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3 Potential Gaps in Your Business Insurance Coverage

3 Potential Gaps in Your Business Insurance Coverage
Business insurance protects you and your company in the event of a claim or lawsuit. You’ve worked hard to build your business, and we’d like to offer you three often overlooked insurance coverage options.

Employment Practices Liability

Wrongful dismissal laws vary from province to province and its critical that businesses of all sizes be prepared and are protected in the event of a lawsuit.

In recent years, juries have been generous, awarding enormous amounts to wrongfully terminated employees which could have a crippling impact on a business. 

Cyber Insurance

If your company has an internet presence, collects information online or stores information in a computer system, then your business needs to be protected against hackers, viruses and data breaches. Here are some startling statistics:

-         Approximately 70% of Canadian businesses have been victims of a cyber attack with an average cost of $15,000.  [1
-         Police reported cybercrime in Canada leapt from just over 15,000 to nearly 24,000 in a two year period. [2
-         In a recent survey, 17% of Canadian small and medium-sized enterprises reported that their business would halt practices immediately if they lost access to their digital files. [3

Professional Liability

Even the smallest of business can have the potential for big risks. If you operate your business from your home, your house insurance policy may not cover all losses related to your business in the event of fire, theft or damage. Additionally, if your business gives advice or provides a service, professional liability will provide you with peace of mind knowing you’re covered from the economic consequences of rendering or failing to render some professional service.

While these are only three examples of potentially overlooked business insurance options, to ensure your business is protected, it’s crucial to keep in regular contact with your insurance professional. Please reach out to us anytime to arrange your business insurance review. 1-800-679-2640, or email us at