Risk & Business Magazine Gillons Insurance Spring 2017 | Page 28

Business Buyer Tips
DOUG PIERCE
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE
Typically when a business owner thinks of their
biggest asset, they will think of their building or
expensive piece of equipment. Many times the
company’s largest asset is their ability to earn income.
In the event of an insured loss, there will still be fixed
expenses and key person payroll that will need to
be met. I recommend discussing the different forms
of business interruption with your broker as they
respond differently in the event of a loss. Ensuring
your business interruption is insured properly may be
the difference in whether you can continue to operate
after a loss.
LUC ROMANIUK
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE RAY BARWELL
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE
With global climate change, extreme weather incidents
have been far more common. It is more important than
ever to review your policy and ensure you discuss Overland
Flood coverage with your broker. Flood coverage has been
available in commercial insurance for quite some time
but more recently it has been introduced in personal
lines, which has brought the subject more to the forefront.
Typically flood coverage carries a higher deductible than
other perils because the occurrence loss will likely be
deemed catastrophic. I recommend discussing whether
flood coverage is available in your area with your broker. Cyber is one of the newest hot button topics in the
insurance industry today. Many business owners do
not realize that there is an estimated $3 to $4 billon
in Cyber crime in Canada. This crime affects virtually
all sectors from manufacturing to health care to
retail. If your company is the victim of a data breach,
your responsibilities and costs can be significant. I
encourage you to have a discussion with your broker
to learn what your exposures and responsibilities are
and what type of Cyber Insurance is available to you.
Small Business Unit
ALLISON DEARLOVE
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE MARNIE KASPER
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE SHANNON VENERUS-BROWN
ACCOUNT EXECUTIVE,
BUSINESS INSURANCE
Commercial trailers and their contents are often overlooked.
Discuss with your broker what you tow, whether the
contents are owned by you or by others, and the weight of
the truck, trailer and contents combined. Liability coverage
for commercial trailers is different than personal trailers and
you may also need physical damage cover for the trailer and
its cargo. You also may be required by the Ministry to carry a
CVOR (Commercial Vehicle Operator’s Registration), which
is in place to review and monitor road safety and commercial
carrier safety. It is always important to review and protect your
business assets. Small business is Big Business! 95% of Companies ARE
small business! Whether your business is web based, in
your home, or at a storefront, you will require the same
basic coverage as a large company. Insurance needs
vary greatly, depending on the nature of your business.
It’s best to get advice from an insurance professional
who will ask the right questions, and who is trained to
recognize relevant risks . Understanding your business is
key to developing a plan that is right for you. At Gillons
Insurance we specialize in Small Business. We have a
team experienced in both personal and commercial
insurance, who can look after your entire insurance
portfolio. If you are in the restaurant business you want to make
sure your kitchen meets today’s insurance standards
in order to maintain your insurance coverage. The
kitchen area must meet both UL300/ULC 1254.6
and NFPA 96 standards for fire protection. A properly
trained, qualified and certified service provider must
perform an inspection of the entire kitchen ventilation/
exhaust system and the maintenance of the fixed fire
extinguishing system(s) every six months and there
must be a minimum weekly cleaning of grease filters
(as per manufacturer specifications) by trained staff. All
this is done to protect your business from the risk of fire.
Your insurance broker can provide more details of these
inspections and help you find a service provider.
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