2024 Five important developments in Canadian commercial insurance

April 8, 2024

SummitCover Insurance Brokers of Kelowna remain at the forefront of commercial insurance trends and developments for 2024, adapting and adapting accordingly. In this blog post, we will take a closer look at 2024: Five important developments in Canadian commercial insurance that could influence policies made now and later!

1. Rising Importance of Cyber Liability Insurance

Cyberattacks pose an ever-increasing risk to businesses of all kinds. From data breaches and ransomware attacks to business email compromise scams, they pose an ever-evolving danger that threatens financial losses, irreparably harms reputations, or disrupts operations, which makes coverage essential. For this reason, this policy has emerged as an invaluable aid for coping with expenses related to incidents including the following as part of their commercial insurance strategy.

  • legal fees
  • forensic investigations
  • customer notifications 
  • data recovery 

At SummitCover in Kelowna, our insurance brokers specialize in assessing your cyber risk profile and creating custom cyber liability coverage policies to fit each business's exact specifications. Take steps now to protect against cyberattacks that threaten to breach your organization.

2. An Era of Tailored Insurance Solutions

As insurers transition toward tailored solutions for individual businesses, generic commercial policies are becoming less appealing. Due to data growth, industry diversification, and increasing business complexity, this trend will only continue.

At Summit Insurance Kelowna, our expert insurance brokers partner closely with you to identify any risks or vulnerabilities associated with your enterprise. Because of our relationships with various carriers, we curate comprehensive yet cost-efficient coverage. Whether your industry involves manufacturing, technology, or professional services, our brokers possess all the resources to find tailored insurance solutions for success.

3. Climate Risk Coverage Gains Momentum

Global warming has evolved beyond an abstract concern for businesses; it has become an immediate reality they must navigate when conducting operations. Extreme weather events cause property damage more frequently and significantly than ever, disrupting operations and supply chains. Insurance providers have responded accordingly, creating policies designed specifically to assist companies in mitigating such risks.

SummitCover insurance brokers in Kelowna remain informed on all available climate risk coverage solutions, helping your company assess its vulnerability to climate change and select suitable insurance solutions: 

  • Property damage coverage during extreme weather events
  • business interruption insurance to help limit revenue losses caused by climate-related disruptions
  • cyber liability coverage to address increased attack risks like cyber crime after natural disasters.

4. The Influence of Artificial Intelligence and Big Data Analytics 

These advanced tools have revolutionized commercial insurance. Insurance companies use AI-powered apps like Workbot or Watson AI-enhanced risk evaluation processes and tailor their coverage offerings precisely to individual customer needs. AI technology makes analyzing vast datasets easier enabling insurers to predict risks more precisely while pricing policies more accurately.

At Summit Insurance Kelowna, we monitor AI and big data analytics use within the insurance sector. Our Kelowna insurance brokers can explain how these technologies could benefit your business and ensure you benefit from all available innovations to maximize coverage.

5. Adopting the Circular Economy

Businesses adopting circular economy models prioritize resource recovery and waste reduction through practices such as using recycled materials, designing products with longevity in mind, repairability features built-in, closed-loop supply chains, and closed-loop supply networks - these moves towards sustainability pose both opportunities and challenges, impacting commercial insurance considerations along the way.

Kelowna Insurance Brokers excel at helping businesses navigate the insurance implications of shifting towards a circular economy. Together, we identify new risks for using recycled materials or novel production processes and tailor specialized insurance coverage for businesses operating under such frameworks.

Summit Insurance Kelowna: Protect Your Business with Tailored Commercial Insurance Policies

Canada's commercial insurance scene is experiencing rapid transformation. By remaining aware of key trends such as the rise of cyber liability insurance policies and custom solutions for risk coverage purposes, climate risk coverage, integration of AI/Big data analytics solutions, and shifting toward circular economies, businesses can make informed decisions regarding their coverage needs.

At Summit Insurance Kelowna, our seasoned brokers are committed to offering tailored policies designed to protect and navigate the complexity of an ever-evolving commercial landscape. Connect with SummitCover today to discuss how we can best meet your unique insurance needs and ensure your business's success in the future!

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