Commercial Insurance

Benefits of Business Interruption Insurance

Benefits of Business Interruption Insurance

Benefits of Business Interruption Insurance Continuity is critical in business, and there are few things more important than continuous revenue and cash flow, particularly for small to medium-sized organizations. In fact, just one brief business interruption can be incredibly costly for an organization, often leading to serious reputational damages or long-term closures. That’s where business interruption insurance can help. This form of coverage provides protection against a variety of common interruptions, including natural disasters, equipment damage and vandalism. The following are some other major benefits of business interruption insurance: Revenue. In the event of a disruption, business interruption insurance provides coverage for income your business would have earned during a closure period if it had been operating normally. Rent or lease payments. Even if your premises are unusable following a disaster or other event, many leases still require that you…read more →

Cyber Risk Is Everyone’s Business!

Cyber Risk Is Everyone’s Business!

Enough Is Enough! The more we hear about cyber risk, the more people are inclined to cover their ears and say “Enough is Enough!” The problem is, simply being fed up with cyber risk isn’t enough. You need to take action. Today’s technological landscape is evolving at an exponential pace. At the same time, the risk to businesses from malicious cyber-attacks is running in lockstep, if not faster. I recently attended the International Cyber Risk Management Conference in Toronto and the theme was “Cyber Risk is Everyone’s Business.” While we may not be directly involved in or feel we have direct exposure to Cyber Risk, the fact is, like the name says, it is “Everyone’s Business.” Every one of us is touched by cyber risk in some way, and each one of us needs to be aware of our cyber…read more →

Addressing Sexual Misconduct Allegations with Insurance

Addressing Sexual Misconduct Allegations with Insurance

Allegations of sexual misconduct against politicians, celebrities and other public figures have become increasingly common in recent years. In fact, social movements and a strong public outcry have led to a marked increase in sexual harassment claims—claims that can be incredibly damaging for organizations themselves. When these claims arise, organizations are expected to handle them quickly and tactfully, while respecting the weight of the situation and the wishes of the alleged victim. What’s more, alleged sexual misconduct, regardless of whether it is against an executive or employee, can result in a wide variety of claims against a company and lead to serious reputational damages. As such, companies need to handle these situations with great care and be prepared with the proper insurance. Because no single insurance policy provides coverage for every type of claim that may result from misconduct allegations,…read more →

How Effective Is Your Directors & Officers Policy?

How Effective Is Your Directors & Officers Policy?

The number of Employment Practice Liability (EPL) lawsuits has been steadily increasing for years in Canada and no matter how prepared you are, or how good your procedures are, still over 50% of lawsuits are settled in favour of the employee. I find that EPL is an often overlooked part of an organizations insurance & risk management review as people feel, “it’s included in my Directors & Officers Policy, so it’s all ok.” Or is it really? When was the last time you actually reviewed this coverage? I would guess you probably haven’t. Do you know what your limits are or even what your deductibles are, or how would your policy respond to a breach of a written employment contract? One of the biggest advantages of EPL insurance is having your legal defense provided for you. Most Not For Profit’s would have…read more →

Is Your Website Compliant? New Cybersecurity Regulations Coming May 2018

Is Your Website Compliant? New Cybersecurity Regulations Coming May 2018

If business owners didn’t already have enough regulations to deal with, updated Cybersecurity Regulations are adding to the increased requirements for compliance. On March 1, 2017, New York State Cybersecurity Regulation went into effect and represented a “first in the nation” approach to stringent data security regulations targeting a specific industry. With New York a prime target for those looking to steal financial information, such a step comes as no surprise. Across the United States, legislators are looking to modernize their legal requirements and impose stringent data security regulations that unlike current laws; will not be open to interpretation by other national governments. These new data protection laws will cast a wider net, applying to any company that offers goods or services to U.S. residents, even if the company is based in Canada or elsewhere. With a new year comes…read more →

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