If you are seeking out business liability insurance in the Canada region, you need to be aware of the fact that your business insurance doesn’t really cover everything. Of course, this can sound a bit weird coming from an insurance broker like LiabilityCover, but the truth of the matter is that Business Insurance Ontario is a complex and complicated subject as liability insurance packages deferential from one broker to the next. There are so many different policies and some of them might not even make sense at first. While you might be compensated for the loss of property or damages, your insurance provider does not cover the hassle that it takes to get the property replaced or repaired.
Avoid Filing Claims
While your provider might pay for a broken window, you are the one that has to spend the time and effort finding someone to replace that window. This is why it is best to avoid filing a claim in the first place. This is not to even mention the fact that filing claims only makes your premiums surge higher. With a bit of planning and managing you can avoid filing claims and keep your premium at a minimum and below that is exactly what you will learn about.
Equipment Failure And Breakdowns
If you are a business that depends on certain equipment and machinery on a daily basis, you probably have that equipment and machinery insured. Without the equipment your business operations would come to a grinding halt. With that being said, you can avoid filing claims on these items by making sure that they are properly maintained and cared from on regular schedule. If you notice that a certain machine or piece of equipment is starting to show wear and tear, go ahead and make the necessary repairs. This will help prevent a complete malfunction in the future.
Proper maintenance and care will go a long way to saving you money in the long run as compared to filing a claim.
Theft By Employees
You would be surprised to learn how many claims are filed each year, just because employees are stealing from their employer or embezzling money. With most companies switching over to online banking and bookkeeping, it is truly making it harder to detect fraud and embezzlement within the company. This is why it is imperative that you always have staff members sign off on everything that they do. In addition to this, it does not hurt to bring in an outside auditor to check your books and records regularly. If you suspect that something may be off in the accounting department, be sure to initiate a thorough investigation.
Preparing For Storm Damage
If you are located in an area that is prone to flooding or storms sometimes it can be truly hard to prevent filing a claim. However, there are things that you can do to reduce the severity of the claim. For instance, make sure that the ceilings, gutters, drainpipes and roofing systems are getting the proper maintenance they need. In the event of a heavy rain a weak roof or clogged drainpipes could result in major damages. All of which could have potentially been avoided with simple routine maintenance.
Properly Protecting Your Business Computers And Equipment
In today’s world, just about every business will have a network of computers or even several different networks. In fact, the computer has almost become a vital part of every business and even the smallest incident could result in a costly insurance claim that will later result in higher premiums. You would be surprised to learn how many computer a knocked over, stolen, fried due to power surges, and water spills.
However, you can simply prevent all this by making sure that no snacks and drinks are allowed around the computers. You can also purchase hardware that will allow you to lock down computer monitors and other hardware, so they can’t accidentally be knocked over.
Liability claims are without a doubt one of the most common types of claims that insurance providers see yearly in the Canadian region. Whether it has to do with damaged property or injured employees, liability claims are all too common. While it can be hard to prevent everything there are things that you can to do to prevent 80 percent of these claims. Simply, host weekly safety classes, and show up unannounced on jobs to make sure employees are following all safety precautions and procedures.
Keep Property Clutter Free
To avoid accident claims, you should definitely keep the interior of the building and exterior perimeter clutter free. Most accidents are a result of someone tripping over items, such as electrical cables and rugs. However, cracked sidewalks, slick surfaces and damaged flooring can also be a culprit for falls. If you keep your property and building in good repair, you will never have to worry about these risks, which in turn will help keep your claims to a minimum.