587-597-5478 heather@thinkinsure.ca

Many business owners are struggling with decreased revenue and increased costs as a result of COVID.  They are asking themselves “Where can I reduce expenses?”

Should I cut staff, reduce wages, downsize my location, reduce marketing and advertising costs?  What about insurance?  I’ve never had a claim and the premiums keep going up?

When COVID hit in the spring, I was able to save a number of my valued clients money.  Many were closed so obviously revenue was down.  Because Commercial General Liability premiums are normally rated based on your Gross Revenues and the class of business, reduction in revenue equates to a reduction in risk.

Many business owners are now back in business albeit not at pre-COVID revenue levels. A review of your insurance can help you reduce premiums.  Here are some of the things to consider:

  • Have your stock levels decreased?
  • When was the last time you had a replacement cost appraisal on your building?
  • Are there optional add-on coverages that you could do without?
  • Are your Gross Sales down considerably?
  • Have you changed the use of your automobiles?
  • Can you afford higher deductibles?

When and if you do reduce coverage, make sure that you don’t jeopardize your protection. It may be tempting to reduce the amount of coverage on your larger assets.   However, remember that most if not all insurance policies have a co-insurance clause.  https://heathercournoyer.ca/category/coinsurance/

The few hundred dollars you save could cost you thousands in the event of a claim.

I make it a practice to offer a comprehensive review of any business owners’ insurance at any time.  It doesn’t have to be on renewal. In many cases, cancellation fees may outweigh any savings in premium.  What I do provide are my recommendation on how to protect yourself by making changes to your existing policy. Because of the value-added provided, many clients choose to utilize my services at the expiry of their insurance.

Reach out anytime!  Happy to help.

Heather Cournoyer, CCIB, CIP