IBC said that thousands of Canadians have already had their premiums deferred as a result of financial challenges stemming from the widespread shutdown of all but essential business across the country. In addition, a number of the bureau’s members will be offering a reduction in premiums over the next 90 days to reflect the reduced risk from less driving, with IBC suggesting customers reach out to their insurance company to see whether they qualify for any relief.
Six-month Insurance Premium Deferrals for Employers
The Ontario Government is enabling $1.9 billion in relief for employers to reduce the financial strain on business brought on by COVID-19. The measure, which will run through the Workplace Safety and Insurance Board (WSIB), will see premium payments deferred for six months for all businesses in the province. More information here.