One Size Doesn’t Fit All

If you run your own business, you know that it’s unique. Not all restaurants, for example, serve the same food to the same people during the same hours in the same neighborhood  Some offer take out while others don’t. Some only serve breakfast and lunch while others only serve dinner. And so it goes with whatever type of business you operate and that’s why it’s critically important that your insurance broker fully understands the full scope of your operation. If they don’t, they won’t be able to ensure that your business exposures are properly covered. If your broker doesn't know your business, the consequences can be serious. 

Written By Lorne Wiebe,
Rhodes & Williams Account Executive.
Photo credit: ourhometown.ca

For example, it’s possible that a food manufacturer doesn't have insurance to cover the cost of having to recall a defective product that it has shipped to market. It’s possible that a contractor which operates at an airport doesn't have coverage for any business it conducts at the airport. And it is also possible that a wholesaler which exports a good chunk of its products to the U-S doesn't have any insurance coverage for that arm of its business. How do I know that these scenarios are all possible? Because these are just a few of the real-life situations I've discovered as I've been reviewing the existing insurance policies of potential customers.

Unfortunately, the business owners in all of these cases had no idea that there were gaping holes in their policies. When I asked them if their insurance broker fully understood their business operation, each of them admitted that they probably didn't.

The blame here lies mostly at the feet of the brokers who do not dig deep enough when they meet with their clients. Does your broker know your business?
Every time you meet with your broker (and it should be at least a couple of times a year) he or she should be asking you a lot of questions. Are your business revenue projections still on track? Have you been hiring or reducing your workforce? Is your business providing any new services or products and conversely, has it withdrawn any from the marketplace? What are your future plans? Has your business’s online activity changed? All of these questions and about a dozen more should be a part of your typical broker conversation.

In the cases above, if the broker knew that the contractor had taken on work at an airport and that the wholesaler had begun exporting products to the U-S, they could have easily found coverage, however either the broker didn’t ask or their client didn’t think it was important for them to know. It really all comes down to the relationship that you have with your broker. That’s one of the reasons why Rhodes & Williams Ltd has a formal “Client Service Plan” which includes a mid-year client review. The free flow of information and advice throughout the year is a pretty good litmus test on how your broker relationship is going. If you don’t hear from your broker except when they want money at renewal, it’s time to find someone else. 

Building a Brighter Future Part 2

Last month we posted an article on our website about one of our team memebers upcoming journey to Nicaragua. If you havent had a chance to read it you can do so here.

Rachel McCully has arrived in Nicaragua where she will be helping to build a school for the community. A blog has been posted each day since the team arrived to Nicaragua, they can be read below.

Day 1

Day 2

Day 3

Day 4

We are very proud of Rachel. We are looking forward to seeing the progress of her and the other indivuals who are helping build this school. Please stay tuned for future updates.  

"...I am very excited to be part of this amazing project and know that this will be a life changing experience"

-Rachel McCully

Insurance is Just a Part of it

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"



Photo Credit ourhometown.ca



"..if all you are hearing from your broker is that you “need more insurance” perhaps it’s time to find a different broker"



When it comes to protecting your business from the hundreds of risks it faces everyday, you might expect an insurance broker (guilty as charged) to offer a one-word solution…insurance. But that isn’t the case – or at least it shouldn’t be. Your insurance broker needs to point out a whole list of other options for you whenever the discussion revolves around protecting your company.

We use a handy little chart at Rhodes & Williams Ltd. which spells out all of your potential protection options, including risk avoidance, risk mitigation, risk transfer and even risk acceptance. I won’t dig deep into all of these risk management options because each of them is a discussion as long as your arm and not all of them apply to every business situation but knowing just a few of them might make you think about your operation a bit differently.....

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Oh Sandy, Baby!

Tuesday afternoon, a post-tropical storm hit the northeastern United-States. Meteorologists are calling this one “Sandy”. So far, she’s been responsible for major flooding, power outages and at least 16 deaths. New York City has taken her wrath the hardest. Lower Manhattan is completely shut down; the subway systems are at a standstill and people are stuck inside their apartments waiting for the streets to clear. Vehicles that were once parked on the bustling streets of New York are now covered in seawater. 

This is an example of some of the flooding that resulted from Sandy.

The disastrous effects of the storm are now hitting close to home. Southern Ontario has experienced powerful wind gusts close to 80 kilometers per hour and between 20 to 40 millimeters of heavy rain fall.

Reports of vicious winds uprooting trees and destroying homes indicates, now more than ever, that Canada is susceptible to extreme weather conditions that can affect your livelihood, your safety and your home.

Being properly prepared with emergency and first aid kits is crucial when expecting these types of storms. Having enough water, food, extra blankets and clothing on hand will ensure proper safety for you and your family.   

After the storm has passed, it is of utmost importance that you inspect your property for any damages caused by the storm. You should be looking for such things as damage to your windows, doors and roof.

Contact your broker immediately for any questions concerning the effects of the storm and how to begin the claims process. 

* Keep in mind that damage caused by extreme winds are covered under a comprehensive property policy, however, only certain types of water damage are covered depending on the cause. As an example, if you have sewer backup coverage on your policy and the flooding causes the sewers to backup in to your basement, this type of water damage would be covered up to a certain limit. For more information on water losses click on this link.

Written by Genevieve St-Denis, Account Executive,
Rhodes & Williams Limited

Employment Practices Insurance

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"



Twenty years ago, business owners wouldn’t have given it a second thought but in today’s world where we’ve been taught to stand up for our “rights” it’s a whole new world and that has lead to a relatively new type of business risk. If you run a company which employs any number of people - from 1 to 10,000 - you need to know the ins-and-outs of today’s employment practices; everything from hiring to firing and conduct in the workplace. Whether you are bringing in someone new or exiting a current employee, there are certain rules in place (mandated by law) to make sure that everything is fair and on the up-and-up. And these rules don’t apply only to management; even if one of your employees steps out-of-bounds, you could be held accountable and your business could at risk.......

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The City Did What?!

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"

Have you ever surfed a city’s official website? If you own a business, check out the section covering their building bylaws. It’s enough to make your head spin. Every town and city has a seemingly endless list of construction does and don’ts and that list gets longer every year.

PHOTO CREDIT - OurHometown.ca

Have you ever surfed a city’s official website? If you own a business, check out the section covering their building bylaws. It’s enough to make your head spin. Every town and city has a seemingly endless list of construction does and don’ts and that list gets longer every year.

PHOTO CREDIT - OurHometown.ca

 It’s all well intentioned of course, as city planners try to manage commercial development and keep it as orderly as possible.  As businesses become more complex, so do the rules which govern them. The scary part for a business owner is trying to keep up with it all.  Usually you can’t and that can lead to a serious business risk ...

Read the rest of the article here: "Risky Business"

Digging for Holes

It might sound a little funny if you were to tell someone that you are busy “digging for holes” but that’s a skill you practice everyday if you own a business. Part of the boss’s job is to snoop around and identify any holes in your operation; issues which could seriously harm your company.... Read the rest of Lorne's article at http://www.ourhomtetown.ca/ .