should my indemnity period be?
- Long enough to cover adjustment, permits, the rebuild, replacing equipment and winning customers back. For many businesses that is 12 to 24 months once each step is counted honestly. Long-lead machinery or a specialised fit-out can push it further. A period that runs out before sales recover is the most common BI shortfall.
- What is the difference between a profits form and a gross earnings form?
- A profits form insures gross profit and keeps paying until results return to normal, up to the indemnity period you choose. A gross earnings form insures revenue less cost of goods and stops when repairs should be complete, unless you add an extended period of indemnity. The profits form usually handles a slow recovery better.
- Does business interruption cover a pandemic or lockdown?
- Generally no. In 2023 the Court of Appeal for Ontario held in SIR Corp. v. Aviva that COVID-19 closure orders did not cause direct physical loss or damage, so an all-risks policy did not respond. Many commercial property wordings now also contain an express communicable disease exclusion.
- What is contingent business interruption?
- It covers income you lose when insured-type damage happens at someone else's premises, such as a key supplier, a co-packer or a major customer, and that stops your business. Many policies limit it to direct suppliers or named locations and apply a separate sublimit, so key dependencies should be listed when the policy is placed.
- Is a power outage covered?
- Only if the policy includes utility service interruption and the outage is caused by insured-type damage to the utility's property. Waiting periods are common, and many wordings exclude overhead transmission and distribution lines unless they are added back. Outages caused by your own equipment failing fall under equipment breakdown cover instead.
- How is a business interruption claim calculated?
- On a profits form, the adjuster compares your actual turnover during the interruption with what you would have earned, applies your rate of gross profit, subtracts costs that stopped, and adds accepted extra expenses. If your sum insured was lower than your actual annual gross profit, an average clause can reduce the claim in proportion.
- How much does business interruption insurance cost?
- It is priced as part of the property policy. The insurer applies a rate to your BI sum insured that reflects construction, occupancy, fire protection and location, then adjusts for the indemnity period and extensions. A longer period costs more, though usually less than proportionally. Single-site and supplier-dependent businesses usually pay more.
