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4 Steps to Finding High-Risk Commercial Coverage
Many businesses operate in unique markets that are considered
high-risk — finding an insurer to help manage that risk
can be a challenge. Today, insurance coverage for high-risk
companies is harder to find because of higher damage claims,
lower investment returns and industry consolidation. As a result,
companies are shopping around, changing companies more often,
negotiating harder, and, in some cases, changing their operation
or even reducing or eliminating their chance of risk.
Fire, theft, threat of injury, crop failure (for farms), and
lawsuits are some examples of risks that confront businesses
everyday. The consequences of these risks can have devastating
effects on your business if they are not minimized through appropriate
risk management.
If your company is in a high-risk industry, be sure to:
- Look for an insurance provider that has access to many
“main markets” to provide you with various insurance
coverage options.
- Be an advocate for your business! Your underwriter only
knows what you tell them. If your broker does not do a good
job in selling your risk it may be turned down.
- Ensure that your information is accurate and complete
— incomplete submissions are a frequent problem and
often get ignored by insurance carriers.
- It is just as important to notify your underwriter with
what your company doesn't entail as well as what it does
entail i.e. A sporting goods store that doesn't sell guns
or skis will have a better rate and coverage than one that
does.
High-risk commercial insurance needs are more difficult to place,
so businesses need to choose a commercial insurance broker familiar
with the demands of this type of insurance placement. At Lackner
McLennan, 85% of our business is in commercial coverage. Our
business clients rely on us for the knowledge and experience
needed to ensure their high-risk coverage is appropriately placed,
and competitively priced.
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Does Your Business Require Special Insurance Coverage?
Finding commercial coverage in specialized markets can be a
challenge, and many businesses are faced with rejection from
insurance carriers that simply do not cover their particular
field.
Lackner McLennan is proud to offer several highly specialized
insurance programs. For example:
- Lackner McLennan is the largest insurer of Massage Therapists
in Canada. Our customized package offers no deductible,
the broadest possible definition of injury and coverage
on an occurrence-basis.
- As an active member of the Ontario Well Driller's Association,
we understand the critical coverage requirements of the
industry and we tailored a complete insurance package specifically
to meet these needs. We not only offer the program directly,
we can even make it available to you through your present
insurance broker.
- Lackner McLennan's comprehensive Funeral Service Provider
insurance program was designed specifically for, and in
conjunction with, the Ontario Funeral Service Association.
The program provides coverage specific to your insurance
needs so that you can deliver your services with confidence
and security.
Lackner McLennan builds and maintains relationships in a variety
of specialized areas so our Insurance Professionals can help
your business find the unique commercial coverage to match your
needs. Contact us to learn more about Lackner McLennan's specialty
insurance programs.
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Cross-Border Insurance
Canada and the U.S. are each other's largest trading partner,
offering huge potential for business opportunities in many industry
sectors. But many companies are not aware that businesses that
buy and sell across the Canada/U.S. border have special insurance
requirements.
Cross-border business requires cross-border commercial insurance.
This is because exposure to the U.S. marketplace increases the
risk of litigation and higher insurance limits are necessary.
Some states require special paperwork or even "locally admitted
paper" to meet legal requirements.
Lackner McLennan works with many companies that conduct cross-border
business, advising them as to the coverage they will require
and how to address additional coverage requirements as cost-effectively
as possible. Talk to us to learn how our cross-border experience
and expertise can help your business succeed.
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How Long Will It Take Your Business to Be Up and Running Again?
Computer-related mishaps such as a hard disk failure, a virus,
accidental file deletion, theft, or damage caused by a fire or
flood can wreak havoc on everyday business activity. For many companies,
loss of data and intellectual property can be catastrophic.
Recreating lost work can be impossible if proper back up procedures are not in place.
At Lackner McLennan, we ensure that all of our valuable
data is backed up safely and securely. Our data maintenance,
back up and restoration procedures are as follows:
- Running two hard drives off the same server at all times so that our
data is backed up daily to two different locations.
- Conducting tape back ups every night and storing back up tapes offsite.
- Ensuring the integrity of the back up by sourcing a third party to test
our back up tapes every six months.
- Burning data to writeable CDs once a week, and storing the CDs offsite.
- Sourcing a third party provider to restore our offices with equipment
that is compatible to both our servers and programs in case of a loss. This ensures
that our operations can be up and running within one business day should a theft or
catastrophic event occur.
As you can see, your business' confidential information is secure with Lackner
McLennan. Learn more about safeguarding vital data within your
business — talk
to us today!
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