CAA plans to expand its insurance services for Peterborough area businesses that have lost coverage or have seen significantly increased premiums.
Over the last few months some downtown Peterborough businesses have been notified of rate hikes being doubled or tripled by insurers who received approval for the hikes from provincial regulators after citing rising insurance claim costs.
“We have been in commercial insurance for over five years now, said Matthew Turack, president, insurance, CAA Club Group.
“We have had a small and mid-sized commercial offering for that time, it was never a big program for us. We looked at the environment and ‘in need of’ businesses, we heard the voiced concerns and the growing need for insurance options especially within the hospitality space.”
The group of companies consists of three insurance providers: CAA Insurance, Echelon Insurance and Orion Travel Insurance.
Through Echelon, businesses finding it hard in the current insurance market can get a quote on a competitive insurance rate for a restaurant, bar or banquet hall.
Through expertise in the market Echelon has come up with a program that will fit small- to mid-size hospitality-based businesses, he said.
“We felt it was our time and our right time to step up to the plate and really rejuvenate the program that we have, really focus on it,” Turack said. “Use the specialty we have at Echelon, the underwriting specialty, we have and really help businesses.”
By coming up with a unique program that would help fit the specific size of businesses affected by the cancellation or increase in rates, they could provide flexible options to businesses, he said.
“We have used our specialty to come up with a program that really fits well within the mid- and small-sized hospitality businesses,” Turack said. “The restaurants, the small local community stores, the smaller bars and different banquet halls, we are really using our flexible insurance options.”
He said the company can work with clients to find competitive and fair pricing.
“We are going to take applicants who want to buy insurance and we are going to look at each individual application and really try and help them find the coverage that fits their need,” Turack said.
“We definitely have the specialty, in terms of the underwriting, and the ability to do that to really welcome and find the right solution, the one that fits, the one that gives people options and the one that’s affordable and competitive in the marketplace.”
The company will gauge each applicant based on their merits and anyone in need of insurance for their business can apply, he said.