Lessons Learned: What 2020 Taught BC Residents About Insurance

by | Uncategorized | 0 comments

Insurance Lessons

Well that’s a wrap!

Yes indeed, we can all celebrate that 2020 has come to an end. That said, there were a number of lessons learned over the past year, ones that made us all more resilient and wiser so that we’re better prepared for anything that 2021 (and beyond) may put in our collective paths. This reality is true for the notion of insurance as well. Below we take a look at how 2020 taught BC households and businesses about the essential need for better protection against the unknown.

3 Valuable Takeaways Regarding Insurance Protection from 2020 That Will Serve You Well in 2021 and Beyond

1. Read the Fine Print

Data shows that 23% of Canadians admit to not knowing what their insurance policies cover. This fact left a number of businesses and households vulnerable in 2020. From travel medical coverage to business interruption policies some BC residents scrambled to find what they were and were not protected against as events across the province, country, and world began to unfold.

From here on in, read the fine print on all policies, whether they are provided through your workplace, lenders, or purchased by yourself from an insurer. The only way to protect against the unknown is to gather as much knowledge as possible.

2. Get That Additional Coverage

Carrying over from lesson #1, many of those who actually read the fine print on their insurance policies discovered that they were not covered for as many variables as they initially assumed.

In other cases, policyholders assumed that a number of events were too unlikely to occur, and therefore there was no justifiable need to invest in protection against them. Well, if 2020 taught anyone anything, it’s that anything can happen. Health crises, extreme weather, cyber attacks, economic shutdowns, sociopolitical unrest, protests, riots – it all happened on our soil in one single year. At this point the moon could fall from the sky and land on City Hall and none of us would be surprised.

Since adding policy riders after-the-fact does nothing to recover losses sustained from impactful events, be sure to prepare for and treat ALL potentially damaging occurrences as eventualities and you’ll gain peace of mind.

If you’re hoping to travel with your family again when conditions improve, buy that extra travel coverage before taking your first vacation of 2021. If you’re a single person renting a condo in the city go ahead and get tenant insurance. If you run a company, consider adding additional coverage such as cyber crime, and glass breakage to your plan. Within each insurance category (home, business, auto, other) you will find tangible solutions to protect assets, possessions, yourself, and the people who are important to you.

3. Don’t Be Afraid to Ask for Help

In some shape or form we all could have used someone to lean on for help in 2020. When it comes to the uncertainty surrounding how to better protect your assets, the team of independent brokers at Park Insurance is here for YOU and ready to answer any questions you have about your existing (or lack of) insurance coverage. We will perform a comprehensive audit of policies and options so that you never again have to wander into a future shrouded in uncertainty. Simply give us a call at 1.800.663.3739 or get in touch with an office near you to get started on a worry-free new year.

~ Here’s to an AMAZING 2021 and Beyond! ~

Recent Posts

Cyber Liability and Your Business

Cyber Liability and Your Business

As of May 2, 2024 there have been over 9,400 publicly disclosed data breaches resulting in over 35 billion (yes, billion) records breached. That includes both a very large, very well-known Canadian retailer, B.C. public libraries, and even Facebook Marketplace. This,...

How to Protect Your Home from Forest Fires

How to Protect Your Home from Forest Fires

While the dry and hot weather can be a blessing for some, it does not come without consequence. While at the moment (May 2024), the majority of BC Wildfires are considered contained, the devastating impact of 2023's wildfires resulted in tens of thousands being...

Preparing Your Business for Wildfire Season

Preparing Your Business for Wildfire Season

As spring arrives and temperatures rise, the risk of wildfires also increases. It's crucial to ensure that you and your business are adequately prepared for such a wildfire, even if you are in an urban environment. In addition to direct damage from flames, wildfires...