Much like everything else in life, your business can constantly throw surprises at you. It is important to notify your insurer about the changes of your business as well as updating your insurance policy. Depending on the nature and type of changes, there might be implications to your coverage needs or it may affect the eligibility for insurance.
This page explores when and what changes you should notify us for.
Important changes for Business Insurance
Change in Business Address:
Your insurance policy specifies the location that it will provide coverage for under the contract. Hence, it is critical to notify the insurer when your business has moved or will be moving.
Changes in Products/Services:
Under your insurance policy, coverage only applies to those services and products named. It is always a good idea to speak with our licensed insurance specialist to ensure you are still qualified for coverage.
Change in Business Revenue:
Your business’s revenue is one of the main factors assessing risk exposures: The more business you do, the more traffic you have and the greater the risk your business is exposed to. Therefore, when your business revenue changes, you should get in touch with our insurance specialists to review whether or not the insurance coverage placed is still relevant.
Changes in Business Revenue from the U.S.:
Business dealings with the United States pose a serious risk to Canadian insurers due to the litigation culture. Ownr’s insurance product only allows a certain limit U.S. revenue exposure. When you are expecting to generate more revenue from the U.S, it is important to notify us to review your insurance policy.
Additional Business Locations:
Ownr’s current business insurance product is tailored exclusively for small businesses with one location. If your business is expanding and is expecting to have multiple locations, please contact us to review alternate insurance advice and options.
Regardless of how minor the changes are, it might warrant you to discuss with us so we can review your new situation and update your insurance policy to ensure your business is properly insured. When in doubt, please do not hesitate to discuss with our insurance specialists.
How do I notify Ownr about business changes?
You may notify or discuss business changes using one of the following methods:
By E-mail: [email protected]
By Chatbot Function: https://www.ownr.co/company/contact