News & Blog: Business Insurance

Covering the insurance-related issues and developments that matter to our personal and business clients.

Aug 30, 2018 Protecting Your Business Under New Data Breach Rules

Starting November 1, 2018, new rules coming into effect mean that any Canadian company which suffers a breach of personal information will be required to notify the Privacy Commissioner along with anyone potentially personally affected by the breach. The new legislation requires companies “as soon as feasible” after a breach, to reach out to everyone impacted and inform them: • When it happened • What was breached • How the breach occurred • What the company is doing to minimize the impact to the breach victims My Business Was Breached ─ What do I do? In an age where we routinely read stories about cyber breaches and the unauthorized release of our personal information (Yahoo, Uber, Facebook, etc.), many will…

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Jul 25, 2018 Lions and Tigers and Cyber Insurance

  Oftentimes, sales strategies in insurance can be based on fear tactics. It is unintentional, but insurance is by its very nature, there to protect you when really bad things happen! Cyber-attacks, cyber hacking, social engineering fraud and many other tactics are happening personally and to businesses every day. It is not fear mongering; it is fact. You can search many of these details online. (Although due to earlier legislation in the U.S., most of the data you find will be based on that countries metrics. Legislation has been developed later in Canada so many attacks have gone unreported. Don’t make the mistake of thinking that the risk stops at their border.) However, a much more proactive use of your time would be to understand…

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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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May 5, 2018 A Paperless Solution to Construction Surety Bonds

E-Bonding In keeping with the growing trend toward automation, the construction, surety and broker industries are continuing to explore the use of technology to enhance the level of service provided to their clients and to streamline their administrative processes. Many tenders now include a provision to supply an electronic bond (e-bond) with an electronic tender (e-tender) so it becomes extremely important to provide the correct form to ensure a compliant bid. In simple terms, an e-bond is an electronic document created with security features that allows the receiver to confirm it is a valid bond. It is not simply a scanned copy of an executed bond issued under the traditional paper method. From a technical standpoint, the technology to create, record, execute and deliver…

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May 1, 2018 Cyber Liability and Privacy Breach ─ What is My Exposure?

There are many moving parts when reviewing Cyber Liability Insurance and Privacy Breach. There are two main components of risk that your business may be exposed to; first party exposure and third party exposure. First Party exposure means the exposure to your company or organization. Third party exposure means exposure to third parties that you do business with. Questions to ask yourself to establish what your first party exposure is: What non-public, personal information do we have in our system or in paper form? How mission critical is our computer system, the internet, our phone system to our business? How long could we operate if we could not access the internet? Is our computer security up to date? Have all employees downloaded all of…

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May 1, 2018 How Cyber Insurance Can Protect your Company from Breaches

Everything you wanted to know about Cyber Liability and Privacy Breaches but didn’t ask because you were locked out of your computer. Almost every day you read on line that cyber-attacks are happening. You may have noticed that you  don’t hear about them happening in Canada!  That is likely because there is no mandatory requirement to notify the Privacy Commissioner if your company or business has suffered or been affected by a breach. What kinds of cyber breaches are happening? Well, everything from denial-of-service attacks, to hackers stealing personal information, to malware attacking your computer system, to financial theft through social engineering methods! Fires, natural disasters and flooding can definitely impact your businesses operations. However these risks are somewhat “easy” to plan for. A…

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Dec 6, 2017 Insurance Clauses – Part 1

Insurance is not always at the top of everyone’s priority list. We get it. We are constantly reviewing the insurance portion of lease agreements, Master Service Agreements, vendor agreements, etc., sometimes after they’ve already been signed and terms agreed to. One clause we see quite often is the Waiver of Subrogation. It’s important to understand the implications of this clause, ideally before you sign that agreement. In many cases, it may already be included within the wording of your insurance policy. If not, it can sometimes be added by endorsement – but not without us first obtaining approval from your insurer. Waiver of Subrogation In a nutshell, adding this clause to your policy means that your insurer will not attempt to subrogate (or,…

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Nov 16, 2017 Business Insurance to Protect Your Online Sales

It always astounds me in conversation with small or home-based business owners, the number who feel that business insurance may not be necessary. I truly believe that it is because they are unaware of the potential risk they need protection from, and feel that it would not be affordable. Even if there were not affordable options available (there are!) I ask, “Can you afford not to have the protection?” Let’s say for example that you sell a simple product through Etsy, Amazon or any other online marketplace, to earn a little extra money on the side. For simplicity sake, let’s say you are selling the wonderful, fictitious product – Widgets. These Widgets are soooo cool, that you know everybody will want them! So you…

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Oct 5, 2017 You Could Be at Risk of a Data Breach

As you’ve probably heard, Equifax, a leading credit reporting company, reported a data breach event that potentially impacts 143 million North American consumers. Equifax Canada has now confirmed that 100,000 Canadians were impacted in this cybersecurity breach and that personal information such as names, addresses, social insurance numbers (SIN) and, in limited cases, credit card numbers, may have been exposed. If you think you may be one of the unlucky people impacted by this, we encourage you to: Read and keep the notice from Equifax Canada If you were impacted by the breach, you should receive a notice in the mail from Equifax Canada. Read it carefully to see what information was exposed and how, and keep this notice for your records. The…

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Sep 28, 2017 Representations and Warranties Insurance – The Seller’s Advantage

The number of Representations and Warranties insurance policies sold has increased sevenfold in the past five years. More and more companies involved in M&A deals are being educated on the benefits of R&W coverage for both the buyer and seller. Part 3 is focusing on the Seller’s Advantage. Sellers Begin to See R&W Insurance Benefits While only about 5% of R&W insurance policies currently sold are Seller’s Side, the number of policies purchased each year is increasing dramatically. The Seller’s Side coverage protects the seller if the buyer sues the seller for a breach of warranty. Advantages to the seller include: Clean exit from a business allows sellers to quickly distribute sale proceeds Reduces the risk of contingent liabilities and is a “sleep at…

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