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 & 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 & 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.
Get in touch with us for all of your insurance needs!
Broker Age is here for all of your insurance requirements. We have partnered with Optimum West Insurance Company and other top providers to offer a flexible 360 degree approach for coverage to all of our customers.
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.)