by Heather Cournoyer | Dec 13, 2024 | Claims, Cyber Insurance
As cyberattacks become more frequent and severe, it is increasingly essential for organizations to practice good cyber hygiene to minimize their risk exposure. Cyber hygiene refers to habitual practices ensuring critical data and connected devices are handled safely. Here are some helpful tips for you.
Daily routines, good behaviors and occasional checkups can make all the difference in ensuring an organization’s cyber health is in optimal condition. The following are essential parts of cyber hygiene:
• Passwords—The use of strong and complex passwords—containing at least 12 characters and a mix of upper- and lower-case letters plus symbols and numbers—that are changed regularly is an essential cyber hygiene practice. Users should avoid sharing passwords or repeatedly using them across different accounts.
• Multifactor authentication—Important accounts, including email, social media, and banking apps, should require multifactor authentication to limit the opportunity for cybercriminals to steal data.
• Data backups—Essential files should be backed up separately, such as on an external hard drive or in the cloud. Remember, having your data stored in the cloud does not mean it is secure. You still need a regular backup of that data!
• Firewalls—A network firewall prevents unauthorized users from accessing company websites, email servers, and other sources of information accessed through the Internet.
• Security software—High-quality antivirus software can perform automatic device scans to detect and remove malicious software and protect against various online threats and security breaches.
• Software Updates –Always immediately apply all updates and patches for relevant software.
• Employee education—Employees are one of an organization’s most significant cybersecurity vulnerabilities. Workforce cybersecurity education is essential to teaching employees to identify phishing attacks, social engineering, and other cyberthreats.
• Social Engineering
1. Verify all payment changes by phone. Use a trusted phone number already on file—not one provided on the invoice or email. This step is a condition or warranty of your policy coverage.
2. Secure your email accounts. Use Multi-Factor Authentication (MFA) and remind employees to approve MFA requests only when they initiate them.
3. Communicate with your partners and clients. Let them know that you will always confirm banking changes by phone and encourage them to adopt similar protocols.
4. Test small transactions first. Send a small test payment to confirm new or updated banking details before transferring larger amounts.
For more information on how Cyber Privacy and Crime Insurance can provide additional protection, contact Heather at 587-597-5478 or heather@thorinsurance.ca
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 | 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 | 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?
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“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,
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“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 | Nov 8, 2022 | Claims, Commercial Property
“What does Actual Cash Value (ACV) mean? I need to understand how it works so I can make sure I buy the right amount of insurance.” That was a valid question asked recently by one of my clients and if one client wants a better explanation, there will be others who want or need to know.
Most of us are familiar with the term “Replacement Cost” as the majority of insurance for property is based on that valuation in the event of a loss. The insurer will repair or replace the insured items with like kind and quality without any allowance for depreciation. There is however a stipulation that you must have purchased the amount of insurance that you would need to replace the items.
If the valuation clause is based on Actual Cash Value, then the insurer will compensate you based on what the value of the item is at the time of the loss.
The best way to explain this may be by way of an example…….
XYZ Excavating has a 2011 Bobcat S850 which he purchased and insured back in 2015 for $50,000. Because of its age, the insurer would only provide Actual Cash Value coverage. The item was stolen and never recovered.
In order to determine actual cash value, they will consider the following:
- Condition at the time of the loss
- Number of hours on the unit
- The Bobcat S850 is still being manufactured. The new value is around $75,000
- What are similar models selling for today
Bear in mind that every insurer has their own methodology when it comes to determining actual cash value. It’s not uncommon for an insured to disagree with the offer that the insurer makes. It’s also not uncommon to enter into a negotiation with the insurer should the insured have information that may lead to a higher valuation.
If an agreement is still not reached, the insured has options.
He/she has the right to enter into a “Dispute Resolution Process”. Most provinces have some form of “DPR” in their Insurance Acts. In Alberta, its section 519. This process is more fully explained at the Government of Alberta, Consumer Complaints website.
For more information on Actual Cash Value or anything insurance, just reach out. Always happy to answer any question.
