Insurance Basics: Business Insurance

Illuminating articles and ideas that will shed more light on all your insurance-related concerns.

Oct 3, 2019 Cyber Breach Coach

Today’s world moves so quickly and we need all the help we can get! Trying to lose weight, maybe you need a diet or health coach? Working on accelerating business results… maybe you need a business coach? But, what about a Cyber Breach Coach?

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May 23, 2018 The Green Energy Insurance Market

With high consumer demand for clean energy and plenty of government incentives available to assist green energy companies, the number of Canadian businesses playing in this space is growing daily. Insurance markets have been quick to respond with a suite of unique coverage and risk management tools tailored specifically to help protect clean energy producers in the wind, solar and co-generation sectors. Traditional manufacturers who are going green are also benefiting. What was once a largely misunderstood exposure for most insurers has now seen the marketplace bring in specially trained underwriters and loss control experts who are not only comfortable with green energy risks but are also very willing to advise their clients on best practices to mitigate risk, reduce losses and help keep…

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Sep 22, 2013 Business Interruption Insurance

By: Stacey Mandigo – Account Manager Rhodes & Williams Insurance Brokers Business owners naturally hope, perhaps even assume, that their company will never be faced with a sudden stoppage. You go to your office one morning and find your office has been flooded or you’ve had a fire or there was an electrical fire in another part of the building that caused your office and all your equipment to be damaged by smoke. No computer, no phones, no way of contacting clients or delivering products. All of a sudden, your business is at a standstill. What do you do and what can your insurance policy do? Establishing a plan and a clear understanding of what risks your business face is paramount to protecting yourself…

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Jul 22, 2013 Business Insurance Primer Whitepaper Part #1 – Liability Insurance

Presented here is a brief overview of some of the major types of business insurance. It includes a simple discussion on Commercial Liability and Property Insurance, and does not constitute insurance advice. This is not intended to be a description of coverage, and does not include details of the coverage nor the terms, conditions, qualifications, limitations and exclusions applicable. Policies should be reviewed in their entirety and related to your specific operations. Many insurers permit changes (Changes to insurance policies are usually called “endorsements” or “riders”) in their limitations or exclusions to match your specific requirements. As insurance advice must be tailored to the specific circumstances of each situation, nothing provided herein should be used as a substitute for the advice of a competent insurance…

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Jun 22, 2013 Safety and Insurance for Retirement Residences

by: Michel Beauregard – Senior Living Insurance Specialist Rhodes & Williams Insurance Brokers Operating a retirement residence places a great deal of responsibility on the shoulders of those we trust to look after our elderly. You do everything in your power to protect those who are under your care, but are also responsible to ensure you have the right professionals protecting your business interests. You protect them – but you have to make sure someone is protecting you! Risks that your business may be exposed to can involve property, for example a fire or spoilage of medication resulting from off premises power failure; or they can be of a totally different nature not involving physical property. One such risk is lawsuits that can…

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May 28, 2013 Senior-Living Insurance – Insurance for Establishments for Our Seniors

Operating a retirement residence or senior living complex offers unique challenges. You want to: Provide your residents with facilities, services and activities that make their quality of living comfortable and enjoyable Ensure the safety of residents, staff and guests Provide the best care possible … all while keeping costs manageable. As you know, this is no easy task! One such cost which you will want to control is your insurance premium – but you don’t want to cut back on your protection, putting your business at risk. You need to make sure that you are getting the best value for your insurance purchasing dollar. The best way to do this is to: Deal with an expert, who understands the specific risks posed by this type…

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May 23, 2013 Wrap-Up Insurance: Saving You Time & Money on Large Construction Projects

By: Darren O’Connell – Contractor/Construction Insurance Broker Specialist Rhodes & Williams Insurance Brokers Large construction projects present many difficulties because of increasing costs, lack of control, and rising litigation. Ensuring all of these issues are addressed while obtaining proper insurance coverage can be intimidating at best. In addition to all of the exposures you personally face as an owner or general contractor, you also have to deal with potentially different forms of insurance coverage for all of your subcontractors. That means having to review their insurance for terms, conditions and exclusions to ensure they are providing adequate limits and coverage or face a potential uninsured loss. Given this overwhelming scenario, it’s no wonder that wrap-up insurance programs have steadily increased in popularity. With a…

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May 23, 2013 How Can I Reduce the Risk in My Business?

A risk management program is the best way to systematically reduce the impact of risk. An experienced business insurance broker knows how to identify and manage many of the risk factors in your business and translate that knowledge into a cost effective risk management program. There are four key steps: 1. Know Your Risk Exposures The first step is to accurately identify and analyze the risk exposures to your tangible and intangible property, your income, personnel and liabilities. These can be determined in a thorough audit of your office, warehouse or shop floor to identify all perils, probabilities and potential financial consequences. 2. Consider the Risk Management Alternatives Insurance is one form of “financing” your risk, but there are other alternatives to…

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Apr 22, 2013 Employment Practice Liability Insurance

By: Lonny Lessard – Account Executive As its name implies, Employment Practices Liability Insurance (EPL) insures against liability arising from employment practices. This is a relatively new form of insurance that provides protection for an employer against claims made by current, former or potential employees. It provides coverage for discrimination, wrongful termination of employment, failure to be promoted, sexual harassment and other employment related allegations. Coverage is provided for the firm and its directors and officers Comprehensive General Liability (“CGL”) policies, unlike EPL policies, provide only general liability coverage, insuring against claims for bodily injury and property damage – that is, tangible damages. Moreover, intentional acts, commonly claimed in employment suits, and bodily injury to employees arising out of and in the course of employment…

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Aug 30, 2012 Cyber Insurance – Would Your Business Survive a Data Security Breach?

Presented here is a brief discussion on Cyber Insurance , one type of business insurance, and does not constitute insurance advice. This is not intended to be a comprehensive description of coverage, and does not include details of the coverage nor the terms, conditions, qualifications, limitations and exclusions applicable. Policies should be reviewed in their entirety and related to your specific operations. Many insurers permit changes (Changes to insurance policies are usually called “endorsements” or “riders”) in their limitations or exclusions to match your specific requirements. As insurance advice must be tailored to the specific circumstances of each situation, nothing provided herein should be used as a substitute for the advice of a competent insurance broker. IN NO EVENT WILL RHODES & WILLIAMS LIMITED BE…

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