Moving provinces? Here’s what you need to know about your insurance
Relocating your business to another province is a big step. Between logistics, employees, suppliers, and new opportunities, you have a lot to manage. But there’s one detail that often gets overlooked: your insurance.
Many business owners assume their insurance automatically follows them. In most cases, it doesn’t.
Recently, one of our advisors connected with a client during a routine renewal review. What they uncovered is something we see more often than you might think:
“We were reviewing the client’s file ahead of renewal and noticed the business had completely relocated to another province and was no longer operating in PEI. The client hadn’t reached out because there’s often an assumption that insurance goes with you. In reality, coverage is province based, and without notifying your advisor, you could be left exposed.”
Insurance does not automatically move with your business
Insurance policies are structured around specific details, including your business operations and location. If you relocate to another province and do not notify your advisor, your policy may no longer reflect your actual risk.
That matters because:
- Insurance regulations differ by province
- Rating and underwriting criteria can change
- Coverage forms may not apply outside the original province
- Claims could be impacted if there has been a material change that was not disclosed
A change in business location is considered a material change under your contract with the insurer. That means you are required to inform your advisor. If you don’t, you could be responsible for losses that occur after the move.
Give your advisor at least 30 days’ notice
If possible, contact your advisor at least 30 days before your move. This gives us time to:
- Review your current policy
- Identify required updates
- Confirm provincial requirements
- Explore options within our network of insurers
- Guide you through the process step by step
At Westland, our expert advisors do the legwork so you don’t have to. We tap into our large network of insurers to help ensure you have the right coverage in your new province, without unnecessary gaps.
Moving is complicated. Your insurance shouldn’t be.
Relocating your business is already a full-time job. Reaching out to your broker early can simplify one important part of the process.
We’ll:
- Explain what changes are required
- Make recommendations that fit your business
- Use straightforward language, not jargon
- Advocate for you if questions arise
Our goal is simple: to make sure you feel confident that your coverage reflects your new reality.
If you’re planning a move, or if you’ve recently relocated and haven’t updated your policy, now is the time to connect with your advisor.
Contact your local Westland advisor today to ensure your coverage goes further, wherever business takes you.
