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 | Feb 26, 2024 | Business Insurance, Business Interruption, Professional Liability
As entrepreneurs, we’re well-versed in common forms of insurance that safeguard our businesses against property damage and liability. Let’s look at some other issues that may impact your business.
Professional Liability Insurance
A lesser-known coverage, such as Professional Liability insurance, deserves attention. Suppose you provide professional services, like medical care, design work, legal advice, or any other consulting services. In that case, this coverage shields you from losses from your professional activities, even ensuring your defence costs are covered in case of lawsuits.
So, what could go wrong?
1. You provide advice that has errors or even alleged errors. It does not have to be true for your insurance to cover it.
2. Your services claim certain outcomes and those outcomes are not reached.
3. You breach the contractual obligations outlined in your contract.
This coverage’s premium varies based on your business type, size, and experience and is well-worth the investment.
Home Base Businesses
Moreover, many entrepreneurs operate home-based businesses in Strathcona County, where a business license isn’t required. Yet, these ventures entail financial risks that standard home insurance policies do not cover.
Did you know?
1. Your home insurance will not cover bodily injury or property damage related to your business activities, leaving you vulnerable to lawsuits.
2. Coverage for business contents may be limited or excluded altogether.
3. Operating a shop in your garage or basement could invalidate your home insurance if a property loss occurs.
Consulting your home insurance provider is crucial to determine the extent of coverage needed, which might involve extending your current policy, acquiring a separate business policy, or seeking coverage from another insurer.
Additionally, it’s wise to consider legal and financial implications, including the potential benefits or drawbacks of incorporating your small business. Taking proactive steps to secure adequate protection ensures peace of mind and safeguards your business and home against unforeseen challenges.
Business Interruption Insurance
This insurance is vital for business owners, significantly when unforeseen events disrupt operations. This coverage helps manage ongoing expenses and loss of profit following an insured property loss. Factors like premises ownership, income replacement needs, payroll coverage, rental income, and supplier dependencies influence coverage selection. Involving your accountant is advisable to determine adequate coverage, considering the 100% co-insurance clause. This clause means that underinsurance leads to partial loss payment. Also, remember this coverage can extend up to 12 months from the date of loss, potentially covering losses beyond the policy term.
If you haven’t signed up for our monthly “Expert Advice” e-news, you can do so here.
And you will also be able to download your free copy of “Taking the Mystery out of Commercial Insurance.” It’s an easy read and will help you understand your insurance contract, what to look for and what questions to ask.
For inquiries on the above or any other insurance matters, don’t hesitate to contact Heather at 587-597-5478 or email heather@thorinsurance.ca.
by Heather Cournoyer | Jan 17, 2024 | Business Insurance, Cyber Insurance
Did you know cybercrime is now considered the new ‘fire’ in the business world? Protecting your company is crucial, especially with over 72 percent of businesses affected by ransomware attacks in 2023. Here are some eye-opening facts:
- You are nine times more likely to have a cyber attack than a property claim.
- 60% of companies go out of business after a cyber-attack.
The costs of a cyber claim can be devastating!!
- Loss from operational disruption
- Remediation and recovery expenses
- Legal fees
- Hiring of expert teams
- Regulatory fines
- Ransom payment, if you choose to pay it
- Reputational harm
- Loss of customer loyalty
Enter Cyber Insurance
This is crucial in safeguarding your business from fraud, system shutdowns, and lockouts. CFC Underwriting, a Lloyd’s of London Syndicate and market leader in cyber insurance, offers a comprehensive Three-Pillar Solution.
Through vulnerability scanning, threat monitoring, and claims data, they are used to identify risks. They provide instant support through their Response app, eliminating threats before they develop. “Kindly take a look at these tips as well!”
A qualified world-class team of experts who jump in to help you – available 24/7, responding within 15 minutes to triage incidents, contain threats, and get businesses back online.
That’s the insurance piece where that provides the coverage for breaches, attacks, and the cost of recovering your data, plus additional costs to re-create data and applications.
Cyber insurance is a supplement, not a replacement for your existing IT teams. It’s like adding sprinklers and fire alarms to your building – essential for comprehensive protection.
The Costs
Your current protection levels, business size, and employee count influence premiums. Considering the average cost of a privacy breach exceeds $200 per customer, investing in cyber insurance is an investment in your company’s long-term viability. Moreover, the cost of cyber insurance protection could be as low as $100 per month!
What’s Next?
Let’s discuss how we can tailor Cyber Privacy and Crime insurance options for your business. Get in touch to discuss securing your company’s future.
Please email me at heather@thorinsurance.ca or phone at 587-597-5478
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 | Feb 18, 2023 | Business Insurance, Claims, Coinsurance, Commercial Liability, Commercial Property, Cyber Insurance, Deductibles, Premiums
Why on earth would someone spend time writing a “primer” for business owners on commercial insurance?
I mean, think about it. What do we usually hear about insurance?
-
“Insurance is like marriage. You pay, pay, pay, and you never get anything back.” Al Bundy
- Or,
“It’s a rip-off, and insurance companies are just out to make money.”
And finally,
-
“The wordings are so confusing and full of fine print.”
Every one of those statements does hold some truth. Sometimes you do pay and never get anything back. That makes some sense. The whole premise of insurance is that “the premiums of the many go to pay the losses of the few.” You may go through your lifetime and never have a claim. You didn’t receive any money from the insurer. However, the insurer was there for you in case you did. Is that different from paying Employment Insurance all your life and never being out of a job?
As for insurance companies, out to make money that makes sense too. Aren’t you in business for the same reason?
The last statement about confusion is almost bang on. The contracts can be confusing, so you must understand the wording of that policy. It’s a contract between you and the insurer. You pay a premium to transfer some business risks to the insurance company.
There is no doubt that insurance can be confusing, and therein lies the reason why you need to take some time and learn more about how you can protect your business.
Help is here!
Join me once a month to keep pace with news and views about protecting your business. Sign up for the newsletter and then download your free copy of “Taking the Mystery out of Commercial Insurance.” Oh, and I promise I won’t be spamming your inbox.
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.
