What is Overland Water Coverage?
What is Overland Water Coverage?
We live in BC and BC gets a lot of rain every year – some more than others. More and more, we are seeing flood claims come through and it’s important to understand what you are currently covered for and what you aren’t.As RateHub highlights, overland water does not come standard, and it could be the most valuable add-on to your home insurance policy. Floods have surpassed fire in Canada and now rank #1 in terms of property damage. Floods are also the most expensive natural disaster – having cost more than $20 billion in damage between 2003 and 2012, according to the Government of Canada.
An overland water endorsement on your home insurance policy protects you and your home from particular water damage risks. An overland water endorsement on your home insurance policy gives you protection from rising rivers, streams, or other bodies of water that may overflow onto dry land causing damage to your home. It can also protect against heavy rain precipitation, or snow accumulation, and its eventual thaw, around your property.
When you need to consider overland water protection
In particular if you have a finished basement – drywall, laminate flooring, and furnishings – overland water insurance is a smart thing. Without it, you may be left dealing with the bill on your own.
Will overland water affect you?
Severe weather damage claims are on the rise with major floods representing almost 40% of all natural disasters in Canada, according to Aviva Canada. If your basement isn’t waterproofed, your eavestroughs and downspouts need repair, or you have cracks in your foundation, it could be worth adding it to your current house insurance policy or when shopping around for new home insurance quotes.
What overland water coverage does not protect
There are several types of water insurance coverage for your home, and it’s important to understand the differences when searching for your home insurance. Often, some base home insurance policies have coverage for burst pipes, whereas you may need to add it with other policies. Base water coverage is not overland water coverage. In some cases, overland water coverage is called groundwater coverage.
No matter how you choose to protect your home, make sure you understand all there is to know about the various add-ons available to you. With the risk of flooding in BC at a high level, it’s important to protect your assets by purchasing the right level of insurance. At Leaders Insurance, we take the time to explain the various coverage options that are available to you.
The Benefits of Boat Insurance
Benefits of Boat Insurance
Summer is only a few months away and one of the most important things you can do for a worry-free summer on the water is to have boat insurance.
Boat insurance is not legally required but is always a good idea; marinas and inland waterways require you to have it. Your home insurance usually has limited coverage for a small, non-engine powered watercraft. Engine-powered watercraft and larger boats and are generally not covered by home insurance. It is not enough to protect your investment or cover your costs in case of any liability issues. Boat insurance is available as an add-on to your home insurance.
Why do you need to insure your boat?
You need boat insurance because it covers:
- injury to others and damage to their property.
- Loss of or damage to personal property on your boat.
- Unexpected damage to your boat from an accident like striking a submerged rock and recovery costs if your boat sinks.
In order to determine how to insure your watercraft, your insurer will need to classify it. Boats are often insured by the length of the boat as well as by its type – fishing boats, sailboats, cruisers and motorboats. Once this is done, your insurer will then be able to work up a quote for you.
Types of coverage
You can choose to cover only injury to a third party or damage to their property or to cover almost every possible type of loss. You should also cover damage to your boat and standard boat insurance also provides death benefits, medical benefits, and coverage for personal effects.
Liability
The most important reason for getting boat insurance is liability coverage. It protects you in case someone is injured, or their property is damaged and pays for your legal fees, their medical expenses, and repairs to their property. This is the minimum type of coverage you should have.
All risk
You may also need coverage to your boat from fire, accidents, and theft. All risk insurance covers anything that can happen to your boat except for circumstances specifically excluded in your policy, such as wear and tear and damage from freezing.
Insuring your boat is a must so as we head towards the summer season or if you’re about to purchase a boat, make sure you contact us for a competitive boat insurance quote. Happy Boating!
4 Ways Insurance Can Help you as an Entrepreneur
4 Ways Insurance Can Help you as an Entrepreneur
You have a good idea, you get your ducks in a row and then you’re ready to launch your new business idea out into the public domain. Being an entrepreneur puts you in control of your destiny, but there are major costs that go along with being the boss. With licences, office rent, and staff payroll to deal with, purchasing insurance may feel like just another thing that needs doing.
However, insurance should be taken seriously – especially by entrepreneurs. Now that you’re the owner, you’re the one left responsible when things may go wrong. Protecting your new business venture with an insurance plan outweighs the costs of any disaster.
Here are 4 ways insurance can help you as an entrepreneur and give you peace of mind when you least expect it –
Protecting your business facilities
Commercial property insurance provides protection for your workplace, from the building itself to the contents inside it. So, if you operate out of an office, factory or warehouse, you’re safeguarded from damage at the hands of disasters like fire, or water damage resulting from a burst pipe. As well, if someone breaks into your facility, the insurance will cover any necessary building repairs and security upgrades, and can help with the cost of replacing stolen equipment or goods.
Insure against cyber crime
As mentioned on our blog, the threat of cyber crime continues to grow. An enterprise’s online presence can be just as vulnerable to thieves as their office space. A cyber attack could uncover confidential information, potentially putting the finances and personal data of your clients––and your company––at risk. As an entrepreneur, you have a brand to protect and insurance will help you minimize the impact on your online operations and your digital reputation.
Cover the cost of going to court
You may think that going to court only happens to companies that do bad things. However, it’s a lot more common than you think. Whether it’s a customer making a slip and fall claim or a client saying you’ve broken the terms of your contract, a lawsuit could potentially put you out of business. The cost of going to court could bankrupt you. There are different types of liability insurance. General liability covers bodily injury incurred at the premises, while professional liability protects in case of negligence or errors causing bodily harm or financial loss.
Maintain operations in a disaster
If disaster strikes, you want to be able to minimize the impact on your customers and your business. By purchasing insurance, you can safeguard yourself and enable your business to continue its operations. Depending on your industry, this may also set you apart from other competitors who have not taken these steps to insure their businesses.
There’s always a risk to being an entrepreneur but you can always add safeguards to these bumps in the road. Protecting your company with an insurance plan ensures that you’re running smoothly on even the most unpredictable days. To learn more about how we can protect you as an entrepreneur, contact us.
Happy New Year! Are your insurance renewals up-to-date?
A New Year brings a clean slate of sorts and it’s time to setup the year for success. Whether you are a business owner, own a property or drive a vehicle – it’s important to check that all your current insurance policies are up-to-date and take note of when they are up for renewal. January is a perfect time to plan for the year head and we are here to help you through it.
What is an insurance renewal?
An insurance renewal is the standard length of time an insurance policy is in effect without an insurance company adjusting your rate. Of course, there are exceptions to every rule, and it is possible – on rare occasion – for your rate to change shortly after purchasing a new policy if you do not meet underwriting guidelines.
When Does an Insurance Policy Renew?
The renewal date of your insurance policy is based on the date your policy took effect. So, it could actually take place on any day of the year depending on when you originally started the policy. The other factor in determining your renewal date is the length of your policy period. Policies usually renew annually or semi-annually. The start of the year is a perfect time to take stock of when these renewals are coming due so you can plan ahead.
Renewal information is usually mailed or emailed to you 45 to 30 days in advance of your renewal. You will receive a declaration page along with other information explaining your policy. A new proof of insurance is usually enclosed with the declaration page.
What Should I Do When My Insurance is Close to its Renewal Date?
Look at your existing rate and see if you qualify for any further discounts. When you get your renewal reminder, this will help prompt you to do this review as sometimes insurance is easy to forget if you haven’t had the need to use it recently. It is a good time to contact your insurance agent to review your policy.
Why Insurance Rates Can Go Up
It is possible for every person insured with a given carrier to have a rate increase. Insurance rates can rise due to increased claim activity. If an insurance carrier is losing money, rates can increase. Also, if there appears to be a higher level of risk, an insurer will increase the value of the insurance on the policy to protect them from further exposure. Insurance policy renewals are a standard part of insurance. All policies renew and insurance companies have the ability to recalculate your insurance rate. Use this time of year to mark your renewal dates in 2020 so you know when to review your policy and think about possible changes.
Find an Insurance Broker that has a large network
When looking for insurance coverage, you want to partner with an insurance agency that has access to a wide network of insurers. This is key to getting the best coverage and the most competitive rates.
At Leaders Insurance, we can often source competitive insurance coverage where other agencies can’t. Our team has a wealth of expertise and we service clients not only in the Tri- Cities but also across the Lower Mainland and BC as a whole. As you plan out your year, please feel free to reach out to us so we can provide you with a quote for all your insurance needs. Let’s make 2020 your best year ever!
Let’s make 2020 your best year ever!
3 Top Ways to Find the Best Insurance Rate…and shopping around isn’t the only one
Many of us look at insurance as just an added expense – something we won’t really need UNTIL we do. Whether you are insuring your home, car or business, you know that you need to invest the time into finding the right insurance for your needs but also so you can find the best rate.
It’s true – dozens of insurance companies, large and small, are fighting for your business. Many agencies have a wide range of policy options, making it hard to compare policies and figure out who’s offering the lowest rate.
Many people think that the best way to find the lowest rate is to shop around. While that can be important and it’s something everyone is likely going to do anyway, we want to help you improve your chances of finding the best rate for your needs.
Here are 3 tips to find the best rate as you search for insurance:
Ask about discounts
Insurers provide a variety of discounts, which can mean lower insurance rates for customers who may bundle one insurance with other policies. This can include combining vehicle and homeowner insurance. Discounts may also be available if you are able to pay your entire annual premium at once so be sure to specify this when requesting a quote. It could save you money.
2. Raise your deductible
Often if you are willing to accept a higher deductible on claims, you can save money on your actual insurance premium. Before you accept a higher deductible, make sure that the amount you are agreeing to is something you can manage to pay in the event that you will need to file a claim on your insurance. Having this option can help you reduce your variable costs over time, especially if there is a low likelihood that you will make a claim on that particular insurance.
3. Dig into the details
Depending on the type of insurance you are purchasing, you should take a close look at the details of the policy. Some elements of the policy may not be required and you could be paying for additional insurance that doesn’t really apply to you. At Leaders Insurance, our agents take the time to understand your unique needs so we can provide you with a policy and quote that applies directly to your needs. However, if you are working with an agent and you feel that the policy includes a number of elements that don’t apply to you, you should ask if there are other alternative policies that may omit these elements so you are able to get a lower rate while still giving you the coverage you need.
Often when we purchase or renew our insurance policies, we are looking for it to be a quick process. While it is important to find an insurance agent who can work quickly, it is also important that you find the best rate for the coverage you need. By following these 3 top tips, you should be better positioned to find a great rate from a trusted, insurance agent.
If you’re looking for an insurance quote at the moment, consider getting in touch with us today. We’ll help you through the process and find you the best rate and coverage through our team of insurance experts!
When & Why to get Cyber Insurance
When & Why to Get Cyber Insurance
The Insurance Bureau of Canada (IBC) has noted that any organization selling products through e-commerce channels or maintaining electronic customer records is exposed to a certain degree of cyber liability. Companies hit with hacks and breaches could face cyber liability lawsuits besides exposing thousands of records that can cost them millions of dollars to remediate.
What are Cyber Attacks?
Cyber-attacks are commonly known as organizational risks that businesses can be exposed to – they can originate from the comfort of a hackers’ home, anywhere in the world and with a simple click of a mouse. Regardless of the size of your organization, an organization’s operations are susceptible to online attacks from hackers and other criminals lurking online. A corporate website that does not meet best practices for information security could not only compromise proprietary data and information about the company’s clients, it could expose the organization to liability for not protecting its data.
Organizations should also take special care in securing mobile devices that contain client, employee, volunteer and/or member data. The use of stolen smartphones, laptops, USB flash drives and tablets can provide access to your network when in the wrong hands.
Types of Cyber Attacks
According to netwrix.com, criminal hackers are devising new techniques all the time to attack organizations. Here are a few of the most common methods:
- Phishing: An attacker pretends to represent an organization to trick users into taking an action (such as opening a malicious attachment or clicking on a bogus link) that he or she would normally not take.
- Malware: Harmful software takes control of a machine, monitors user actions and keystrokes, and/or sends confidential data from the infected computer or network to the attacker’s home base.
- Denial of service attack: The hacker floods a website with more traffic than it was built to handle, making it impossible for legitimate visitors to access the site.
- Ransomware: Software that encrypts files to prevent users from accessing them and then demands payment for their safe recovery.
Spoofing: A cyber criminal impersonates another user or device to attack network hosts, steal information, spread malware or bypass access controls.
What is Cyber Insurance?
According to IBC, cyber insurance has evolved over the years as earlier iterations of cyber policies focused more on third party indemnity coverage and defense. Now, the majority of markets will provide full limits on their forms. Regulatory fines and penalties, cyber extortion and first party business interruption followed soon after. Over the past few years, system failure coverage, social engineering, dependent business interruption and property damage to hardware and devices have been added. Cyber coverage is changing all the time – in line with the speed of change in the technology industry.
Why Purchase Cyber Insurance?
We hear about stories of cyber crime all the time. It used to be that most companies that fell victim to cyber attacks were large companies but it is now common for small businesses, non profits and sole proprietors to be impacted. This shows that there are risks that all businesses need to be aware of and prepare for as threats rapidly evolve from standard viruses to more complex vulnerabilities.
With new mandatory breach notification regulations enforced in Canada, IBC has stated that businesses should also have a heightened awareness of the need to comply with guidelines around record-keeping of data breaches and customer notification set out by the federal government, as should their brokers.
The biggest issue with a cyber attack is the cost to the business. The Ponemon Institute’s study around the costs of data breaches in Canada stated that the average total cost of a data breach for companies was $5.78 million in 2017 based on actual data loss incidents that affected 27 companies across 12 industry sectors. Cyber insurance can keep companies, no matter their size, from feeling the heavy weight of a data breach on their bottom line.
What does Cyber Insurance Cover?
Cyber liability insurance, which is often excluded from a general liability policy, can offer a variety of coverages to businesses for breaches involving sensitive customer information, including:
- First party coverage to reimburse them for expenses incurred from the cyberattack
- Third party liability to protect insureds in the case of a hack of their data that impacts another business
Other coverages can also include business interruption, privacy liability, costs of notifying customers, legal expenses, recovering compromised information, and repairing damaged computer systems
6 Questions to Consider when Buying Cyber Insurance
If you’re considering purchasing cyber insurance, consider these 5 questions first:
- How many records containing sensitive information does your organization retain or have access to?
- What security controls can you put in place to reduce risk of having your system compromised?
- Do all portable media and computing devices need to be encrypted?
- What about unencrypted media in the care, custody or control of your third-party service providers?
- Could you make a claim if you were unable to detect an intrusion until several months or years had passed?
So, if you are interested in learning more about cyber insurance and the coverage we can offer you please get in touch with us. We have a number of skilled insurance agents that have helped businesses like yours to protect their data and provide peace of mind for their business. Let us help you achieve the same in yours in 2020 and beyond.