Waypoint Insurance - Risk & Business Magazine VIIC Fall 2015 | Page 31

A customized business insurance policy may very well be a
preferred and sometimes superior form of coverage, depending
on the size, complexity, and area of operation of a particular
business. It is not uncommon to find that a package policy
cannot accommodate a business with multiple revenue
generating operations or which have an area of operation that
includes outside of Canada. These policies are arranged with a
‘line by line’ coverage concept, purchasing individual coverages
at limits specific to the particular needs of a given business.
Thorough research into both coverage and coverage limits is
required in order to benefit fully from the coverage purchased
and are a critical part of the process. These are not a ‘one size
fits all’ policy. Rather, they are custom fit and designed for one
particular risk or business. For instance, a custom policy which
has been created for a restaurant will look dramatically different
than one created for a construction company. These policies are
all about examining the risks that a given company is likely to
encounter and to finding the best insurance solution to mitigate
that risk and offer the largest benefit to the business.
There are many points of coverage to consider when designing a
customized policy, including (among others) liability, equipment
breakdown policies, and policies to protect against theft or
crime and natural disaster coverage such as flood or earthquake.
Creating a specific, yet flexible and diverse, insurance package
specific to your business is an important part of any business’
continuity planning.
Both styles of policy should be considered, and a full review with
your Agent or Broker is the best way to determine which might
be right for you. Without the proper fit, a package policy could
result in an inadequate limit of certain coverage. Alternatively,
a customized policy may leave gaps in coverage. Both would
spell disaster for any business. Thus, it is important to review
these forms of coverage through the lens of your own business
operations and work with a specialist who will be able to advise
the best course of action for your specific needs.
If you have a small or mid-sized business and are interested
looking at your insurance options, our Commercial Insurance
Specialists can assist in determining insurance solutions that are
right for you. Call today and let us help you determine the best fit
for your business. We are your local community brokerage and
have 15 convenient branch locations across Vancouver Island to
serve you. We are from the Island and understand the diverse
needs of Island businesses today.
*Minimum po