Tuesday, June 26, 2012

Clean Up This Mess!

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Lorne Wiebe has written another article about issues important to business owners, for the local online hub serving Cornwall, Stormont, Dundas & Glengarry - http://www.ourhometown.ca .  What follows is an introduction to that article. The full article can be read in his column, "Risky Business"


Most businesses carry a commercial insurance policy that includes some level of coverage to help pay for cleaning up a mess caused by an insured peril.
PHOTO CREDIT - OurHometown.
When I was little kid, I remember our family arriving at our cottage late one Friday night.  It was dark and we were all tired after the long drive.  As we dragged our suitcases through the kitchen and across the living room floor, something seemed different but we couldn't quite put a finger on it.  Then as the lights turned on in room after room it quickly became very apparent.  A wild animal – possibly a squirrel - had gotten into our cottage during the week and tore the place up.  Chewed up bedding here...pictures smashed to the floor over there.  And the worst - it somehow got into the oil stove and there was greasy smut all over the place.  Who knew that a tiny critter could do so much damage?  And that story leads me to an often overlooked business risk that might be staring right at you.

Most businesses carry a commercial insurance policy that includes some level of coverage to help pay for cleaning up a mess caused by an insured peril.  For example, suppose your business suffers a fire and you own the building.  The fire department arrives on the scene quickly and does a terrific job.  They snuff out the fire before it becomes a raging inferno and you are pleased there isn't more damage, but now the cleanup begins.  Your insurance covered the cost of repairing the building but who pays for the clean up?  Hopefully your broker informed you of a very important coverage known a "debris removal".  It pretty much does what it says; this insurance product helps to pay for removing all of the debris which is often the result of some type of damage.  But as important as debris removal coverage is, a fairly common problem with it is often overlooked.....

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