Area of Law: Coronavirus COVID-19
Answer # 7206
What if your business has to close?Region: Ontario Answer # 7206
If your business has closed due to government restrictions imposed because of COVID-19, there are several things you can do:
- Check your business insurance policy to see if you are covered for loss of earnings in such circumstances.
- If you have a commercial lease, ask your landlord if you can reduce, and/or defer your rent payments.
- Check the relief programs available from the Federal and Provincial Governments.
- Consider alternative ways to run your business, or use your commercial space that will not violate the government restrictions.
- Consider subletting your space temporarily to an essential services business.
- Speak with your financial advisor or institution for advice about getting a loan, or the feasibility of being able to re-open your business once the restrictions are lifted.
- If you are insolvent and considering personal or business bankruptcy, check our Credit, Debt and Bankruptcy section for more information
Get help from a life insurance advisor
Understanding life insurance and what is best for you can be overwhelming. It is important to get professional advice for your unique situation, and it is more affordable than you think. Life insurance can protect your family, your home and your business. For a free consultation and quote, contact an Empire Life Insurance advisor.
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