Business Insurance & You

Business Insurance & You

Managing risk is an essential part of every business, large or small. Theft, fire, vandalism, riots: A host of perils could come your way and you need to be ready for them. Here are some of the basic steps you can take: 

STEP 1: Get a good insurance representative 

The best first step is to shop for a commercial insurance agent or broker who knows your type of business or is willing to invest the time and eff ort to study it with you. You are familiar with the operation of your business, and your agent or broker should be familiar with cost-effective ways of handling risk. A good insurance agent or broker is a valuable asset for your company.  

STEP 2: Priorities to consider 

When planning your insurance coverage, an important step to take – with the help of your insurance representative – is to identify those potential losses that could cripple your business, and insure against them. Don’t worry as much about items that pose little threat. But then be sure to consider everything between the two extremes. That’s the difficult part, and it requires much creativity and perseverance.

STEP 3: A partnership for prevention 

You can help protect your property from loss and help reduce insurance costs by taking a few positive steps on your own to discourage burglars, shoplifters, vandals, arsonists and others. Good inventory control and meticulous bookkeeping may help take temptation away from employees and suppliers. Investing in loss prevention often results in lower insurance premiums. In fact, your insurance savings may pay for this investment in only a few years. Here are a few loss prevention ideas you might consider:

• Install approved sprinklers, intruder alarms and fire alarms
• Secure all doors, windows and skylights, tightly
• Secure storage and other low-traffic  areas
• Isolate flammable materials and dispose of waste materials properly
• Leave some lights on and windows clear so police patrols can view the interior
• Encourage employees to protect the company by being watchful and careful
• Register with your local police and fire department so that they know who to call in an emergency
• Consider hiring a security guard when conditions warrant

By working with an informed insurance representative like Hubbard Insurance Group and taking a few proactive steps up front, you can build the security of your business even before you choose the scope of your insurance. 

For more information, call us at 1-800-900-2008 or email This email address is being protected from spambots. You need JavaScript enabled to view it. 

Source: Insurance Bureau of Canada (IBC) 

 

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