Risk & Business Magazine Gillons Insurance Fall 2016 | Page 28

Business Buyer Tips
Ask the Experts

DAVE COLISTRO
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE

GINA POPE
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE

RAY BARWELL
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE

Insurance coverages for General Contractors can
vary quite substantially based on the operations of
the business. You may need additional coverages
on your policy if you are hoisting objects, floating
equipment for others or if you are working with
concrete just to name a few.

Resort owners should protect one of their most
valuable assets – their ability to earn revenue. It
is most likely a loss will occur during the busy
season. Business Interruption insurance can
cover your loss of income due to an insured peril.
However, most resort insurance programs only
include a small limit. Resort owners should have
discussions with their broker to ensure that the
type of business interruption insurance and limit
provides sufficient coverage for their operation.

When a dealership or a repair garage is looking
for insurance it can be difficult to figure out how
much coverage is needed for customer autos in
your care custody and control. Your limit should
reflect the maximum value of all customer
autos at any one time. Your broker should help
you understand the coverage and limits that are
needed to protect you in the event of a loss.

TRENT KUJANSUU
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE

DOUG PIERCE
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE

LUC ROMANIUK
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE

Forestry operators should review their automobile
and property schedules regularly to ensure
they are accurate. Most programs use a basis of
settlement on contractors equipment of Actual
Cash Value (ACV) after the piece is 3-5 years old.
When on ACV, the limits on each item should be
reviewed and adjusted to reflect depreciation (if
any). Insuring an item for more that it is worth
will not only cost you unnecessary premium, it
will also likely cause dissatisfaction in the event
of a loss.

Technology is commonly used by all companies
to keep up with the fast paced business world.
From start–up companies to large corporations,
the constant changes to tech increase the risks
& exposures for business owners. You have the
responsibility to protect your customer’s private
information. Theft of private information occurs
daily. Business owners should have a discussion
with their broker about Cyber Insurance
products to protect them from potentially costly
consequences of a breach.

Municipalities and Non-Profit entities should ask to
be named as an additional insured on any contractor’s
insurance policies who are performing work for them.
By doing this, the entity will protect themselves by
extending the contractor’s liability insurance policy
to include the Municipality or Non-Profit with
respect to the specific operation performed. This can
be valuable in unfortunate events such as slip and
falls, damaging third party property, breaches in gas
lines from excavating, just to name a few. It is always
recommended to ask to be named as an additional
insured where applicable.

Your broker should have a good understanding of
all the operations you may perform and tailor an
insurance package to protect the business.

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FALL 2016