Business Interruption Insurance – Manitoba

Your business is your livelihood, and your ability to generate income depends on running normal operations. Your business can be at risk more than you may think if the unexpected happens. For any size of business, it may become complicated to recover from a loss. Your business may be closed for weeks from a small loss, leading to a loss in income and potentially your client base. Business interruption coverage can help you and your business weather through the time it takes to repair or rebuild your business and get back to normal.

As your local insurance experts, we know that each business in Manitoba is unique in its own way. From small business boutiques located in the heart of downtown Winnipeg and the Forks Market to the businesses located in small communities with a  focus on impacting positive community support and every business in between that spans the province’s beauty, we’ve got you covered. With all it has to offer, it’s not hard to understand why so many people decide to set up shop in Manitoba.

We understand it’s vital to protect what’s most important to you and your business. Our expert insurance advisors are here to ensure you’re protected and provide peace of mind so you can focus on nurturing your business for the future.

Why Choose Westland?

We know that your business insurance needs to match your goals, your business and your budget. Our expert business insurance advisors get to know you and your business, so that they can tailor a policy to your exact needs. We’ll work with you to build a risk management solution, ensuring coverages line up with your business needs.

We understand that insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, click here.

Business Interruption Insurance Explained

There’s a lot of “what ifs” that come to mind for business insurance. The major “what if” is will an unexpected loss be covered and how long until I am back to normal? A vital element of that is the timeline between loss and greeting clients back to your business. That’s where business interruption coverage comes into play. From a fire that harms your computer system and client information to a flood that damages your property, your business could come to a halt quickly. Your business’s downtime can be covered, so the financial impact of being closed isn’t detrimental to the company you’ve worked hard to build.

No matter the industry, our business insurance advisors can help you find the right coverage to ensure you’re covered for downtime resulting from an insured loss while you get back to business.

There are two main areas of coverage provided by business interruption:

  1. Expenses & Payments
    Imagine if your business suffers a loss that leaves your business destroyed or damaged. Even if your business can’t operate and your income stops immediately, the expense will continue to roll in. Those bills will add up quickly especially when you’re not able to continue day-to-day operations to bring in revenue. Take a moment to run through your monthly expenses. Now imagine if your income ceases abruptly. Rent, electricity, client systems, tech platforms, and payments for other utilities will continue.
  2. Lost Net Income
    With your income stream drying up, your business faces the risk of not opening the doors back up for business. While your business insurance policy will kick in to start on the necessary repairs, what happens in the meantime when you’re unable to earn income? Income that your business would have earned during a closure period due to a covered loss may be covered through business interruption insurance.

In addition to the main coverage areas, forms exist to cover different risk exposures.

  • Revenue Type Forms
    This form is designed to pay for losses until your business can resume normal operations or returns to full pre-loss revenue levels, or the indemnity period is finished, whichever is first.
  • Extra Expense Forms
    On the other hand extra expense forms are designed to cover extra costs incurred while maintaining operations. For example, renting a temporary building while your location is being repaired.

Examples of financial losses can include:

  • Loss of revenue, less any expenses that don’t continue
  • Loss of Rental Income, less any expenses that don’t continue
  • Extra expenses that may be incurred to maintain operations.

Most business insurance policies will include business interruption coverage. The limit and type of coverage may vary from each policy. It can be added to an existing policy if not already included. Our business insurance experts are here to ensure you have the right coverage for your business.

We can help with your auto insurance needs too! Connect with us today to ensure you’re covered out on the road.

How Much Does Business Interruption Insurance Cost in Manitoba?

Just as businesses differ across Manitoba, so do the risks and exposures which impact the cost. The following factors will impact the cost of your business interruption coverage:

  • Industry
  • Claims History
  • Number of Employees
  • Revenue
  • Exposure to Risk
  • Location of Business

Review Your Insurance and Get a Quote with Westland

Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique risks and operations, and find the perfect insurance policy for your business. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your business coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!

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Claims Example

Fire is one of the most common claims we see when it comes to business interruption. For example, you own a motel and are running at full capacity when a fire causes damage to multiple rooms. It can take up to three months to get back up and running. Not only will your business not be able to operate, but there is no opportunity to generate income. The right business insurance policy will help mitigate these risks and get you back to your normal as quickly as possible.

Our goal is to find the best coverage for your business so you can focus on what’s important. To learn more about being a Westland client, click here.

10 Business Facts About Manitoba

  1. It should come to no surprise that the agriculture industry is a vital part of the economy in Manitoba. In fact, it’s found in almost all communities in the southern half of the province.
  2. Manitoba boasts the largest producers of sunflower seed and dry beans.
  3. Love fast food fries? They likely came from hard working potato farmers in Portage la Prairie and surrounding community. So much so there is the Potato Festival every year in celebration of just that, potatoes!
  4. The main tourist attraction in Manitoba is Churchill’s Arctic wildlife. Visitors can travel to northern Manitoba and become part of a sloth of polar bears.
  5. The oldest company in Canada finds its home in downtown Winnipeg. The Royal Winnipeg Ballet is the oldest Canadian company and just the second oldest in North America.
  6. When you think of Manitoba, does the aerospace industry come to mind? It should! It is the largest in Western Canada and employs over 5,300 people.
  7. Manitoba is the cultural capital of Canada when it comes to festivals. Locals can take in Festival Du Voyageur, Folklarama, Trapper’s Festival and Manito Ahbee.
  8. Transportation and logistics are another strength of Manitoba. CentrePort Canada is a 20,000-acre inland port. It provides facilities for warehousing, manufacturing and distribution.
  9. Manitoba has some pretty creative residents! So much so in fact that it’s coined the name the Cultural Cradle of Canada. We have more than 4,600 business involved in visual arts, music and performing. We also have 400 in film, 900 design firms, and 300 marketing and advertising businesses.
  10. Food processing pulls in $4.7 billion in revenues with over 250 companies. Food items include pork, eggs and other meat products.
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