Most business owners understand that assets vital to the success of the enterprise should be insured. Premises are routinely covered for fire and/or theft; vehicles used to make deliveries, insured; machinery needed for manufacturing, also insured. Given that these tangible assets are instrumental in the success of the business, it makes good business sense that the business is protected in the event of a loss. But what about key employees? Many business owners overlook the impact on their business should a key employee die unexpectedly.
If you own or manage a company whose continued success is dependent on key people (it might even be you), it would be prudent to insure all key personnel whose death or incapacity would negatively affect profitability. Key persons are those who contribute to the continuing success and profitability of the enterprise.
What happens when an owner or key person dies or becomes disabled? Read more
When it comes to protecting your home and ensuring you’ve got the right insurance coverage, there are a number of areas that are easily overlooked in high-value homes.
Many high-end homes include unique upgrades—there is a big difference between marble tiles that you can find at the big-box retailers and custom-made marble tiles that are chosen for their colour and thickness from a quarry in Italy and flown overseas. The same goes for hardwood floors—if you have a rare or exotic hardwood that has to be imported, you will want to make sure that your insurance broker knows and includes that in your insurance policy. If you have a unique or expensive chandelier, you’ll want to let your broker know that as well, so that it is specifically included in your insurance policy.