Think back to the biggest sale your company made last year. What was its dollar value; $5,000...$50,000...$500,000? How much time did you and perhaps your team put into making that sale happen? Was it a few days or maybe weeks? Perhaps it took a couple of months and many meetings. When it comes to the biggest transaction of the year, you want to make sure that everyone understands what they are getting, when they are getting it, what to expect and what it will cost.
Ottawa - October 9, 2013 - Think back to the biggest sale your company made last year. What was its dollar value; $5,000...$50,000...$500,000? How much time did you and perhaps your team put into making that sale happen? Was it a few days or maybe weeks? Perhaps it took a couple of months and many meetings. When it comes to the biggest transaction of the year, you want to make sure that everyone understands what they are getting, when they are getting it, what to expect and what it will cost. Effort in = results out. If that's the case, how is it that perhaps the most valuable contract your business signs every year is sometimes given the least amount of attention?
Think of your commercial insurance policy as one of the most important contracts your company will sign every fiscal. After all, if triggered, it certainly could mean millions of dollars to your business. Almost every commercial insurance policy includes multi-millions of dollars in third party liability coverage for property damage and bodily injury. The policies often include hundreds of thousands or even millions of dollars to protect your company's property. It should also include reimbursement designed to keep paying your salaries and bills should your business be interrupted for a length of time. When you add up all of the potential payouts from this one contract (payouts which could very likely save your business from financial ruin) doesn’t it make sense to spend more then just one hour a year with your business insurance broker?
One of my clients runs a high-tech start-up and things have really taken off. The company now finds itself with opportunities not only in Canada but also in Europe and there are many different paths they could choose. In the course of a year, I’d guess that we’ve sat down together about four or five times just to explore possible exposures and costs for the various business scenarios. Ultimately, my client may not make a $500,000 business deal this year but his insurance protection, valued at more than $25,000,000, is not in question...it's a done deal.
So the next time your broker needs an update in revenues or suggests that you meet for a review of your business operation, remember that this is a valuable partnership between your business and your insurance broker and it's worth time and effort on both sides. After all, it could be your company's most important contract of the year.
Lorne Wiebe is a well known former Cornwall broadcaster. Even though he now calls Ottawa his home, he has a special affinity for Cornwall and SD and G. He now works at Rhodes & Williams Insurance Ltd. and partners with the local business community to help them deal with their day to day risks. If you have questions or wish to contact Lorne, you can email him at Lornew@rhodeswilliams.com
Presented here is a general article about insurance. The discussion is general in nature, and does not constitute insurance advice. This is not intended to be a description of coverage, and does not include details of the coverage nor the terms, conditions, qualifications, limitations and exclusions applicable. Policies should be reviewed in their entirety and related to your specific operations. Many insurers permit changes (Changes to insurance policies are usually called 'endorsements' or 'riders') in their limitations or exclusions to match your specific requirements. As insurance advice must be tailored to the specific circumstances of each situation, nothing provided herein should be used as a substitute for the advice of a competent insurance broker. IN NO EVENT WILL RHODES & WILLIAMS LIMITED BE LIABLE FOR ANY DAMAGES WHATSOEVER, INCLUDING SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, ARISING OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF THE INFORMATION PRESENTED IN THIS DOCUMENT.
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