The ongoing economic recession and environmental concerns – these two issues make it more challenging for small and mid-size businesses in Canada not only to succeed, but in many cases to survive. Did you realize that the Government of Canada developed and implemented a unique program to help small and mid-size businesses operate successfully? The [...]
Any person, firm or corporation designated in the policy by name as the insured, as opposed to someone who may be covered by the policy but is not specifically named. For example, the registered owner of a house would be the named insured on a home insurance policy. Members of the family while living under [...]
If you have a professional liability (errors & omissions) policy, lapsing your policy for even one day can leave you open to a potentially devastating lawsuit down the road. Most E&O policies are written on “claims made” basis. This means that the policy covers claims that are reported druing the current policy period, even if [...]
insurancebroker.ca has recently launched the Professional Liability Insurance Centre for professionals working in a wide variety of businesses and professions. Most brokers and agents do not specialize in Professional Liability Insurance so you may not be able to obtain the right coverage for your business from your current broker or agent. Besides, we know that [...]
Co-insurance is a clause in an insurance policy that requires the insured to carry a certain percentage of insurance in relation to the actual value or replacement cost of the property insured. The co-insurance clause is usually found in business and commercial insurance policies and is typically part of the building, contents, stock and/or equipment [...]
Like home insurance, business insurance protects the contents of your business against fire, theft and other losses. Contact your insurance agent or broker. It is prudent for any business to purchase a number of basic types of insurance. Some types of coverage are required by law, others simply make good business sense. The types of [...]
As 2009 kicks off, we find ourselves waiting and watching as the face of the bear market begins to show itself. With politician speaking of growing deficit spending, we have to look inwardly to our own cost cutting to be able to weather the storm to come. One of the costs that many businesses incur [...]
The Ontario Court of Appeal recently confirmed that if an insured failed to disclose a material change in risk, the insurance company could reject a claim without having to void or cancel the policy. The case involved a company with a fleet insurance policy that had employed a driver who had a record for impaired driving. [...]
Errors & omissions (E&O), also known as professional liability or medical malpractice in the health industry, covers liability arising out of negligent acts in rendering, or failing to render, professional services. Professionals are people who hold themselves out as having a special skill, knowledge or experience. Most people think of lawyers, doctors, accounts, architects, and [...]
The home market has been booming over these past few years and with it, the contracts for renovations and construction has become more numerous. Insuring the businesses of a contractor is fairly straightforward. Like any business policy you start with insuring third party liability, then you insure some property. In the case of a contractor’s [...]