The types of insurance that any kind of business must have

Tucson, AZ (SBWIRE) Business Insurance signifies one kind of security to any business. In times of acts of God and unexpected circumstances, business insurance is a great help.

risk

Usually, the kinds of business insurance and the levels of coverage are determined by the type of business itself. However, it may also affect lenders who are responsible for holding portions of the business as security against loans.

Here are some of the types of insurance that any kind of business must have:

General Liability Insurance. This kind of insurance is indeed a must, whatever the business is, even home-based businesses. In any case of claims for compensation from people outside the business, this general liability insurance provides protection.

Property Insurance. Business owners should always consider business interruption concerns business personal property, which includes office equipment, computers, inventory, or tools. This would protect any business from undesirable instances such fire, vandalism, theft and smoke damage.

Business Owner’s Policy (BOP). A typical business should involve these insurance policies. It is a combination of protection from all major property and even liability put together in one package. For many business owners, BOP would save money because of the bundle of services at lesser cost.

Worker’s Compensation. At any time, injury may occur to employees in the course of employment.In business, worker’s compensation protects the company and the employees.

Commercial Auto Insurance. This insurance involves the vehicles that carry employees and the products and equipment of the company.

Professional Liability Insurance. Commonly known as Errors and Omissions Insurance, failure to perform on the part of the policyholder, lost finance and error in the service are all covered in this type of insurance.

Directors and Officers Insurance. Directors and Officers Insurance protects the directors and officers of a company. It covers the costs or damages lost of any officers in a legal situation. It can also cover the defense costs from any criminal and regulatory investigations and trials.

Homeowner’s Insurance. Homeowner’s insurance, focused to protect the home of an individual against house damages or possessions in the home, is one of the most important kinds of insurance. Additionally, this type of insurance provides liability coverage against accidents in the home and property, as well. Homeowners insurance in Tucson, Arizona, for instance, is one of the least expensive because Tucson is given a rating based on its proximity to fire protection.

Life insurance. If there is an insurance that protects any person from death, it is the life insurance. This would not put too much financial burden on the family of the insurance holder who died.

Insurance is a good decision taken by any business owner. Understanding the differences of a variety of insurance types and getting involved with those are quite better decisions from sudden and paralyzing damages in the near future.

To learn about insurance training for Canadian insurance agents, visit ILScorp.com

Stay tuned to the latest in Insurance news by subscribing to ILStv’s daily or weekly newsletters.

Follow ILSTV on Twitter @ ilstv 

 

$90,000 Non-Pecuniary Assessment For Chronic Neck and Back Soft Tissue Injuries

Reasons for judgement were released today by the BC Supreme Court, Vancouver Registry, assessing damages for chronic soft tissue injuries sustained in two collisions.

In today’s case (Niijar v. Hill) the Plaintiff was involved in two collisions, the first in 2010 the second in 2012.  The Defendants admitted fault for both.  As a result she suffered from chronic neck and back soft tissue injuries which lingered to the time of trial and were expected to continue into the future.  The Court assessed non-pecuniary damages at $90,000 but reduced this number by 15% finding the Plaintiff failed to mitigate her damages by following some of her physicians advice.  In reaching this assessment Madam Justice Baker provided the following reasons:

[147]     I conclude that Ms. Nijjar suffered soft tissue injuries to the muscles of her neck and back in both the first and the second accident.  The injuries caused by the second accident were more significant and Ms. Nijjar experienced more intensive pain and discomfort of longer duration following the second accident.  She also had pain on the left side of her face, jaw and some left arm pain caused by the inflation of the air bag on her left side and also reported some hip pain.  These complaints resolved within a short time.  Her most significant ongoing symptoms were pain in her neck and upper back; and in her lower back.

[148]     I conclude that Ms. Nijjar made a good recovery following the first accident, although she continued to experience mild symptoms of discomfort, aggravated by certain activities, up to the time of the second accident.   She did not miss work as a security guard after the first accident.  She did take time off from a job with Sears for a period of about two months and did not do any janitorial work for a period of about three months.  She was sufficiently recovered to travel to India three months after the accident and remained there for about two months.  On her return from India she resumed working as a security guard and doing janitorial work.  She attempted to return to the Sears job but was not re-hired.

[149]     Ms. Nijjar had more severe symptoms following the second accident and continued to be symptomatic at time of trial.  Dr. Hershler opined that she suffered soft tissue injuries involving both muscles and ligaments; and a right-sided small cervical disc protrusion caused by the accident that may be contributing to her symptoms; although this remains a matter of uncertainty.  Ms. Nijjar also continues to experience periodic headache which Dr. Hershler believes is cervicogenic.

[150]     The symptoms Ms. Nijjar experienced were not severe enough to cause her to seek relief from prescription medications for more than a couple of months following the May 23, 2012 accident and at times she has not required the use of even non-prescription medication to manage her symptoms.

[151]     I accept that Ms. Nijjar continued to experience neck and lower back pain at time of trial.  Although I have concluded that she exaggerated the severity of her symptoms when testifying at trial, I accept that she continues to have symptoms from time to time.  I accept that she will continue to experience symptoms in future, although I accept Dr. Arthur’s opinion that there will be further improvement with the passage of time; and that the symptoms will also lessen if Ms. Nijjar engages in a regular exercise program designed to improve her back and core body strength.  I conclude that the symptoms in future will generally be mild and episodic and that Ms. Nijjar will be able to alleviate most or all of the symptoms with use of non-prescription analgesic medications…

[194]     Having considered all of the evidence and the range of damages suggested by these authorities, I conclude that an award of $90,000, before deduction for a failure to mitigate, is warranted.  I reduce that award by 15% for the failure to mitigate, and award the sum of $76,500. 

Water and Electricity Are a Lethal Mix!

Water and Electricity Are a Lethal Mix!

MISSISSAUGA, ON, With the significant flooding expected or already occurring in some areas including the Grey-Bruce and Parry Sound – Muskoka regions, the Electrical Safety Authority (ESA) is reminding Ontarians that there is a heightened risk of electric shock when water makes contact with electrical systems that could result in serious injury or death.

If you have to evacuate your property in advance of a flood, switch the main breaker in your electrical panel to the “OFF” position to ensure the power is off upon your return home to potentially flood damaged electrical equipment.

If flooding has occurred, follow these electrical safety steps; it could save your life, or the lives of first responders and utility personnel working in the area:

If you experience flooding on your property:

  • Do not assume that the area affected by the flood is safe.
  • Stay out of your basement or property if you know or suspect water has risen above the level of electrical outlets, baseboard heaters, furnace or was near your electrical panel. Electricity can move through water or wet flooring and cause a severe electrical shock.
  • In the event that flood water has risen above outlets, baseboard heaters or your furnace, covered power cords, or near the electrical panel, contact your local electric utility immediately and arrange for them to disconnect power to your home.

If flood water contacts the electrical system inside your home, cottage or other buildings on your property, it may be damaged and you need to follow these safety steps:

  1. If the flood water has risen above outlets, baseboard heaters or your furnace, covered power cords, or above or near the electrical panel you should have your electrical system assessed and repaired by a Licensed Electrical Contractor (LEC).
  2. Do not plug in or attempt to use electrical appliances contacted by flood waters until they have been checked or serviced by a Licensed Electrical Contractor or appliance service provider. Call a Licensed Electrical Contractor, or contact the manufacturer or dealer for the nearest service location.

Assessing the safety of your electrical system after a flood
ESA strongly recommends you hire a Licensed Electrical Contractor to evaluate your home’s electrical system to determine if it is safe. You can find a Licensed Electrical Contractor at www.esasafe.com in the Customer section under Hire a Contractor.

  • The contractor will file for an electrical permit with the ESA so there is a record of the work;
  • When the contractor completes the work, the contractor will notify ESA and the ESA Inspector will confirm work has been done safely and power can be reconnected;
  • ESA will inform the utility that it is safe to reconnect; the utility will reconnect when it is able to do so.
  • After the work is done, ask the contractor for a copy of the ESA Certificate of Inspection for your records and insurance.

ESA reminds all homeowners and businesses, including restoration companies, to ensure that power has been disconnected to the entire property before entering to avoid shock and electrocution. This includes flooded basements and outbuildings that contain electrical equipment or are connected to the electrical system.

For more information or to find a Licensed Electrical Contractor in your area visit www.esasafe.com and use the Contractor Look Uptool directly from the homepage.

About the Electrical Safety Authority
The Electrical Safety Authority’s (ESA’s) role is to enhance public electrical safety in Ontario. As an administrative authority acting on behalf of the Government of Ontario, ESA is responsible for administering specific regulations related to the Ontario Electrical Safety Code, the licensing of Electrical Contractors and Master Electricians, electricity distribution system safety, and electrical product safety. ESA works extensively with stakeholders throughout the province on education, training and promotion to foster electrical safety across the province. More information on the Electrical Safety Authority can be found at www.esasafe.com, throughhttps://twitter.com/homeandsafety and on Facebook at www.facebook.com/ElectricalSafetyAuthority.

SOURCE Electrical Safety Authority

Court dismisses appeal in $65 million fraud case targeting B.C. seniors

By Camille Bains

THE CANADIAN PRESS

VANCOUVER _ British Columbia’s top court has refused to overturn the case of a former mutual funds salesman who defrauded hundreds of seniors by selling them $65 million in exempt securities.

David Michaels appealed a $17.5-million fine imposed by the B.C. Securities Commission, which found he illegally and fraudulently advised 484 people without being properly registered to sell securities.

The commission also ordered him to pay back the $5.8 million he earned in commissions and marketing fees for securities by advising seniors to sell their stocks, bonds and mutual funds to buy high-risk exempt market securities, which can be sold without filing a prospectus, and insurance-based investment products.

The B.C. Court of Appeal has upheld the commission’s findings of fraud and misrepresentation and the imposition of the fine in separate decisions for Michaels’ activities between 2007 and 2010.

Michaels promoted his business through 45-minute weekly infomercials titled “Creating Wealth with David Michaels” on a radio station in Victoria, saying he loved helping seniors make money.

However, the court says almost all the investments are now worthless and that many of Michaels’ clients have had their financial futures ruined.

“He told his listeners that the average age of his clients was 72,” the decision says, adding Michaels also held seminars in hotels and that his brochure described opportunities to earn an income without any stock market risk.

He also said clients could build their wealth by owning real estate, double their retirement savings every six years and have a guaranteed income that would last the rest of their lives.

In an August 2014 decision, the commission described Michaels’ actions as a textbook case of improper sales practices “that so violate the principle of investor protection and so seriously damage the integrity of our markets.

“Michaels preyed on clients by frightening them and misleading them into leaving the comparative safety of traditional capital markets for the far riskier part of the exempt market.”

The Vancouver Island man’s actions damaged the confidence of investors in both traditional and exempt markets because he portrayed himself as an experienced insider but operated on deceit, the commission said.

Spokesman Richard Gilhooley said Michaels has not paid the commission any of the $5.8 million he earned by bilking clients, nor has he paid the $17.5 million fine.

Gilhooley said the commission has the option of pursuing the money through B.C. Supreme Court but has not yet decided whether it will do so.

Investors would split any money the commission receives, he said.

canada-press

DID CAPTAIN KIRK boldly go where he shouldn’t have gone?

Read more

IBC Applauds the Government of Canada’s Commitment to Fighting Climate Change

Insurance Bureau of Canada (IBC) congratulates the Liberal Government on its first budget and applauds its commitment to addressing climate change.

“The budget shows a clear and strong commitment to fighting climate change. IBC is committed to working with this government to strengthen communities facing increasingly severe weather events stemming from climate change,” said Don Forgeron, President and CEO, IBC.

As the recent report from the Parliamentary Budget Officer highlighted, the financial costs to the Federal Government due to natural disasters, which are linked to climate change, are far greater than previously estimated. That is why IBC continues to call for a collaborative national flood program that will provide a framework for the financial management of flood risk, with shared responsibilities between the insurance industry, all tiers of government and consumers.

Budget 2016 shows a commitment to building climate resilient communities in Canada. This is highlighted by the investment in helping grow Canada’s clean economy while helping communities prepare for severe weather events.  One particular example is funding of a Province of Manitoba project to regulate lake levels and provide flood protection to individuals, businesses and communities around Lake Manitoba and Lake St. Martin.

Building a country that is resilient to flooding requires a multi-pronged approach. Aging infrastructure needs to be upgraded to enable it to withstand the increased precipitation. It is also vital to inform Canadians of the physical and financial consequences of floods.

“Now is the time for action. Climate change is a real and present danger costing governments – and Canadians – hundreds of millions of dollars every year. Because Canada is the only G7 country without a national flood program, Canadians, our government and the insurance industry are dangerously exposed to severe weather risks. We look forward to further working with this government to help minimize the costs to taxpayers and better equip Canadians for the effects of climate change,” added Forgeron.

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.

If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE Insurance Bureau of Canada

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest