Recent fires in British Columbia have contributed to one of the worst fire seasons on record, leading to more than 12,984 sq. km of damage and illustrating the importance of proper preparation. Not only can fires cause major property damage, but they can also endanger your employees, business operations and supply chains. However, you can prepare your business ahead of time by making a comprehensive fire plan. To help with the creation process, consider the following:
- Consider how your business would be impacted following a fire. Conduct a risk assessment to understand potential exposures and plan accordingly. Contact a third party for help with your assessment if needed.
- Contact your local first responders for help. Building a relationship with your local fire department can save valuable time in the event of a disaster. Moreover, you can exchange useful information like your building's floor plans and fire escape routes to help create a fire plan. In fact, in some provinces, businesses are required to work with local fire departments when creating their plans.
- Create a communication plan that accounts for your employees, clients, vendors and other stakeholders. In the face of a disaster, commercial insurance in Canada is key. As such, it's important to establish protocols for communicating with employees and partners. At a minimum, you'll need to know how you will provide status updates and next steps during and after a fire. Consider creating a crisis management team to keep you organized.
- Consider your business continuity options. Any disruptions to your workplace, supply chains or vendors can cause costly delays. Work with a qualified commercial insurance broker In Canada to discuss policy options that help you recover quickly following a disaster.
Fires are an ongoing concern wherever there is dry, hot weather, making careful planning and dedicated insurance a must. Contact KRGinsure today for coverage and loss prevention strategies.
Canada Ranks Third in Data Breaches: Re-evaluate Your Insurance Today
According to the Canadian Internet Registration Authority, Canada is one of the most wired countries in the world. However, this level of connectivity comes with a price, as Risk Based Security‚-a network security firm‚-recently reported that, as of mid-2018, Canada ranks third globally in terms of number of cyber incidents.Of the 48 breaches reported in Canada this year, more than 12.5 million records were exposed, with an average of 261,491 records compromised per breach. Experts don'nt believe cyber threats are going away any time soon, making it all the more important to re-evaluate your cyber insurance policies by asking yourself the following:
- Does your policy cover the cost of retaining a forensic investigator to review data breaches?
- Does your policy cover the cost of notifying your customers? Does your policy give your organization control over how customers are notified?
- Does your policy cover the costs of providing credit monitoring, identity restoration and identity theft insurance services? Does your policy require your organization to use a certain company for credit monitoring-related services? Does this third party have a good track record?
- Does your policy cover any regulatory proceedings that may occur as the result of a breach? Does your policy cover legal fees, fines or penalties that may incur as a result of a breach?
- Does your policy exclude any types of contractual liability?
- Are your limits and sublimits adequate enough and do they line up with your organization's level of risk?
- Does your coverage include a retroactive date that is earlier than the policy's inception date?
- Does your policy account for common exclusions, like outdated software, unencrypted mobile devices, acts of foreign governments and card issuer fines?
- Does your policy include coverage for vendor acts and omissions?
To learn more about your commercial insurance policy, or to secure coverage customized to your needs, contact KRGinsure today.