Remembering
the
Ice Storm of 1998:
Would
my Business Insurance Cover Me?
By
Ted Boyd
The severe ice storm that battered Ontario, Quebec,
New Brunswick & Nova Scotia affected 3.5 million
people and is believed to be the biggest disaster in
Canadian history. Estimates at this point...could top
$2 billion in damages and lost incomes.
|
 |
But
how does it affect my business?
First
of all, let's deal with a popular misconception. There
is no "Act of God" exclusion under any Ontario business
or commercial policy for property or automobiles. Depending
on the type of policy you have (and there are several different
distinct types) and the extent of your coverage provided,
there are numerous instances where damage caused by a storm
would be covered.
Fire...
damage to your contents due to electrical wires is covered
and if you insure the building it would be protected also.
Freezing
pipes... damage caused by freezing and bursting
of sprinkler pipes is covered but...other water damage may
not be covered under some policies.
Theft
& Vandalism... coverage is provided under
most policies.
Loss
of income... this critical part of Insurance
protects businesses for loss of profits and extra expense
through business interruption...but you must carry this coverage.
So
how do you protect you and your business from a future crisis
or catastrophe like this?
1.
Have an Insurance Specialist conduct a risk analysis on your
business.
A business owner's life has more risk than most
people would dream of and they are not all the same. Different
business owners have different risk! You could be laying yourself
and your business wide open for disaster unless you've had
someone help you first, analyze the risks and second, put
together a comprehensive insurance plan to protect you.
2. Use an Independent
Insurance Broker.
You want someone who's going to work for you
and not someone who's paycheque is tied to only one company.
Someone who can shop the market, compare price and get the
most comprehensive coverage for you, perhaps even using multiple
companies for your total coverage.
3.
Use an Insurance Broker who is a specialist with Business
Insurance.
Insurance is a very technical business. Policies, coverages,
endorsements, exclusions. It has a language all of it's own.
The insurance needs of each type of business are highly specific
and unique to each. You know that your business may be your
greatest asset. But did you also know that your business can
be your greatest liability too?
Do you have a question about Business Insurance?
Please send your comments or questions by e-mail,
for a prompt reply.
|
