Echelon Insurance Expands its Commercial Offering to Support Struggling Small & Medium-Sized Hospitality Businesses
The company's offering provides another competitive option as others in the industry scale back coverage.
TORONTO, Nov. 16, 2020 /CNW/ – At a time when insurance companies are scaling back coverages for hospitality businesses, Echelon, a leading Canadian Specialty Insurer, and a member of the CAA Club Group family, announced plans to expand its Commercial insurance offering for hospitality businesses.
As customers stay home to prevent the spread of the COVID-19 virus, the hospitality sector continues to face uncertainty with pandemic related closures and restrictions, along with decreased sales and revenues. Businesses in this space are also facing mounting concerns about premium increases or policy cancellation altogether, while they struggle to keep their doors open.
“We’ve heard the frustrations of business owners in the hospitality sector, and Echelon is responding to their needs by expanding the pool of choices businesses have when it comes to choosing the right insurance coverage for them,” said Robin Joshua, president, Echelon Insurance. “While we’re seeing other insurers retract from the hospitality industry, Echelon is stepping in and extending our insurance offering to provide hospitality business owners a reliable option during these uncertain times.”
“As a leading Specialty Insurer, Echelon is uniquely positioned to respond to small to mid-sized business owners’ insurance needs in the hospitality space.” added Matthew Turack, group president, Insurance, CAA Club Group. “Hospitality businesses are not new to Echelon. Echelon’s team of Commercial Underwriters has extensive knowledge and expertise in underwriting a range of hospitality operations and providing solutions tailored to this unique class of business.”
Echelon will provide up to $5 million in property and $5 million in liability coverage to small and mid-sized businesses, including family and fine dining restaurants, hotels and motels, including bed & breakfasts, banquet halls, and select pubs, bars, and lounges.
“Many of these small and mid-sized businesses are family run and vital to the local communities they serve,” said Jay Woo, president and CEO of CAA Club Group. “We wanted to provide these businesses with a flexible, competitive option to retain the insurance coverage they need while weathering these unprecedented times.”
Hospitality businesses seeking insurance options are encouraged to get in touch with Echelon’s trusted network of broker partners on the company’s website at echeloninsurance.ca/locate-a-broker.
About Echelon Insurance
Echelon Insurance was founded in 1998, and became a member of the CAA Club Group family in 2019. As a leading specialty insurer, Echelon works closely with our broker partners to provide Personal and Commercial insurance solutions to protect Canadian families and businesses.
SOURCE Echelon Insurance