From the Blog
The fickle nature of Canadian weather only exacerbates the unpredictability of floods, and with so many areas susceptible to flooding, one unexpected severe storm can trigger widespread, damaging floods. Neglecting to prepare your property for possible flooding can sink your business. Stay afloat with solid preparation and a thorough flood plan.
Used in paving, roofing, waterproofing and some glue products, asphalt is a sticky substance derived from crude oil. The material is mixed with solvents to change it into liquid form and make it easier to work with. Unfortunately, these substances can be hazardous and flammable, and they increase the risk of occupational injuries. In fact, road workers, roofers, hot-mix facility employees and general construction employees are at risk of asphalt-related health problems.
The key to a satisfactory outcome of a disastrous water damage loss is frequent communication between stakeholders. The insurance broker should see that owner’s representatives, general contractors, consultants, trade contractors and insurance adjusters meet and plan the shortest and most cost effective route to bringing the project to its delivery. If they have done their job correctly, the adequacy of insurance coverage to pay repairs, extra expenses, delay in startup and, project soft costs will never be a source of concern.
Builders risk insurance provides valuable protection in the event of a direct property loss experienced by a contractor, project owner or other insured party during the construction process. However, when a catastrophic loss delays a project, indirect costs, such as soft costs and lost business income, can create substantial financial exposures for the businesses involved. Complicating matters further, many builders risk policies do not include coverage for soft costs or lost income related to construction delays.
Thankfully, firms can close this insurance gap with the addition of a soft costs endorsement to their builders risk insurance policy.
Technology has added efficiency and modern conveniences to daily life. Among these conveniences, computer experts have managed to apply digital traits to new, online currencies in what is called cryptocurrencies.
In an effort to combat climbing auto insurance rates and industry instability, the British Columbia government is implementing a $5,500 cap on pain and suffering, particularly for payouts to vehicle accident victims. This change—along with other accident benefits amendments—will come into force April 1, 2019.
Bell Canada, one of the nation’s largest telecommunications companies, announced Tuesday, Jan. 23 that up to 100,000 customers were affected by a data breach. The company has said that hackers likely obtained sensitive customer information, including subscriber names, phone numbers, account names and email addresses.
Before your company hosts its next event, contact Wilson M. Beck Insurance Group. We can review your coverage and assist in developing a risk management plan that keeps safety a top priority at your company-sponsored events.
Business interruption insurance is designed to give business access to the assets they need when they need it most. However, these policies can be complex, and it’s important to work with your insurance broker closely when seeking coverage. To learn more, contact us today.
Wintery conditions can make roads difficult and even dangerous to traverse. In fact, winter driving can be so hazardous, some provinces like British Columbia have made winter tires mandatory on some roads. Prior to purchasing winter tires, it’s critical to understand your options and some general best practices.
British Columbia is in a State of Emergency. Since the BC Wildfires began a few months ago, over 24,000 people have been evacuated with many more evacuation alerts in place. Since BC’s fire season began its 2017 reign, over 458,000 hectares of land and communities have been affected. If you live near a fire area or if you have friends and family that do, it’s important to ensure that you know what to do in the event of an evacuation.
To protect your business – there are some ways to develop a cyber security system that gets your team engaged while ensuring you have protection.