We’re in the Business of Helping Your Business.
We provide commercial insurance solutions that protect and give you peace of mind. We take the time to obtain a thorough understanding of your operation and assess your risks and exposures. We work with the leading Insurance Markets to custom tailor your coverage and give you the attention and professional advice you need to protect your business for the long term.
If you own a commercial property you require this type of policy which provides coverage for tangible assets, including: buildings and their contents, equipment and inventory, property in transit and business interruption coverage.
Retail companies operate in an environment that has a multitude of insurance exposures. As a business owner you cannot afford setbacks due to unforeseen events. Retailers have many fast-moving components and people involved in their day-to-day operations. From stock and business contents being destroyed by water, to a burst pipe or a slip and fall experienced by a customer, the resulting loss of income can be devastating or even force the business to close. We can make sure you have the right coverage in place to protect you against a potential loss.
You keep the supply chain moving and we help ensure your operations are covered. As a wholesale distributor, your business risks are unique. You provide facilities and services for the storage and distribution of products – but you also deal with the logistics of global commerce and new technology. With the right insurance policy, you can avoid trouble before it finds your business.
No matter what you manufacture – metals, plastics, clothing, furniture – you need a comprehensive manufacturer’s insurance program to protect your business from risks. Your manufacturing facility probably contains various materials used to manufacture your products. All of these materials, in addition to your buildings, equipment, and other inventory, can be damaged by fire, theft, vandalism, and weather or other natural disasters. A manufacturer’s property insurance policy will protect your business should an unforeseen event occur.
Plumbers, electricians and other independent tradesmen require liability coverage for products and completed operations. You may also require proof of insurance prior to starting a new project. Our agents can provide you with a comprehensive contractor’s package or a liability only policy.
Whether you own a residential apartment building or a commercial occupancy building; we can shop the markets to provide you with the proper coverage. A fire loss will prevent you from collecting rental income if your tenant is unable to have use of their unit. A slip and fall claim can trigger a lawsuit that requires expensive defense costs.
Course of Construction
Whether you are building your dream home or are a contractor constructing a multi-unit building; we will source the markets in order to obtain a competitive quote. For larger projects we highly recommend a “wrap up liability policy”.
We appreciate that in these competitive times that time IS money. We understand that Bonding requirements can be a major obstacle in securing that valuable contract. The commercial insurance group at Central Agencies have the knowledge and experience to provide a fast resolution to your bonding challenges. We have access to a wide variety of excellent Bond Suppliers, and specialize in the following: Administration, Bid (Performance), Canada Customs and Excise, Contract, Fidelity, Fiduciary, Guardianship, Licensing and Permit Bonds for: Alarm Installation Companies, Electrical & Plumbing Contractors, Gasfitters, Janitorial Companies, Private Investigators, Security Guards.
If you own a restaurant, a hotel or motel or even a pub, you require hospitality insurance. There are many types of coverage that you may need; including, Business Premises Liability, Building and Contents, Business Interruption, Equipment Breakdown and Host Liquor Liability.
Business Interruption Insurance
Your ability to generate sales could be threatened at any moment. With business interruption coverage, a business owner can collect the income he or she would have expected to generate were it not for the unexpected event.
A bricks and mortar business can be disrupted by a flood, windstorm, earthquake or fire.
Named Perils or All Risk?
A named perils business interruption policy covers losses caused by the perils listed in your policy. An all risk policy provides protection against loss caused by any risk that is not specifically excluded from your policy.
Limited or Extended Indemnity?
The indemnity period is the time period covered for loss of business. There are two basic forms of business interruption indemnities:
- Limited (or earnings). This policy pays only until the damage is repaired or the property is replaced. As soon as your business resumes, the policy stops paying even if you haven’t regained your previous level of earnings. While a limited form policy is less costly than an extended policy, it may not provide adequate coverage for your business. Consider:
- If you are forced out of business for several months, your competitors may snap up some of your customers. As a result, when your business starts up again, you may not be generating the same level of sales as you were before the shutdown.
- There may be limits on the amount of time your business is covered and the amount your insurance will pay in any one month.
- Extended (or profits). This form continues to pay until your business resumes its normal, pre-interruption level, subject to the maximum period of indemnity listed in your policy.
Consider if you must remain operational during the period affected by damage. You may incur extra expenses – such as outsourcing work; temporary hydro, Internet and telephone connections; advertising; rentals or the cost of moving to a different premise – if you need to carry on business at another location.
Make Decisions Before Your Business is Interrupted
The coverage you need depends on the exact nature of your business model. When considering additional coverage:
- Speak to your accountant about the effects of an interruption to your business.
- Discuss coverage options with your insurance representative.
- Be clear about your needs. Ask questions.
- Understand the coverage. Don’t sign anything too quickly.
- Ask around and get opinions from others who operate in the same industry.
Host Liquor Liability
Organizations are responsible for patrons when alcohol is served. Forms of liquor liability include:
- Liability as a server. Servers are responsible if they serve alcoholic beverages to people past the point of intoxication.
- Liability as an occupier. People, companies or any other organization that own, have possession of or have responsibility for premises are responsible, in certain circumstances, for protecting persons on their premises from preventable harm.
- Liability as an employer. An employer may in certain circumstances be responsible for the care of employees who over consumed alcohol at an event, such as a staff party.
- Liability as a sponsor of potentially dangerous activities. Risks from such activities increase when alcohol is served.
- Use of excessive force. Security personnel cannot use unnecessary or excessive force to manage intoxicated patrons.
Source: Compiled with Canadian Risk Intervention Inc.
Follow these tips for managing liquor liability risks. Before you serve alcohol, consider the following:
- Host events at an off-site location. A restaurant, hotel, conference centre or bar who employ staff that are trained in the proper service of alcohol. Confirm that the host facility has appropriate insurance.
- Ask people when they arrive if they are a designated driver.
- Ensure that a variety of non-alcoholic beverages and food options are available.
- Focus on non-alcoholic beverages.
- Have cash or vouchers on hand for cabs .
- If space is limited in your own residence, reserve rooms in a nearby hotel for last-minute overnight guests .
- Keep watch and don’t hesitate to ask for someone’s keys if you are concerned about his or her ability to drive safely.
This type of coverage will protect your business from cyber risks, including the loss, theft or unauthorized access to or use of personal customer or employee information. At Central, our cyber coverage will act if you are the target of a cyber-attack. Our policies cover remediation expenses and business expenses, helping you get back on track.
Cyber crime stats:
- Every year, cyber crime costs as much as $600 billion or .8% of the global gross domestic product (GDP).
- In Canada, cyber crime losses tally more than $3 billion a year or .17% of our GDP.
- In 2018, the average cost of a data breach in Canada was almost $5 million.
- The average cost to detect and contain a breach (through investigations, assessments, audits and crisis management) is $1.78 million.
Recognizing the damaging consequences of cyber-related threats, Public Safety Canada has outlined several measures that small businesses should take to protect themselves against cyber attacks.
While identifying and mitigating cyber risk is an evolving process, the following actions may be helpful when defending your organization, customers and your reputations.
- Know the threats. Email scams, phishing attacks, botnets, viruses and Trojans are just a few of the electronic tools hackers use. Knowing where they come from and what they look like is the first step to keeping them at bay.
- Watch out for fake software. Cyber criminals develop schemes to trick employees into downloading and installing malware on their computers, mobile devices and networks. Learning to spot the tricks can keep your customer and financial information protected.
- Protect your social networks. Employees may share personal information on social media sites that can be used to build a profile of their responsibilities and activities. This information is then used to develop a convincing scam, tailored to them specifically. It is important to educate your employees about safe social media practices.
- Watch out for phishers. Cyber criminals use fake emails, text messages and websites to trick employees into giving up their important information. It’s called phishing. Passwords, usernames and credit card numbers can be are taken, sold and used. Criminals may even impersonate your business to try to scam your customers. Employees should never respond to emails requesting private information or click on links from unknown sources. Encourage them identify email scams; typically, the message is alarmist, has spelling mistakes, offers a deal that’s too good to be true or requests sensitive information.
- Know how to spot risky URLs. By taking the URLs of recognized sites and tweaking them slightly, cyber criminals can catch unsuspecting people in a scam. Signs that a URL is untrustworthy include hyphens, numbers, spelling mistakes and the “@” symbol in place of a regular character. Encourage employees to manually type URLs in the address bar, rather than clicking on email links. This can help ensure that they are going to a legitimate site and not a malicious or spoofed site.
- Don’t write down passwords. Encourage employees not to write down their passwords on scraps of paper in their workstations. The passwords can be nabbed by a person passing by and used to access their accounts.
- Require employees to create unique passwords. If a password is strong, complex and random, it will help make it as secure as possible.
- Lock computer screens. Advise employees to lock their screens when they’re away from their desks to help secure their computers.
- Protect laptops in public. If cyber criminals get a hold of an employee’s computer or mobile device, they can mine it for the important information you’ve worked so hard to keep secure. Remind employees to be mindful of where and how they keep their devices.
- Contact IT in an emergency. In the case of a potential breach or theft, instruct employees to immediately contact security or the IT department to limit damage.
- Plan ahead for departing employees. When an employee leaves your company, make sure his or her system access is terminated. If not, hackers can exploit the open account.
Directors and Officers Insurance
Directors and officers have a duty to exercise due diligence in overseeing the management of the organization that they serve. They are required to act in good faith and in the best interest of the organization. Claims or potential claims must be promptly reported.
3 Basic Duties
Directors and officers have a duty to exercise due diligence in overseeing the management of the organization that they serve. This involves 3 basic duties:
- Duty of Diligence (Duty of Care): Act reasonably, in good faith and in the organization’s best interest.
- Duty of Loyalty: Place the interest of the organization before your own.
- Duty of Obedience: Act within the scope of applicable bylaws.
Considering Accepting a Directorship? Also Consider Your Liability . . .
In addition to basic duties, a director or officer may be held liable for:
- Failure to act as stated under a statute.
For example, if a statute requires directors to file a report or maintain certain records, and these reports or records are not maintained, the director may be liable for an offence under that statute.
- Non-compliance of the organization with a statute.
For example, directors may be liable for financial losses, wrongful dismissal, employee discrimination or failure to remediate environmental damage. Be aware that directors can be held personally liable and that:
- Ignorance is not a defence.
- Resignation is not necessarily a defence.
- Company indemnity may not be enough.
Consult a lawyer for more information on directors’ and officers’ legal liability.
Managing Liability Risk
Organizations with paid or volunteer boards should be aware that directors and officers have very specific duties and obligations. Directors and officers should be given all of the appropriate information that is required to perform their duties effectively.
Your organization should:
- Provide awareness training in negligence and liability to all directors and officers.
- Ensure directors are aware of:
- Risks associated with being a director for the organization.
- Statutory and civil liabilities.
- Specific directors’ obligations.
- Other rules associated with the organization’s business for which directors may be liable due to acts or omissions of the organization.
- Other responsibilities (including understanding finances and knowing the organization and its by-laws).
- Ensure there is no conflict between the duty owed to the organization and a director’s self-interest. Directors should:
- Avoid outside employment or business that may compromise the organization’s best interests.
- Handle confidential and sensitive information carefully (prevent leaks of information).
- Follow guidelines on the appropriateness of public statements (i.e., what and when information can be released).
- Not accept gifts, favours or services relating to company duties.
- Ensure directors are aware of the organization’s operations and affairs. Maintain formalized operating policies and procedures for all activities within the organization’s control. The organization should:
- Implement a financial management policy. Establish clear financial reporting guidelines.
- Store confidential materials and sensitive information in a proper place, and;
- Determine who has access.
- Encrypt all confidential electronic materials.
- Ensure only those with passwords have access. The system should require that passwords be changed frequently.
- Implement firewalls to prevent hackers from accessing information.
- Create a human resources policy. Prepare formal job descriptions for all employees and document required experience and training as well as specific aspects of unacceptable employee performance.
- Ensure all employees, visitors, customers, clients and other stakeholders are protected from reasonably anticipated harm.
- Establish a formal information reporting system. Generally, a director is entitled to rely on information provided by officers or employees/volunteers of the organization, unless the director knows that relying on the officer or employee/volunteer is unreasonable.
- Encourage directors to speak up. Directors should have a clear understanding of all the activities in the organization and should question anything that is unclear. Directors should also clearly communicate their decisions.
- Document decisions and how they were made.
- Ensure directors work closely with legal representatives in making decisions. If a director provides full disclosure to counsel, requests counsel’s advice as to the legality of the proposed action, receives advice that the action would be lawful and proceeds in reliance on the advice, this may demonstrate that the director acted with due care.
- Implement a whistle-blower policy that is communicated to staff and volunteers. Let people know which board member or representative they should advise of any situation of which they feel the board should be aware.
- Implement a director’s indemnification policy that clearly states the rights and obligations of directors and what protection is provided to them by the organization.
All information compiled with Canadian Risk Intervention Inc.
Errors & Omissions Insurance
Professional liability – also known as errors and omissions – responds to claims arising from acts of professional negligence. Depending on your insurance company, this type of insurance coverage may also be called malpractice insurance. It’s important to note that malpractice coverage specifically refers to professional negligence that leads to bodily harm.
Examples of professional negligence situations include:
- Financial Loss. Your corporation provides financial advice. Advice from one of your employees who is trained as a professional financial advisor leads an individual to lose their life savings. The person seeks compensation from your organization.
- Bodily Injury. As part of your non-profit organization’s teen suicide hotline service, an employee who is a trained psychologist speaks to a teen caller. Subsequently, the teen commits suicide and the victim’s family sues your organization and alleges professional negligence.
Who Is A Professional?
There is no single definition of who is considered a professional. Ask your insurance representative how your insurer defines who is a professional to determine if any of your corporate employees or volunteers are in this category.
Corporate employees or volunteers who act as professionals in their duties for your organization should consider securing professional liability coverage to ensure that their personal interests are covered.
Non-Profit Funder Requirements for Professional Liability Coverage
Depending on the programs and services a non-profit offers, may require that certain types of professional liability insurance be in place. Carefully review all activities of the organization and talk to your insurance representative to determine what coverage you need to protect your organization.
Political and Security
In this day and age, the possibility of kidnapping or illegal detention is a very real threat. If international travel is a key part of your executives or employees’ role, they may be at risk. To protect your employees, executives and their families, it is essential to have a kidnap and ransom policy.
Special Event Insurance
Event Liability: Social, Sporting, Entertainment or Business
Having a party? Hosting a tournament? Putting on a music festival or trade show?
If you are renting out a hall or community centre; proof of liability coverage is usually a requirement of the facility. The amount of guests attending, the serving of alcohol and limit of liability coverage required are factors that determine the premium. So whether you are planning a wedding, anniversary or other milestone, please call us for a no obligation quote.
Event Cancellation Insurance
Event cancellation coverage is an important element to prevent financial hardship in case of the event’s cancellation.
Hole In One
The name says it all. Get a hole in one on a specific hole and you win. Length to the hole, number of participants and value of the prize are determining factors of the premium.