TRISH WOLFE
VANCOUVER ISLAND – For a long time, extreme weather felt like someone else’s problem. But for Vancouver Island businesses, that’s no longer the case. Across Canada, insurance losses are now being driven less by rare, headline-making disasters and more by frequent events like flooding, wildfire, windstorms, and heavy rain. These “secondary perils” are happening more often. The impact on business owners is that these risks are changing how insurance is priced, structured, and renewed.
Closer to home, this shift matters even if your business isn’t in a high-risk zone. Coastal exposure, aging buildings, and regional disruptions mean that an event miles away can still shut you down. Insurers are PAYING closer attention to building age, maintenance, drainage, and proximity to water or forested areas. The result may be more questions at renewal, higher deductibles, or tighter terms. While parts of the insurance market are stabilizing, climate-exposed risks—like those common on Vancouver Island—are still under a microscope.
One of the biggest surprises after a loss is business interruption. Many businesses insure their space but underestimate how long it would take to reopen after a flood, evacuation order, or regional event. Recent losses across Canada have shown that rebuilding isn’t just about fixing damage. It’s about labour shortages, material delays, and access issues that can stretch recovery far longer than expected. Keep in mind that if your coverage assumes a quick return to normal, it may fall short when you need it most. Business Interruption insurance can help, as it may cover lost net income and continuing operating expenses like rent, payroll, loan payments, and taxes.
Another upside is business owners have more control than they think. Insurers increasingly reward preparedness, such as:
- clear maintenance records,
- documented upgrades,
- flood and fire mitigation, and
- realistic continuity planning.
Talking to your broker early, rather than weeks before renewal, helps avoid surprises and keeps options open. In today’s climate reality, insurance isn’t just about transferring risk. It’s about showing resilience.
If you have any questions or would like to know what Coastal Community offers, please don’t hesitate to reach out me at trish.wolfe@cccu.ca or 1.888.741.1010.
Trish Wolfe is an Agency Manager with Coastal Community Insurance Services (2007) Ltd., an affiliate of Coastal Community Credit Union.
