Protecting you and your business assets are crucial, regardless of the size of your company. Many of the most common business insurance claims can be prevented. Having the proper coverage as directed by your broker will save you the frustration, time, and costs associated with making a claim.
Loss of Contractor Tools
A major risk in Muskoka, especially given the amount of contractors and skilled professionals, is the loss or theft of tools. These tools are critical in performing their duties and would hinder or halt work altogether in such a case. Ensure a tool floateris added to your general Commercial General Liability policies. However, tool floaters have limits and larger ticketed items need to be listed separately.
Builders Risk
Builders risk insurance protects the ongoing construction of a building. This can include financial protection from damages or losses, fixtures, and appliances that are to be part of the finished product. Coverage can include equipment being used during the building process. The onus of obtaining a builders risk policy typically falls on the owner or client to purchase. However, some contractors package the premium costs into the building costs. Contractors will be held liable for damages they have caused under negligence and the rest will fall on the owner.
Coverage includes:
- Fire
- Lighting
- Wind
- Vandalism
Earthquake and flood protection may or may not be included in the policy. Determining specific details to ensure the best protection should be done with your insurance broker.
Liquor Liability
Liquor liability and being at fault can cripple your business. Businesses may be held liable when liquor is served. This includes employees serving patrons too much to drink, liability for sponsoring too much consumption, and employers not limiting employee’s consumption at staff gatherings. Preventative measures (if not already required by law) include:
- Zero tolerance for employees consumption of liquor while working
- Limiting service of alcohol to patrons
- Training staff, including bartenders and servers to never serve over intoxicated guests
- Display posters from MADD (Mothers Against Drunk Driving) and SADD (Students Against Drunk Driving)
Contact a broker today to discover the protection that suits you and your business best.