Was 2013 a good year for your business? Did it grow? Did it shrink? Did it stay about the same? Each of these scenarios bring with them a certain set of challenges including new business risks and with 2014 here, now is a good time to re-examine your company’s exposures. Let’s take these three scenarios one at a time…
Ottawa - January 20, 2014 - Was 2013 a good year for your business? Did it grow? Did it shrink? Did it stay about the same? Each of these scenarios bring with them a certain set of challenges including new business risks and with 2014 here, now is a good time to re-examine your company’s exposures. Let’s take these three scenarios one at a time…
You’re Growing – Fast!
Congratulations. The orders are pouring in and your business is tracking above its growth target. But this can lead to new and dangerous risks to your company. For example, depending on the size of your business, rapid growth could mean that your human resources department (or person) is running as fast as they can. That can translate into employee documentation errors including mistakes with their benefit plan forms, etc. Mishandled employee benefits are one of the leading causes of lawsuits launched by workers against their employers. Does your current insurance policy offer protection for this type of risk?
You’re Shrinking – Fast!
I’m sorry to hear that. The changing marketplace and a challenging economy have taken a toll and now you are in the red. This too can create new and unexpected risks. I’ve seen frustrated employees in struggling companies lash out on social media against what they considered to be predatory practices by the competition. That led to accusations of liable and a threat of a lawsuit. Does your current insurance policy offer protection for this type of risk?
The Old Status Quo
So, not much is happening, huh? Revenues are the same. Your business’s scope of operation is the same. Same customers. Same product. Well, that may feel like a pretty comfortable place to be however just because your company is humming along doing what’s it has always done, the world around you hasn’t stopped. Property values continue to climb. City bylaws governing buildings and operations continue to evolve. When was the last time you had a professional appraisal performed on your property? And is your insurance policy designed to respond to the latest city bylaw changes relating to business location and building safety? Does your current insurance policy offer protection for this type of risk?
With the New Year upon us, now is a good time to revisit your company’s strategic plan and take a fresh look at the risks it is facing. And if you’d like to know if your current insurance policy is offering the protection you need, please contact me and I’ll be pleased to partner with you to ensure you’re properly covered regardless of how your business is tracking.
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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