You may be held liable for slips, trips and falls if you don’t provide a reasonable standard of care in keeping your property free from hazards. If you are hosting a yard or garage sale, consider what you can do to prevent the potential for harm. As a tenant, liability may be shared with your landlord. Who is held liable depends on the circumstances of the loss. The following criteria are considered: - Was the danger foreseeable? - Was the homeowner’s conduct in accordance with acceptable standards of practice? - Did the danger exist for an unreasonable amount of time? - How easily could the danger have been prevented?
Liability is the greatest risk for home-based businesses. If you operate a sole proprietorship or small business from your home, be aware of, manage and mitigate your business risks. A separate business insurance policy for your home-based business can provide peace of mind. A home insurance policy offers a small coverage limit for books, tools and instruments necessary for a business, profession or occupation. As such, if you operate a business from your home, you should inform your insurance representative and obtain additional coverage to mitigate the risk of a potential loss.
Getting in a car accident can be a traumatic experience. You likely know someone who has been in an accident or have experienced one yourself. Whether it’s a small fender bender, or a severe accident, many people fear the next steps.
KYP is an online campaign by the Insurance Bureau of Canada, designed to promote insurance literacy. When people buy insurance, they put money into a premium pool with many others. Some of that pool of money helps people who suffer an unexpected insured hardship due to loss from a home fire, vehicle collision or business interruption in that year. Payouts for these hardships are called claims. Insurers are required by law to have sufficient funds to pay for claims. To better understand this concept, read our piece on insurer solvency.
Think about all the things you own – the furniture in your bedroom and living room and all the items in your bathroom and kitchen. Think about the clothes, household items, toys, electronics and other things. Now imagine having to replace all of those items at once due to fire or certain types of water damage.
Your home is probably your most valuable asset. With severe weather events on the rise, it is more critical than ever to make sure that your home is adequately insured. If your home is damaged or destroyed, it’s very important that it’s covered for an accurate replacement value.
You are obligated to report home renovations or additions to your property insurer that may materially change the nature of the risk accepted by the insurer. It is important that you inform your insurance representative or insurer of any changes which may impact your insurance requirements.
How Is My Premium Calculated? Calculating insurance costs is complicated. Insurers don’t know what the claims costs will be in any given year. That is why premiums have to be based on informed predictions about how much money may be needed to pay future claims. To make those predictions, insurers gather the information that they know from experience will help them set fair but accurate premium prices.
Whether you’re a manufacturer, a distributor or a service provider, credit insurance protects a company’s Account Receivables and Work in Process (WIP), which combined often represent a significant portion of an enterprise’s assets.
Home ownership is one of the largest financial investment decisions Canadians make. Your home may be your biggest source of equity. No matter how well built, your home is vulnerable to fire, vandalism and other types of damage and destruction.
With ransomware and financial fraud on the rise, smaller businesses in Canada are vulnerable, particularly less-sophisticated organizations that move large amounts of money. For smaller brokerage houses selling cyber, examples of your next opportunities may be car dealers, people involved in real estate, and those involved in livestock management.
With automated vehicles coming to Canada’s roads in a few years there is a need to update the provincial insurance laws to ensure that people injured in collisions involving these vehicles can be compensated in a fair and timely manner. There is also a need to update the federal vehicle safety standards to reflect the greater reliance on technology in operating these vehicles. Currently, auto insurance policies prescribed in provincial laws are built on the notion that human error is the primary cause of motor vehicle collisions. But, as humans cede control of driving to automated technology, collisions will be caused increasingly by product malfunction.
No matter how well you plan, operating a business comes with an element of risk and unpredictability. Your commercial insurance policy should be able to provide some peace of mind, as long as you understand what you have purchased.
Regularly inspect and maintain all buildings and premises. A written, consistently documented and strictly enforced inspection and maintenance policy is essential to managing risk.Ask your insurance representative about liability coverage in your current business policy. If your loss experience indicates that additional coverage may be of benefit, your representative can provide guidance on available options.
Regularly inspect and maintain your premises to keep them safe and free from hazards. If you fail to provide a reasonable standard of care to keep your premises hazard-free, you may be held liable for a slip, trip or fall. Who is Liable?
How an organization handles an accident or incident can have a significant impact on the ultimate cost of a claim.Prepare Your Employees and/or Volunteers Train employees and/or volunteers on what to do if someone slips, trips or falls while on your premises. It is prudent to advise them that they should not discuss liability with potential claimants. They should never admit fault on behalf of the organization.
IBM Security has announced the results of a global report examining businesses’ effectiveness in preparing for and responding to cyberattacks. While organizations surveyed have slowly improved in their ability to plan for, detect and respond to cyberattacks over the past five years, their ability to contain an attack has declined by 13% during this same period.
Reduce liability risks: document and train employees and volunteers in risk management best practices.It’s incumbent on all organizations to proactively identify and mitigate potentially dangerous or harmful situations. Written policies and procedures are important tools for preventing losses and defending your organization in legal proceedings should they occur.
Providing professional advice and services opens the door to potential risk. Professional liability coverage – also known as errors and omissions, or malpractice when it relates to bodily harm – responds to claims that arise from acts of professional negligence.
The COVID-19 pandemic has turned many industries upside-down, and the restaurant industry has been hit as hard as any. Physical distancing restrictions have forced many to close down, or offer food exclusively through delivery and pick-up.
Directors and officers have a duty to exercise due diligence in overseeing the management of the organization that they serve. They are required to act in good faith and in the best interest of the organization. Claims or potential claims must be promptly reported.
In today’s world of extreme weather events, $1 billion has become the new normal for yearly catastrophic losses – most of this is due to water-related damage. What you can do? If you live in an area prone to flooding or sewer backups, it pays to take precautions. From ensuring that important documents are not stored in your basement to installing a sump pump, there are many ways to be proactive.
Providing professional advice and services opens the door to potential risk. Professional liability coverage – also known as errors and omissions, or malpractice when it relates to bodily harm – responds to claims that arise from acts of professional negligence.
Specialty insurance coverage for cyber liability risks is relatively new to the marketplace. The possibility of cyber liability lawsuits is a reality that every business owner should consider. There have been several very high-profile personal information breaches that affected tens of millions of records and will cost the companies involved millions of dollars. If you rely on an online presence and use e-commerce as a method of distribution or have employees who carry electronics that hold customers’ personal/commercial information, your insurance representative can help you find coverage that will protect your organization.
While partners in travel, live events, conferences, concerts and theatres “have been decimated by the travel restrictions and the stay-at-home orders,” Capps said NuData saw significant uptakes in activity related to e-commerce and online banking – two of its biggest client base.
Insurers committed to working with consumers during these uncertain times. Canada’s property and casualty insurers are committed to helping consumers and business owners during this challenging time.
Your business may have many assets: vehicles, office space and equipment, inventory, an indispensable employee or partner and, most importantly, yourself. To protect these assets and to protect your business from potential risks, you should consider getting insurance. All businesses take some risks, but taking too many risks or failing to protect yourself does not make good business sense. Could your business survive if one of the partners dies or becomes disabled? Would you have sufficient cash on hand to deal with any business emergency that could arise? In many cases, the answers to these and other questions about risk is "no".
Media headlines about increased commercial insurance premiums have grabbed the attention of many Canadians over the past few months. Commercial insurance is becoming challenging on a global level following years of significant losses.
Risk management involves identifying and understanding risks. You can limit your exposure to risks through loss prevention techniques. For individuals and corporations, risk management doesn’t have to be expensive or time consuming. It can be as simple as addressing these 3 questions: What can go wrong? What will you do to prevent the harm or loss from occurring and how will you respond to it if it does occur? If a harm or loss occurs, how will you pay for it? Commercial clients need better tools to help risk managers predict their financial exposure to climate change and geopolitical factors, Canadian risk managers say.
Many of us don’t realize how much “stuff” we have. Among our possessions are necessities like clothes and shoes, and more expensive items such as electronics and kitchenware. While things are replaceable, think about how costly it could be if your possessions were destroyed due to an unforeseen circumstance in the home you’re renting.
Businesses reopening after the COVID-19 shutdowns are returning to a vastly different environment than what they were used to. Aside from the well-known risks such as health protocols to avoid the spread of disease, they will have to contend with other risks that may not be as obvious.
If your clients are sued as a result of the COVID-19 pandemic, don’t assume they will be covered by a commercial general liability policy. General liability policies have exclusions; and for COVID-19, the most relevant exclusion is probably pollution, suggested Stephen Fraser, U.S. casualty claims leader for Marsh Inc.
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Insurance is a valuable risk-financing tool. Few organizations have the reserves or funds necessary to take on the risk themselves and pay the total costs following a loss. Purchasing insurance, however, is not risk management. A thorough and thoughtful risk management plan is the commitment to prevent harm. Risk management also addresses many risks that are not insurable, including brand integrity, potential loss of tax exempt status for volunteer groups, public goodwill and continuing donor support.
If you’ve heard it once, you’ve heard it a thousand times: if you’re starting a business you’re going to need general liability insurance. But what does that mean? What protection does it afford? How do you determine your coverage needs? How does it work? Liability insurance (also known as Commercial General Business Liability) protects a company’s assets and pays for obligations – medical costs, for example –incurred if someone gets hurt on your property or when there are property damages or injuries caused by you or your employees. Liability insurance also covers the cost of your legal defense and any settlement or award should you be successfully sued.
One in two Canadians wouldn’t even ask their insurance provider to clarify details of their policy, according to a report from TD Insurance. They think it’s too complicated or they feel embarrassed or they’re simply uninterested. So here are 5 questions to ask to help you understand what you are getting: - How much insurance coverage do I need? - What type do I need? - If I’m buying term, what term is appropriate for me? - If I’m buying term insurance, is it convertible to permanent insurance? - What is my advisor’s experience?
Experts are saying that even third-party marketplace sellers participating in online hubs such as Etsy and Amazon will need commercial insurance, even (and especially) if their business is a side hobby.
While it may be difficult to consider employees or volunteers as a potential threat to your organization, theft from within the organization does happen. Specialized crime coverage is available to mitigate the risk of internal theft and fraud.
It is widely acknowledged that the United States has a more litigious environment than Canada. However, the rise of recent jury awards in the United States, dubbed “nuclear verdicts”, will have a greater impact on Canadian companies that operate in the United States. In the 5-year period from 2014 to 2018, the median value of the top 50 US verdicts has doubled, increasing from USD 27 million to USD 54 million. This claims trend is prompting many Canadian insurance carriers to re-evaluate their strategy around liability business, particularly in excess casualty where loss was traditionally viewed as more remote.
Canadian companies are taking steps towards establishing holistic, integrated safeguards against cyber security attacks, progress that will need to continue as the number of breaches increases, the threat landscape becomes more complicated and attacks grow sophisticated, suggests PwC Canada.
DON'T BE CAUGHT UNDERINSURED. When insuring assets, many organizations still prioritize bricks and mortar over informational assets and data. Many medium and small businesses that protect their data with a cyber insurance policy are underinsured.
For the first time ever, Cyber incidents are ranked as the most important business risk globally (39% of responses), according to the Allianz Risk Barometer 2020, relegating perennial top peril Business interruption (BI) to second place (37% of responses). Awareness of cyber threats has grown rapidly in recent years, driven by companies increasing reliance on data and IT systems and a number of high-profile incidents. Seven years ago, cyber ranked 15th with just 6% of responses.
What are cyber criminals after? Whether you run a florist shop, a courier service or a small manufacturing business, you're an attractive target to cyber criminals. You've also got a lot to protect: an estimated 40% ot a small business's worth is derived from the information it owns.
These are uncertain and challenging times. With COVID-19 causing global concern, we understand many Canadians will have questions related to commercial insurance. IBC has produced a brief Q&A document outlining how coverage is triggered and how business interruption policies work.
With many office-based companies required to work from home, it can be stressful trying to manage the business and at the same time protect their employees, customers, and interests. David Luck, CEO of Capital on Tap, shared a business health checklist, that aims to help leaders and risk managers ensure that they have the best plan in place for the business’s longevity
Condominium unit owners (also known as strata unit owners in British Columbia and some parts of Alberta) experience some of the best aspects of both home ownership and renting. As an owner, you have title to your own unit, as well as a share in common property such as the lobby, rooftop patio, swimming pool, parking garage and other amenities. A bare land strata or condominium may have less common areas, typically just streets or roadways providing access to the units. It is important to note that the definition of what is “owned” by the unit owner depends on the condominium, strata or bare land development.
Protecting your commercial property is critical to your businesses financial stability.Commercial property insurance is designed to protect the physical assets of a business against loss or damage from a broad range of causes. A fire, hurricane, ice storm, earthquake and water damage are just some of the natural disasters that business owners need to contemplate. Vandalism is another possible threat to business operations.
No matter how well you plan, operating a business comes with an element of risk and unpredictability. Your commercial insurance policy should be able to provide some peace of mind, as long as you understand what you have purchased.
Your ability to generate sales could be threatened at any moment. With business interruption coverage, a business owner can collect the income he or she would have expected to generate were it not for the unexpected event. A bricks and mortar business can be disrupted by a flood, windstorm, earthquake or fire. A named perils business interruption policy covers losses caused by the perils listed in your policy. An all risk policy provides protection against loss caused by any risk that is not specifically excluded from your policy.
Risk management is a crucial part of every business. Many small- and medium-sized businesses, though, don’t have an emergency preparedness plan in place. In fact, a small organization, which operates from one address, is more vulnerable to a major disaster than a larger business with multiple locations. An emergency preparedness plan is essential for organizations of all sizes. Here are 12 Tips for Safeguarding Your Business.
A crisis can happen at any time, threatening an organization in a multitude of tangible and intangible ways. Following best practices in risk management – including creating a business continuity plan – can mean the difference between recovery and bankruptcy.
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Every organization requires its own set of coverages. Common business policies/coverages include: Accounts Receivable, Business Income, Business Interruption, Commercial Automobile, Commercial General Liability (CGL), Commercial Property, Crime, Directors' and Officers' Liability, Home Business, Professional Liability, also known as Errors and Omissions. Insurance protects you from losses that may pose a significant threat to your business operations. A major loss to one organization may be a trivial loss to another. When selecting coverage, deductibles and policy limits, there are many factors to consider.
Your commercial clients may expose themselves to legal risk if they don’t adhere to all government recommendations to protect clients and employees from the spread of coronavirus while re-opening, legal professionals warned.
The fourth industrial revolution – which includes new technologies that range from artificial intelligence to robotics to the Internet of Things – brings the promise of connecting humans worldwide and solving many business problems.
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Did you know… ?• Some installed smoke detectors may not be in good operating condition. And many homes are still not equipped with smoke detectors.• Common causes of fire are carelessness or accidents with combustible materials or cooking and heating equipment; malfunctions of electrical equipment; smoking; and mishandling of fire lighting materials.
North American commercial insurance buyers will continue facing upward pricing pressure across most lines of business compounded by a newfound scrutiny of their coverage terms and conditions. These top-line observations emanate from Willis Towers Watson’s Insurance Marketplace Realities 2020 Spring Update. Notably, the report expects that the decline in economic activity will lead to large reductions in insurable values, yet not a single line of business predicts overall rate decreases.
Since 2017, risk experts have consistently ranked large-scale cyber attacks and data fraud among the top five mostly likely risks around the world. Despite growing anxieties about cyber threats, cyber resilience strategies and investments continue to lag.
Get insured for only what you need. While most home insurance policies cover personal belongings such as appliances, clothing, furniture and electronic equipment, some policies have limits on specific items, while some items have no coverage and need to be added under special clauses. Do a careful check of what you own, and make an inventory of all your possessions, making note of the approximate cost to replace each item, along with makes, models, serial numbers and other identifying marks.
Home insurance coverage and premiums vary from one company to another and from one policy to another, so it pays to ask questions before you buy. This information is intended to provide answers to the basic insurance questions, your insurance representative is the best resource for any specific questions you may have.
Directors and officers must ensure they have the appropriate information required to perform their duties effectively. Whether your board of directors is new, established, confronting a scandal, or establishing or amending its by-laws , you can help to manage organizational risk.
What’s the biggest technology security problem that Canadian business owners face? If you said computer hackers, guess again. The biggest problems, by far, come from a company’s own employees. The good news: They’re usually not doing it on purpose.
