Navigating the world of commercial insurance can be overwhelming, but understanding key terms is crucial for safeguarding your small to medium-sized business. Here are 20 essential terms explained in plain language: General Liability: Coverage protecting against claims for injuries, property damage, or personal injury caused by your business. Property Insurance: Protection for your physical assets (buildings, equipment, inventory) against losses from events like fires, theft, or natural disasters. Business Interruption Insurance: Coverage for lost income and additional expenses if your busine ..read more

When purchasing insurance for your small business, it’s crucial to ask your insurance broker the right questions to ensure you make informed decisions. Here are the top 10 questions to ask: 1. What Types of Coverage Does My Business Need? Identify the specific coverages that suit your business, considering property, liability, business interruption, and industry-specific needs. Here is a list of some of the coverages available: General Liability Insurance: Protects against third-party claims for bodily injury, property damage, or personal injury. It’s fundamental coverage that provides financ ..read more

As a large business engaged in the construction, ownership, and management of numerous commercial properties and apartment buildings, ensuring robust insurance coverage is paramount. However, there may come a time when it’s prudent to reassess your current insurance broker and contemplate a change. Here’s a guide to recognizing the signs that it might be time to switch brokers and what to look for in a new insurance broker; including three common reasons owners switch brokers: Changes in Coverage Needs: As your property portfolio expands or evolves, your insurance needs may change accordingly ..read more

Breweries and distilleries are unique.  They have special challenges and concerns.  The challenges facing owners of breweries and distilleries in Canada may evolve over time, influenced by various factors such as economic conditions, regulations, and consumer trends. Here are five potential issues that owners in the industry might face Regulatory Compliance: The alcohol industry is highly regulated, and compliance with federal, provincial, and municipal regulations is a significant challenge for brewery and distillery owners. Navigating licensing requirements, labeling regulations, a ..read more

Managing a large property portfolio entails numerous responsibilities, chief among them being the protection of valuable assets against unforeseen risks. Robust insurance strategies are essential for safeguarding these assets and mitigating potential financial losses. In this article, we’ll delve into effective insurance strategies tailored for large property portfolios, emphasizing the importance of partnering with a trusted local insurance broker. Comprehensive Risk Assessment: The foundation of any effective insurance strategy is a thorough risk assessment. Property managers should conduct ..read more

In the intricate dance between insurance companies and construction firms, the valuation of large commercial properties can sometimes become a point of contention. When a construction company, armed with intimate knowledge of building costs, questions the valuation placed by an insurance company, citing their ability to rebuild the property for a significantly lower amount, a delicate balancing act ensues. This misalignment can trigger a series of challenges and negotiations fraught with complexity. The involvement of a trusted local insurance broker becomes invaluable. The construction compan ..read more

Flooding is a common natural disaster in rural and urban areas across Atlantic Canada and can occur during any season – from snowmelt runoff floods, heavy rainfall, and flash flooding.  Floods can pose a significant threat to small businesses, causing damage to property, disrupting operations, and leading to financial losses. Being prepared is key to minimizing the impact of a flood on your business. Here are essential tips for small business owners can take to help reduce the risk and impact of flooding at their business: Risk Assessment: Identify if your business is located in a flood-p ..read more

Here’s Why! Updating insurance policy information annually with a broker provides crucial benefits for small business owners. Firstly, it ensures that the business’s coverage aligns with its evolving needs. Small businesses often experience changes in operations, assets, and risks, and an annual review with a broker allows for adjustments to policies to reflect these changes accurately. Secondly, staying in regular contact with a broker enables small business owners to take advantage of any new insurance products, discounts, or policy enhancements that the broker may recommend. Brokers are oft ..read more

Commercial General Liability (CGL) insurance is designed to help protect you and your business if you’re found legally liable for bodily injuries to a third party. Put simply, if someone gets injured on your business’ property and decides to sue you, your CGL insurance policy can help with legal costs and damages associated with the lawsuit. CGL insurance provides essential coverage for bodily injury and property damage claims arising from your business operations. In Atlantic Canada, slip-and-fall injuries are among the most common claims under CGL insurance. These claims typically arise when ..read more

Small business owners often face crucial decisions when selecting insurance coverage, and understanding the difference between replacement cost and actual cash value is vital. Let’s explore these terms and how they impact your insurance policy. Replacement Cost: Replacement cost refers to the amount needed to replace or repair damaged property with new, similar items at current market prices. This coverage provides comprehensive protection, as it accounts for the full cost of replacement without factoring in depreciation. For small businesses, choosing replacement cost coverage ensures that da ..read more