Roughley Insurance Brokers - Oshawa Insurance Broker

Think you are covered… think again!

akennedy — Mon, 02 Apr 2012 20:03:49 +0000

Safeguarding your home office

If you have been operating a business out of your home under the assumption your home owner’s insurance has you covered, you might want to read the fine print.

Many small and home-based business owners who run their business from a home office do so thinking that the have business coverage, but when is the last time you actually read through your entire policy with your business needs in mind?

Owning your home and owning a business that operates from your home don’t always fall under the same insurance coverage, and if you run into trouble you might be left out in the cold, both physically and financially.

Some home insurance policies might cover small home offices that don’t involve a lot of clients visiting you, there but it’s a fine line between coverage and losing everything. Typical home insurance policies generally do not cover business liabilities such as:

the products you store,
pollution risks,
errors and omissions ,or
loss of business income.

Those are just a few potential powder kegs you might be storing in that home office.

Even if you already have comprehensive home insurance you need to look into commercial insurance. Don’t take risks that can be harmful to both your business and your home by ignoring these risk factors. Insurance policies can be difficult to understand, even for simple matters and if you don’t completely understand what you are signed up for, contact your broker for a policy review.

Blog originally posted on February 20, 2012 By Durham Business Times Blogging Team

Avoiding a slippery situation for your small business

akennedy — Mon, 30 Jan 2012 22:43:07 +0000

Winter weather can spell insurance disaster!

You’re a smart small business owner. You pay attention to your customers needs. You pay attention to your bottom line. How closely do you pay attention to the weather?

In the winter, January through March are prime season for icy conditions and that means you are taking on extra risk as a business or property owner. Slippery walkways result in a great deal of insurance claims each year, but if you aren’t properly covering your own tail when it comes to slip and fall lawsuits, you could find your profit margin cooling off very drastically.

If you don’t have coverage and don’t understand what your liability is regarding property maintenance, you need to stop get clear on your policy coverage!

Even if you are already signed up for a policy that covers you for slip and fall accidents, make sure that you are as safe as you think; you might be surprised at what you could still be on the hook if someone does hurt themselves on your property. Here are a few tips to minimize your chances of landing in a slippery situation:

The best way to avoid being stuck on the hook for damages is to do your best to make sure your property is safe so nobody hurts themselves in the first place.
Write a plan that outlines potentially dangerous areas on your property and how you are going to keep them safe.
Have a routine of de-icing and safeguarding trouble spots and document each time you inspect them.
Accurate record keeping goes a long way to proving that you haven’t been negligent. Document the weather conditions each day and pay special attention in your log book to walkways and parking lots during the winter.

If you own a larger property, things get more complicated and maintenance work can be more then you can take care of yourself. You can hire a maintenance company to take care of it for you, but be sure that you get your contract reviewed by a lawyer or bring it to your insurance broker or advisor so that you understand exactly what you are and are not responsible for.

Understanding your insurance needs is complicated and for a better understanding of what coverage your unique business needs, get educated on what you need to manage the extra risk that comes with snowy weather.

Originally posted by Durham Business Times Blogging Team

Ontario Anti-Fraud Task Force Interim Report

rinsureadmin — Thu, 15 Dec 2011 17:44:26 +0000

The steering committee of the Ontario Auto Insurance Anti-Fraud Task Force has asked its working groups to consider the licensing and regulation of health-care clinics, plug current gaps in regulation (such as the introduction of a regulatory regime for tow truck drivers, for example) and the establishment of a dedicated fraud investigation unit.

In addition, the working groups have been asked to develop a consumer engagement and education strategy so people will be aware of the claims system and thus not susceptible to misinformation provided by fraudsters.

Finally, the working groups will consider the development of a single Web portal for Ontario auto insurance claimants. The portal would be a source of consumer information and education on matters such as approved protocols for treatments on specific auto related injuries.

These and other recommendations are part of an extensive report issued by The Ontario Auto Insurance Anti-Fraud Task Force, which the Ontario government established in July 2011 to determine the scope and nature of automobile insurance fraud and make recommendations about ways to reduce it. The Insurance Bureau of Canada (IBC) issued a press release saying it was “pleased” with the interim report.

“To have a real impact on Ontario’s efforts to eliminate insurance fraud, we need to address the underlying factors that contribute to the problem,” said Ralph Palumbo, IBC’s vice president of Ontario. “The Task Force has accurately identified those factors, as well as other issues that require further examination.”

In addition to endorsing the recommendations in the Task Force report, IBC is advocating for the imposition of tougher criminal and civil penalties for identity fraud and theft.

The recommendations in the task force will go now go to three separate working groups for further review. The Task Force established a working group to look at each one of the following topic areas related to auto insurance fraud:

prevention, detection, investigation and enforcement;
regulatory practices in the automobile insurance system; and
consumer engagement and education.

The steering committee overseeing the work of the Task Force and its three working groups will issue a final report due by Fall 2012.

The full interim report can be viewed at: http://www.fin.gov.on.ca/en/autoinsurance/interim-report.html