Some policies are simple. Businesses and commercial real-estate arrangements rarely fall into that category. The list of available riders, floaters, endorsements, and exclusions can seem almost endless.
The right policy has to be custom, and it has to be contextual. This is hard to accomplish at a distance. BrokerAge has planted itself in Northern Alberta to provide a local option, with a team of partners and brokers available for in-person meetings and on-site reviews.
We can ask the right questions to help guide you through the complexity, ensuring you have a policy that matches the realities of your specific situation. Here’s just a partial list of the different features that we can review with you:
What is your aggregate limit or cap set at? Does it match the historical norms of your business type? Is the risk-assessment realistic to the local realities of Northern Alberta? Does it include all relevant potential for property damage or injuries to others?
Equipment and infrastructure
Major items like generators, transformers, and HVAC systems are often covered. But what about your sewer/sump, PC network, or POS system?
Breach of contract
Coverage should specifically include misfeasance, malfeasance, non-feasance, and negligence.
Whose is responsible for the cost to replace interior ‘improvements and betterments’ to commercial space in the event of a loss or claim? Does your building coverage extend to fittings, fixtures, or tenant improvements? Glass? Signage? Special consideration is required depending on whether you lease or own your business premises, and depending on what your lease agreement states.
Zoning & by-law changes
Optional floaters can extend to cover the cost of necessary upgrades to satisfy regulatory changes. Is it worth it for your specific geographic location?
Loss of income
Is your property or business adequately protected against interruptions in business income, potential rental losses, extra expenses to continue business operations and crimes like employee theft or dishonesty?
What about your employees while on other work-sites, or inside their own vehicles on company time? Do you have the right info to build the right policy?
On-premise or off-premise assets
Does your policy cover all the business assets on your lot, in your office, or in your shop? What about the equipment, tools, lapstops when they are in transit or off-premises? Is coverage nullified if the doors weren’t locked? Do you need to arrange for special insurance for the items that are taken off premises? These are all considerations to discuss with your insurance provider.
Events and exhibitions
Are you permitted to host special functions that fall outside of normal business operations? Are you aware of any necessary precautions or requirements? Does your liability coverage extend to your booth at a trade show?
Is your insurance optimized for your organizational structure? Do you have directors and officers that require special liability insurance considerations? Even single business proprietors or partnerships may require directors and officers liability insurance to cover exposures that are specifically excluded under a standard commercial liability policy.
Things You Should Know
- Underdeveloped lands can still produce liability claims. If you own any, or are in the process of buying/selling any, ensure that you maintain adequate coverage.
- In commercial office settings, you could be liable for the actions of your tenants. Make sure your contracts with them are written so as to reflect any gaps in your coverage (at a bare minimum).
- There are no universal definitions with business or property insurance. Our brokers will do everything possible to outline the specifics with maximum clarity. (They’ll also be as efficient as possible, while ensuring that you walk away with the information that you truly need.)