by Heather Cournoyer | Oct 24, 2024 | Broker Advantage, Claims, Cool Stuff, Government
The other day, I was chatting with some people about their insurance, and some of their challenges got me thinking. Many of us don’t always know what questions to ask about our coverage, and sometimes, we assume we’re covered for everything—until something happens and we find out otherwise.
One person asked, “What happens if you have a problem and your agent can’t help you?” It’s a great question. If an agent sells you a policy, they should stand behind it and be able to explain it clearly when you need help. After all, they’re the ones who sold it to you! But when things don’t go as planned with a claim, people often feel frustrated and stuck.
Having been in the industry for many years, I know how important it is to ensure my clients understand what they’re buying. I make it a priority to be there when questions come up, especially when a claim happens. I also ask my clients many questions upfront because it helps me fully understand their exposures to ensure they have the right coverage.
It’s also important to remember that insurance is a contract between you and your insurer. And while it might sound like your policy covers everything, the reality is that there’s no such thing as “All Risk” coverage. Insurance was never designed to cover every possible situation, so understanding your specific coverage is crucial.
If you ever feel unsure about your policy or how a claim is being handled, don’t worry. There are resources available to help:
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Insurance Bureau of Canada (IBC)
IBC represents insurance companies in Canada, but it also offers free help to consumers through its Consumer Information Centres. Experienced professionals are ready to answer your questions and guide you through any concerns or questions.
Visit their website.
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General Insurance OmbudService (GIO)
The GIO is an independent service that provides free and impartial help to Canadian consumers. Whether you have questions or are facing a dispute with your insurer, they support you with home, auto, or business insurance issues.
Check them out.
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Alberta Government – Insurance Act of Alberta
The Insurance Act of Alberta outlines insurance company requirements regarding complaints. There is also a mechanism called the Dispute Resolution Process for disputes revolving around repairs, replacements, values, and the amount of loss or damage. For more detailed information, refer to this site.
While having the right insurance agent matters, don’t hesitate to get a second opinion or seek additional support. These resources are there to make sure you’re never left navigating the insurance world alone!
by Heather Cournoyer | Sep 3, 2024 | Broker Advantage, Business Insurance, Business Planning, Cool Stuff
Farm life instilled a profound understanding some of the keys to Alberta Entrepreneur Success. It taught me the importance of hard work, ingenuity, perseverance, and, most importantly, honesty and integrity in everything you do. Thank you, Mom and Dad!
It’s not just about sweat and persistence but also about taking a leap of faith, months of meticulous planning, and the rollercoaster of emotions, prayer, and unwavering belief in one’s success. I’ve traversed this path, and I’m fervent about guiding others through it.
As a professional insurance broker, I’ve had the incredible opportunity to work with amazing entrepreneurs across Alberta. To that end, I want to share two success stories of entrepreneurial Albertans who had an idea and pursued it. May their stories inspire you to kickstart or elevate your own entrepreneurial journey.
Edward Haynes emigrated from England to Canada, spending much of his adult life in the events industry. He brought a dream: to drive change within the Canadian Events, Hospitality, and Furniture markets with exceptional European products. These products were designed to withstand the harsh environment we sometimes have in Canada: winds, hail, and snow. COVID put his plan on hold, but not his dream.Post-COVID, he swiftly resumed his operations. EJH Events and Distribution is now a leading distributor of robust tent structures across North America, a testament to their resilience and quality.
He is now a partner at Superior Tent Rentals Ltd., which serves the Hospitality and Event industry at events such as the Heritage Festival and the Big Valley Jamboree. Even in the worst weather, the Superior Tents remain standing and undamaged.
So, what’s next for Edward? You will definitely want to check out Posh Outdoors, Inc., which has luxury glamping at its finest. Their first site in our beautiful Canadian Rockies is coming soon.
Viking Wood Splitter
A hard-working farm boy, Michael Thompson took his first big step after high school by joining a large fabrication company. They enrolled him in their apprenticeship program, where he spent 31 years mastering his skills as a journeyman welder and project manager until the company shut down.
Even while working full-time, Michael’s passion for creating things never waned. About 25 years ago, he crafted a sword to decorate his garage. When he shared it with friends, one joked it looked like it could chop wood. It wasn’t until 2016, during a camping trip, that he saw people struggling with axes for chopping. He offered them his sword, and one camper—a website developer—suggested he should start a business. That camper even helped him create a website, and Viking Wood Splitters was born.
In 2019, Michael decided to make Viking Wood Splitter his full-time career. Since then, his business has thrived, with sales doubling every year.
Each Viking Wood Splitter is custom-designed and hand-crafted, nearly 4 feet long, which makes it very safe to use. The handle comes wrapped in your choice of tape or leather for an excellent grip, and you can even get it custom-engraved.
Today, Michael and his wife Kelley are excited to see their innovative wood splitters being used across North America. Their product sells out quickly, making it a favourite among campers, woodsmen, and anyone who needs to chop wood.
These are just two examples of the many outstanding entrepreneurs I’ve had the chance to work with. To make your business successful, it’s essential to have a strong team of experts by your side. This team should include your lawyer, accountant, financial institution, and insurance broker.
Your insurance broker should be your partner in protecting your business. They work with you to offer risk management advice, customize your insurance plan, and find the best mix of coverage and premiums to keep you and your business safe.
So, if you’re considering starting your own business or want to improve yours, don’t wait! Start building your team today and set yourself up for success. Contact Heather at Thor Insurance. You won’t be disappointed. It’s a smart move that can make a big difference!
For additional information on Business Planning you can also check out “Strategic vs. Business Planning”.
by Heather Cournoyer | Aug 5, 2024 | Broker Advantage, Claims, Personal Insurance, Uncategorized
In the past two weeks, several house fires have struck my community. At least two of these fires resulted in total losses, while several others remain under assessment. Multiple homes sustained less severe damage. Recently, I had the chance to meet with a family affected by one of these fires. Even though they were not my clients, I spent three hours with them, addressing their concerns, answering their questions, and clarifying the process, their rights, and their responsibilities. Such events could happen to any of us, underscoring the importance of preparing for such possibilities. Although this situation pales in comparison to the disaster in Jasper, it remains devastating for anyone experiencing such a loss. Here are some essential steps to be proactive and be prepared.
Be Proactive
Talk to your insurance advisor to confirm that you have sufficient coverage to rebuild or replace your building and its contents. Understand what your policy covers and what it excludes before a loss occurs, not afterward! If you need help understanding your contract check out “It’s all Gobbledygook to me! Understanding your insurance policy.”
Be Prepared
Create an inventory of your belongings in addition to recording a video of the inside of your home, office, or retail outlet. This inventory is crucial for proving your loss, as insurance companies do not simply write a check for the full amount of your coverage. Check out the Home Inventory Spreadsheet provided by the Insurance Bureau of Canada.
Prepare for immediate evacuation by knowing where your valuables are and what you need to take if an emergency occurs:
- Documents: Insurance policies, personal identification (including passports), financial files, and other legal documents.
- Medical Items: Medications and prescriptions, glasses, first aid kit, canes, walkers, etc.
- Toiletries and Personal Items: Toothbrushes, toothpaste, hand towels, a change of clothing, valuable or keepsake jewelry, home videos, or family heirlooms.
- Pets: Don’t forget extra food, collars, leashes, etc.
- Miscellaneous: Flashlight, keys, cash, credit cards, iPads or laptop.
After Evacuation
Notify your emergency contacts and other family members know where you are going
Remember, these are traumatic events; you will be emotional, and sometimes it’s challenging to remain calm or even remain rational when you are traumatized. Don’t be afraid to contact a professional for mental health counselling.
Remember all insurance policies are NOT the same! Be Proactive. Be Prepared. For a complete review of your coverage and comparative pricing, contact me. I will ensure that you are connected to a member of our professional personal insurance team.
heather@thorinsurance.ca
by Heather Cournoyer | Jul 13, 2023 | Broker Advantage, Claims, Industry News, Premiums
Let’s tackle a controversial, often annoying topic: insurance payments. Here are the top five things consumers generally dislike about insurance.
Number 5: Disputed Claims
When you file an insurance claim, there might be instances where the insurance company questions whether your claim is valid or covered under your policy. This can lead to disagreements and frustration during the claims process.
Number 4: Lengthy Claim Process
One major complaint is the time it takes to settle an insurance claim. The process can be long and drawn out, causing inconvenience and delays when you need financial assistance for repairs or medical expenses.
Number 3: Limited Protection
Some insurance policies have limitations that provide insufficient coverage, leaving policyholders with unexpected costs. Exclusions or restrictions in the policy can lead to disappointment and a feeling of being let down when you need insurance the most.
Number 2: Confusing Coverage
Understanding insurance coverage can be a challenge. The policy language and terminology can be difficult to comprehend, making it hard to determine what is covered and what is not. This confusion can create frustration when making sense of your policy or filing a claim.
And now, the Number One complaint consumers have about insurance is…
Drum roll…….
Number 1: High Costs
The most significant issue people face is the high cost of insurance. It can be disheartening to see premiums increase, even if you have never made a claim. Let’s explore some reasons why insurance costs can rise:
Industry Trends: Insurance companies adjust premiums based on industry-wide data and experiences. If there is a rise in claims or costs across the industry, it can lead to higher premiums for all policyholders.
External Factors: Factors like inflation, government regulations, and the overall economic climate can influence insurance rates. These factors affect the cost of claims and an insurance company’s ability to provide coverage, leading to increased premiums.
Risk Factors: Insurance premiums are often based on risk assessment. Even if you haven’t made a claim, other risk factors associated with your business or industry may contribute to higher premiums. Changes in the risk landscape, increased competition, or emerging risks can necessitate higher premiums to offset potential losses.
Policy Adjustments: Insurance policies are periodically reviewed and updated to reflect changes in the business environment, industry standards, or regulatory requirements. Premiums can be adjusted during policy renewals to account for these changes.
Loss History: Insurance companies consider the collective loss history of businesses similar to yours when determining premiums. If businesses in your industry or with similar characteristics have experienced increased claims, it can impact premiums for everyone in that category.
While these complaints are valid, it’s important to remember that insurance operates on shared risk principles. Premiums from all policyholders help cover claims costs for those who experience losses. As an insurance broker, I am dedicated to assisting you in navigating the complexities of insurance.
Here’s how I can help:
Annual Insurance Review: I review your insurance policy yearly to ensure it aligns with your current needs and make any necessary adjustments.
Comparison for Better Options: I can explore alternative insurers to find better coverage options that suit your requirements, ensuring you have access to the best available choices.
Staying Informed: I stay updated on industry trends and changes in the insurance landscape, enabling me to provide you with relevant advice and insights.
Risk Control Recommendations: I offer suggestions to reduce risks and potentially lower insurance premiums. These recommendations may involve implementing safety measures or security systems to prevent accidents or losses.
My ultimate goal is to provide you with the most suitable insurance options and support you in making informed decisions. If you have any questions or concerns regarding your insurance, please don’t hesitate to contact me. I am here to help you safeguard what matters most to you.
Stay tuned for more information about complaints number two through five.
by Heather Cournoyer | May 9, 2023 | Broker Advantage, Business Insurance, Coinsurance, Commercial Liability, Commercial Property, Premiums
Inflation is hitting us everywhere, so how can you save money on your insurance?
Here are 5 Critical things you must know when buying your business insurance
- Premiums are based on the amount of insurance you would need to put you back in business in case of a loss. Don’t cheap out on coverage. Pay a few dollars now to ensure you recover the total amount in the event of a loss.
- Insurance companies have clauses encouraging you to buy the right amount of protection. If you don’t, you WILL pay for part of your claim.
- Loss control, loss control, loss control. If you can show that you are proactively working to prevent losses, it can positively affect your premium. Your broker can help you manage that risk.
- Have your broker shop around but not every year. Every three years is normally sufficient. If you shop every year, most insurers will see that and put your file to the bottom of the pile. Nobody likes tire-kickers. Do you?
- Thoroughly review your values, limits, and business operations with your insurance provider every year. Remember, as your business changes, so should your insurance.
Your insurance is not just an expense! It’s an investment in the long-term viability of your company, the company you have worked so hard to build. The company provides for you, your family and your employee’s livelihoods.
For more information on how to manage your risk and purchase the right amount of insurance, call Heather at 587-597-5478 or email heather@thorinsurance.ca
by Heather Cournoyer | Jan 9, 2023 | Broker Advantage, Business Insurance, Cool Stuff
Have you ever asked yourself Why you are in business??
In Simon Sinek’s book, “Start with WHY” he writes about the importance of defining your “WHY”.
- WHY is the purpose, cause or belief behind what you are doing.
- HOW are the actions taken to realize your WHY.
- WHAT is the product, service or job function. It provides the tangible proof of your purpose.
My entire young life, I was looking for my WHY and it became apparent in my thirties (took me long enough hey?) -It’s because I am here to help people. It’s as simple as that. So, from a personal perspective, I try to do that every day.
I also believe that we have two “WHYs”; our personal WHY and our business WHY. And if I’m not mistaken, they will both be very similar and the business “WHY” will and should support the personal WHY.
I love meeting new people and learning about their WHY and their businesses because it’s exciting. With my specialized knowledge of the insurance industry and the options available for insurance, I can help my business owners feel more secure. When hit by that unforeseen, unexpected insured peril, they know that “this too shall pass”. The business will survive as will the reason for the business – Their WHY.
Can you imagine our society, our lives and our businesses without insurance? Nothing to backstop us when the unexpected happens. No insurance policy to show the bank that they don’t have to worry about that loan they gave us. No ongoing revenue to pay the owner and employees so they can pay the bills and support themselves until the business is up and running again.
I’m seeing more new business ventures launching in Alberta than I have for a long time. Having a strong business background and that entrepreneurial spirit, I get WHY. We are seeing a real shift in people’s priorities. They want more control over their future, more flexibility and more freedom.
I also get the fact that many insurers do not want to consider providing insurance to that new operation. Fortunately, there are still insurers who will provide terms and understand that a new business does not necessarily mean higher potential claims. Experience matters and I have the experience to help.
Thank you all for helping me with my WHY. What is your WHY because I can I help you.
You might also enjoy the story “Goldilocks and the Three Bears Insurance Brokerage” about what I think is important in a broker!
May 2023 be the year your WHY catapults you to major success!
You can reach out at heather@thinkinsure.ca or text/phone 587-597-5478.
