When you own a business, time is a premium. But investing some of your time in a conversation with your insurance broker could ensure that your business is fully protected, and benefit you in the long run.
"We're here to help you and your business," explains Greg Roach, CIP, CAIB, partner at Caldwell Roach, "To do that effectively, we need to know the details of what you do to properly assess your exposure to risk and determine what you need from your coverage."
With commercial insurance, just as every business is different, every policy is different.
General liability insurance protects you in the case of damage to someone's property or bodily injury, like slips and falls; however, if you own a business where you could be accused of being negligent in your services, you require professional liability insurance. Some businesses may also require specialized aspects to their policy, like pollution coverage.
"Businesses, especially small businesses, in Nova Scotia tend to be diversified," Greg explains, "They change, grow and evolve as opportunities arise. And their coverage needs to reflect those changes."
For example, you own a half-ton truck for your landscaping business; after a bad winter, you decide to buy a plough for the truck, and eventually you start ploughing driveways for friends and then clients. Your business has changed, but you might not have thought to tell your insurance broker about that change, or considered its impact on your coverage.
Business owners are also budget-minded, and may not update their policy because they don't want to pay more. "As a broker, Caldwell Roach is able to use our relationships with insurance providers to find you the best coverage for the best price. However, the value of fully protecting your business from liability far outweighs the cost."
Putting your trust in your broker and making them fully aware of what you do means they'll have the full picture and will be able to give you options for your coverage.
"Spend some time with us, have a chat and let us know what's going on with your business," Greg concludes, "That's the relationship we want to have with our clients."