KYLEE PERRIS
VANCOUVER ISLAND – We don’t think about insurance until we need it. But when we need it, do we have the right insurance?
In today’s fast-changing business world, staying updated on coverages and emerging threats, especially in cyber security, is crucial. As businesses adapt, their insurance needs must evolve to ensure full protection. Here are some key points to consider:
- Revenue-Based Premiums: Your Commercial Liability premiums often depend on revenue. The COVID-19 pandemic showed how changes in business operations can impact coverage. A revenue drop can lower premiums but also requires a coverage review to ensure adequacy.
- Material Changes: Have you changed your business operations? For example, if a landscaper adds snow removal services or a carpet company starts selling tiles, these changes need to be reported to an insurer. Failing to do so could leave you without coverage for new activities.
- Claims and Incidents: Report any claims, losses, or incidents like slips, trips, and falls promptly. Keeping detailed records helps manage claims efficiently and maintain proper coverage.
By addressing these points, businesses stay protected and prepared for any eventualities.
Don’t Forget Personal Insurance Renewal
Protect your home, vehicles, boats, or recreational vehicles with the same attention as your business. The renewal conversation is similar across all types of insurance.
- Material Changes: Planning renovations? Have a trip coming up that needs travel insurance? A new vehicle on your wish list? Inform your insurance agent about any changes to ensure your coverage is up to date.
- Review Your Coverage: Many see the renewal process as an annoyance. However, it’s a crucial opportunity to review your coverage and ensure it meets your needs. Have a conversation with your broker—this is what we’re here for! Reviewing and updating your coverage ensures you are well-protected in all aspects of your life.
- Financial Health Checkups: Regular Insurance reviews protect your investments! Be proactive, not reactive.
To find out what Coastal Community can offer you, don’t hesitate to call us at 1-888-741-1010 option #3 or email kylee.perris@cccu.ca.
Kylee Perris is Assistant Manager, Insurance Solutions with Coastal Community Insurance Services (2007) Ltd., an affiliate of Coastal Community Credit Union.
