Business Insurance Checklist for COVID-19
Each business is different and requires its own protocols to prevent and or reduce loss and keep its insurance policy in good standing so that in the event of a loss the policy responds as anticipated.
A jewellery store requires different treatments than a private school, versus a restaurant, a nonprofit, or a commercial landlord.
During COVID-19, the general advice applies to the majority of commercial risks. These general guidelines can help you derive additional methodologies based on your situation.
Alarm System
Do you have an intrusion alarm ? If so make sure that it is fully functional. If not, consider installing a video camera that is linked to a cell phone, which will prevent someone staying in your premises undetected.
Warranties
Many policies contain alarm warranties. You must adhere to any warranties in your policy so as not to void coverage.
Water Loss
Can you turn your water off at the main valve? This would not apply to buildings or premises with sprinklers or boilers that require water.
Precipitation
Every spring we see roof drainage systems malfunction for a number reasons. Water detected early can mean the difference between a small claim and a catastrophic loss. Perhaps your inspections can be more frequent in these weather conditions.
Basement
If you have space below grade, make certain that water damage is not an issue by conducting frequent inspections. In some areas, sump pumps are critical, make sure your pumps are working. Consider an alarm system advising of a high water volume in the sump pump vestibule.
Lights
Leave them on, and consider using timers to create the impression that the premises is being visited. Test exterior and internal lighting weekly.
Equipment
If you have heavy machinery, for example, forklifts, bring them inside if possible, if you normally store them out in the open. Disconnect ignition and electrical systems and consider alarming equipment if left in the exterior to prevent theft
30 Days Away From Your Business is Considered Vacancy
Regardless whether or not you are operational your insurance will respond. Proviso, if you are not in your premises for 30 days your premises can be considered vacant. At this point, coverage ends, unless a vacancy permit has been granted by the insurer. This is an area where we are uncertain as to whether or not the insurers will waive this condition given the special circumstances. You must advise us of a vacancy situation at the 30 day point of vacancy. If insurers change the traditional 30 days rule on vacancy, we will advise you.
Other Individuals on Site
Are there any maintenance staff, cleaning staff, security, or administrators periodically on site? These are another set of eyes to look for problems on your behalf.
Buildings Under Construction
If you are currently building or renovating a structure it is important to recognize most course of construction policies have a 30 day cessation of works clause. If your job site is not active for a period of 30 days or more we must notify the insurance carrier and have them agree to a special arrangement of coverage.
If You Are In a Large Complex Tenancy
Usually larger complexes have security on staff. Speak to the security coordinator and understand their protocols
Periodic Drive By
Inspect your premises visually from the exterior if this is the only option. Keep the exterior of the building free from any trash, debris or flammable items. If extreme weather does occur, set heat to function at a minimum standard of temperature.
Security Hire
If you don’t have a security service, you may want to consider hiring a security service for nightly visitations.
Have a Protocol in Place
Discuss with your senior staff who is responsible for reporting situations to initiate action, if action is needed. You should have an emergency Response team that can communicate with one another.
Valuables
If you have valuables such as artwork, sculptures, we suggest that you remove these items.
Check of Premises:
- Eliminate spoilage materials in stock
- Make certain that all fire protection equipment is current and functioning.
- Remove flammables from your general work area and store them in an approved area and in approved containers.
- Check all generators and pumps for fuel and operational condition.
- Shut down process support equipment and lock out idle equipment
- Remove any electronics or other targets from your premises, as they could be a target for theft. More reason for a security system, if you don’t have one.
- Remove all sensitive valuable business papers, documents or data (that is not in the cloud). Make certain that they are secure, perhaps off premises storage.
Premiums and Leniency
Some insurers have indicated that for those clients on direct bill they may be willing to grant some leniency with respect to payments. We have only been told that insureds can call the billing department shown on their direct bill insurance documents and perhaps make more palatable arrangements.
There are undoubtedly additional techniques you can utilize. Hopefully reading these well activate your thought process re risk prevention and mediation.
As the situation changes we will be in contact with you.
Have questions? Get in touch, we are here for you.
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Dance Studio Insurance
To ensure that you have the proper coverage for your dance studio, we will work with you to cover all of the bases. Managing a small, thriving business is hard enough, we will get you covered on the insurance side.
Martial Arts Studio Insurance
When looking for the right insurance coverage for your Martial Arts club, make sure you have the right coverage for you, instructors, and students. Many policies offer “full coverage” while excluding liability coverages; which in the event of a claim will leave you vulnerable to financial losses. *Excludes MMA
Laundromat Insurance
There are more hazards than suds in a Laundromat. Machine malfunctions, ruined clothing, slip and fall liability are just a few of them. However, one of the saddest situations we ever heard was a situation when one hard-working laundromat owner only dutifully insured his washers, dryers and pressers.
Car Wash Insurance
How long will your Markham auto wash business last if you can’t wash any cars? This is just the type of question that car wash insurance can answer and protect you from.
Autofleet
Our commercial agents will be able to find the most comprehensive product at a competitive price for your unique needs. With our exposure to a wide range of insurance companies, we are able to get the most competitive premium for your vehicles.
Contractors Insurance
As a contractor, each job you win brings in extra money but it also brings extra risk. The same contractor’s insurance that protected you for a one-man project may not protect you during your new multi-year commercial deal.
Electrician Insurance
Even when an electrician finishes a job, there is plenty more work to be done. You may have tightened up the last wires and flipped the switch but the liability from your work goes on and on. That is why you need a great electricians insurance policy.
Commercial Farm Insurance
Farming is hard work. We get it. We want to make it easy to make good insurance decisions. We will work hard to make sure you are covered with the right coverage that fits your needs.
Property Management
When establishing yourself as a professional property manager, it is important to acquire appropriate insurance to protect your business, yourself and the properties you manage for others.
Restaurant Insurance
As a restaurateur, you know that there are many ingredients needed to run a successful business. Don’t get caught overlooking a critical piece by exposing your restaurant to unneeded risks–get a restaurant insurance policy.
Convenience Store
When an employee steals from you it hurts. In addition to being a violation of trust, it costs you. Not only does it hurt because of product loss but it can result in higher insurance costs because of persistent claims.
Salon & Barber Insurance
If you already own a salon or barbershop then you already know how seriously your clients take their hair and looks. You probably also know the growing number of lawsuits being filed by some dissatisfied clients.
Law Firm Insurance
Your law firm deals with liability every day as part of its business but have you taken care of the liability in your business? A lawyers professional liability policy can give you the peace of mind that your firm can survive a lawsuit arising from a liability claim.
Montessori School
One thing that a Montessori school and a Montessori insurance program have in common is that no two are created equal. Finding the best Montessori school insurance coverage requires some due diligence and asking the right questions. We can help.
Auto Dealer Insurance
As an auto dealer, you have some obvious risks since the value of your business sits on display in showrooms and on open lots each day and night. But does your auto dealer insurance policy also consider the liability inherent in business transactions?
Towing & Recovering
Your liability in towing and recovery comes from the vehicles you drive, the cargo you tow and the property you garage. Each poses risks that you can protect against by having the right towing business insurance coverage.
Airbnb Hosting
If you are managing one or more Airbnb properties, you may need more than the insurance coverage that is offered by Airbnb. Extra insurance will help you in the event of flooding, theft or personal injury by Airbnb guests. Make sure you learn the facts and get the coverage you need.
Board Member Insurance
Do you serve on a board of directors? Whether it is paid or volunteer, you are in charge of the direction of a particular organization and can be held liable for financial losses, wrongful dismissal, discrimination, breaches of environmental or tax law and more. Make sure you have the proper insurance coverage.
