3 Ways to Protect your Small Business during the Winter
3 Ways to Protect your Small Business during the Winter
As often as the Canadian seasons change, small business owners can also be proactive and continue to take steps to prepare their businesses for the impacts that colder temperatures have can on them.Here are 3 ways to protect your small business as we head into the colder weather:
Performing Regular Property Maintenance
While you are likely to be monitoring your business property frequently throughout the year, it is equally important to perform maintenance that is specific to the colder weather. Some key ways that you can ensure your property is prepared for the harsher conditions can include, heating and pipe maintenance.
Beginning by checking on the condition of the heating system is key to ensure the building will be up to code, so that you, your employees, and your clients will be kept safe and comfortable during operating hours. Colder temps can also mean the potential for frozen pipe, and this can lead to costly damages.
By inspecting the pipes and properly insulating any that may be exposed to the cold, you can help prevent these damages. Of course, this also brings us back to the heating system, as consistent heating, means warmer pipes, and in turn, a safer workplace environment overall.
2. Creating an Emergency Weather Plan
Another method of preparing for colder temperatures is to implement an emergency weather plan. This plan should ultimately include cold weather procedures pertaining to employee and customer safety.
Particularly when the wintry weather arrives, it is necessary to have guidelines in place to protect employees and yourself with issues related to dangerous travel to from work, as well as arrangements that perhaps can prepare for a quick switch to remote work whenever necessary.
Secondly, having a pre-assembled emergency kit can also help to offset the affects of the harsher weather. Most notably, you can compile a list of emergency phone numbers, so you can contact emergency services in pinch when needed.
Additional items you are likely to want to include in your weather safety kit are: weather gear, such as snow shovels, warm clothing, and de-icing products to ensure clear and safe walkways for all visitors. Other first-aid supplies that can make up your emergency kit, can include batteries, flashlights, blankets, device chargers, and so on.
3. Reviewing your Insurance Policy
Last but not least, one key way of protecting your small business for the upcoming colder seasons, is to revisit your insurance policy. Since harsher weather conditions can impact the structure of the building itself, for example, the roof, the pipes, and so on, it is best to ensure your policy will adequately cover any instances where repairs will need to be done.
From a business liability perspective, it will also be important to ensure you are well covered for areas specific to your business operations, such as personal liability, property and contents, as well as cyber insurance. You may also want to inquire about e-commerce business insurance, if you are operating solely or even partially through online retail channels.
At Leaders Insurance, we want to ensure you will the most prepared to operate your small business during colder weather, as well as all year round. Connect with us to learn more about the business insurance options we provide, and let us help you to find a policy that best aligns with your unique business needs.
Short Term Rental Insurance
Short Term Rental Insurance
If you are looking to rent out your home or secondary residence as a short term rental property, there are some insurance realities that can differ compared to if you where participating in the long term rental market.As your plans may include renting out your unit for a few days, a week or several months, perhaps through Airbnb or via Vrbo, these types of rentals will definitely require some additional insurance considerations. Fortunately, there are some existing rental insurance policies that can enable you to protect your short-term rental.
Since you will be renting out your property to various renters, as well as for varying lengths of time, there are a few key areas of insurance coverage you will want to explore further.
Landlord Contents Coverage
The bottom line is that during short term rental periods of time, you will want to ensure that your belongings are protected. Whether accidental or other, the reality is that during the timeframe your place in being rented out, damages or even thefts can occur.
To help offset any financial losses, you will also want to look into adding in owner’s contents insurance. Should any of your personal items need to be replaced as a result of: theft or vandalism, as well as fire damage, etc., peril coverage can be provided to aid with these types or repair or replacement costs.
Rental Income (Fair Value) Coverage
Loss of rental income is also a definite area of consideration as a part of your short term rental policy. In the event you lose out on income during the potential rental period, however a rental agreement has fallen through, then including this type of coverage can also help to secure your income.
Liability Coverage
Especially with multiple groups will be coming and going during shorter term rentals, Liability insurance is one aspect of coverage you will also want to consider. Should an individual be injured on/as a result of your property, this can lead to very high medical and legal expenses for you, as the landlord. Since third party property and bodily injury claims can be very damaging to your personal income, having insurance to help cover these costs will be an extremely important part of your short-term rental package.
In the end, short term rental insurance is not always as easy to come by, since these unique set of circumstances may pose some additional risk. With that being said, there is a growing market for these types of rental arrangements, and as result, select insurance companies are keeping these options available for short term rental property owners across Canada.
To learn more about the unique insurance coverage we provide, get in touch with our experts at Leaders Insurance, as we also strive to help you have more peace of mind as you continue to participate in the short-term rental market.
Business Insurance Trends 2021
Business Insurance Trends in 2021
Certainly, over the course of the recent year and a half, Canadian business owners have had to adapt and adjust to the new and ongoing realities of business operations. What is also important to note is how this reality has also been significantly reflected in their insurance coverage needs.As many experts are looking at a more positive outlook for the business world moving forward, here are some business insurance trends that are likely to continue throughout Canada as 2021 progresses.
E-Commerce Businesses
With many businesses either switching over to the e-commerce route or being established with this business model in mind, many business owners, including small businesses, will require e-commerce insurance to help offset the potential risks that can also stem from online operations.
One specific are of insurance that online retail business owners will definitely want to consider is cyber insurance. Cyber Liability Insurance, for example, can be added to an e-commerce insurance policy to protect businesses from loss of income, reputation and legal issues, that can result from data breaches and the loss of sensitive information.
Fortunately, cyber insurance can help protect businesses – large or small in a variety of ways.
Business owners are encouraged to look into which areas will concern them the most, and in turn, surround their e-commerce business with the most solid protection possible.
Flexible Working Locations
Another exemplar on the rise this year is the shift towards more frequent work from home. With many employees making this work trend more the norm in 2021, this is also likely to continue to impact insurance coverage moving forward. With employees performing their jobs in a similar manner, yet at times doing so from home, the sensitive nature of their work may require additional cyber security measures.
While network cyber security systems may already be in effect for remote work locations, this type of business insurance can help to protect companies from the unavoidable hazards associated with cyber crime, regardless of where their employees are working at the time.
Home Offices
For those employees who may be making a more permanent shift to remote working environments, in addition to having the necessary cyber security, they will also want to have protection in place to account for their physical work space and business assets.
First of all, having professional liability insurance will be beneficial should businesses be faced with financial losses associated with potential client lawsuits. These costs can be high, and this form of business insurance can greatly contribute to preserving a company’s future financial position.
Since employees may be keeping inventory and equipment at home, in order to perform their duties, then this may also require addition coverage in the form of property insurance. Should there be a need to replace expensive equipment, or should the workspace, itself be damaged, having insurance to properly cover these costs will be extremely important.
When all is said and done, having the most suitable insurance in place and by keeping apprised of the trends related to the additional areas of insurance that are worth an extra consideration, is a vital part of owning a business, especially in this day and age.To learn more, Contact Leaders Insurance to find out how we can help you identity and access the the most up-to-date and comprehensive insurance policy for your business needs this year.
How to Protect Your Hospitality Business in BC
How to Protect Your Hospitality Business in BC
While all businesses are important endeavours that will require insurance to protect their day to day operations, the hospitality business industry is its own unique entity that will require specialized insurance coverage. Whether you are operating a hotel, a bed-and-breakfast, a restaurant, or other, read on to learn more about how you can protect your hospitality business in BC.As a business owner in the hospitality industry, you are likely already very familiar with the ins and outs of what goes into operating a safe and secure place of business for your guests and your staff. To help ensure everyone involved is will protected, here are some important insurance coverage areas to consider.
Business Liability Coverage
Having business liability coverage is likely to be at the top of your list as it can help safeguard your business, in the event you are at fault for causing property damage and/or bodily injuries to a third-party individual.
This area of coverage in particular, can help with any substantial legal expenses your business could be faced with, and as a result this type of insurance coverage can be an extremely important part of your insurance plan.
Building Property and Contents Coverage
A second area of coverage worth mentioning is business property insurance. Not only does this cover the business property itself, it can also account for your business assets and equipment. Should the business property and its contents need to be repaired or replaced, business property coverage can help with these significant costs.
Business Interruption Coverage
Additionally, business interruption coverage will help protect your hospitality company from the any unexpected and unfortunate times when the business may have to be shut down for a variety of reasons. To avoid financial ramifications that can result from business interruption, this facet of insurance will enable you to continue to cover these potentially damaging costs.
Under the similar area of coverage, we also have Equipment Breakdown insurance. This may also be a necessary add-on to your hospitality policy, as this could very well be one of the contributing reasons why your business may encounter some form of disruption or closure.
Host Liquor Liability Coverage
Another type of insurance coverage that is unique to the hospitality sector, is Liquor Liability coverage. If your business will be manufacturing, selling or serving or even facilitating the purchase of alcohol, as the host, you will be responsible for a range of outcomes that can occur.
For example, in the event a guest becomes intoxicated and becomes injured or injures someone else, having liquor lability insurance will be an extremely important part of your insurance policy and will add yet another layer of protection to your business.