At least one in four businesses that close because of a disaster never reopen. Small businesses are especially vulnerable, because few have the resources or knowledge to assess disaster risks and develop comprehensive mitigation and recovery strategies.
Working through the ICLR, Canada’s property and casualty insurers are the only group in Canada providing comprehensive disaster loss prevention advice to homeowners. Through its small business programs, the ICLR has extended this advice to owners of small businesses.
We have identified actions that entrepreneurs can take to reduce the risk of injury, damage, and business downtime caused by severe wind, hail, earthquake, flood, wildfire and other hazards. While Canada’s insurers are committed to informing homeowners about disaster loss prevention, we recognize that our efforts need to go further.
Key messages
Natural disasters are occurring with increasing frequency and severity
At least one in four businesses that close because of a disaster never reopen
With proper planning, many natural disaster losses are preventable
