Protect My Business

Obtaining sufficient, affordable insurance is a growing concern for many businesses. Although other types of insurance have attracted most of the publicity, the cost/adequacy/availability of business insurance coverage is an issue, as well.

Ensuring that you have enough coverage to protect your business deserves attention from you and your advisor. At the same time you are busy focusing on your business. Godfrey Morrow Insurance and Financial Services Ltd. can focus on saving you both time and money while getting you the proper coverage.

Use our Web-site or contact us for more information on how we can help protect what is important to you.

Commercial Auto Insurance

If you carry tools or equipment to a job site, make deliveries or have attached equipment, you are likely to need commercial auto insurance. Insurers have specific ratings in place for different types of commercial use, and we can make sure you are covered correctly.

  • Are my business contents or tools insured while in my vehicle if I do not have coverage for them on another policy? – No. Auto insurance does not cover property that is not essential to the operation of the vehicle. Make sure your property is added to your commercial policy.

  • I don’t use my vehicle for work; I use it only to go to the job site and home. I was told that because I carry tools, I must have a commercial auto insurance policy. Is this true? – Carrying tools to and from a job site does require a commercial policy. The rates are not that much different from those of a personal policy, and sometimes they’re even lower.

  • I have driven the same type of vehicle for an employer, doing the same type of job, yet now that I have started my own business, my premiums have increased dramatically. Why? – Some insurers do not accept previous experience with employers, taking into consideration only your experience as owner. We do have some insurance companies that will accept your history as an employee, and we will be glad to quote them for you.

Oil & Gas Insurance Package

Whether you are a consultant, battery operator or contractor working in the oil and gas sector, you will be required to carry insurance, usually a minimum of $2 million in commercial general liability. Limits can go as high as $10 million in some cases. At Godfrey-Morrow, we are committed to finding the policy you need at the best price.

  • Why do I need to purchase commercial general liability insurance? – Your contract will require the insurance, but that’s not the only important consideration. A good liability insurance policy will protect you against claims that you have caused with regards to damage to property or persons. Do check your contract for the minimum coverage required, but be aware that the amount specified may not protect you adequately.

  • Why does the company require me to have insurance? Does it cost anything to have the company added to my policy? – The company is protecting itself from being named in lawsuits, should you be held accountable for any actionable issues while working under contract. Adding the company to your oil and gas insurance policy should cost you nothing.

  • Is this the only coverage I need to purchase? – No. If you are a consultant, you are providing advice and are not covered for any damage resulting from that advice. For protection, you need to purchase errors and omissions coverage. If you have tools or equipment that you carry with you, property insurance is another consideration. This can usually be added to your policy for an additional premium, if not already included.

Office Insurance Package

Almost every office has a liability exposure. Clients will be coming into your office, bringing with them plenty of opportunity for mishap. A runaway cart full of files or a door that opens suddenly could knock someone over. A wrinkled rug could cause someone to trip and fall. Clients aren’t your only concern, however. Office equipment may be the target of theft or be destroyed by fire. Purchasing a package has the greatest potential to cover all of your insurance needs at the best premium.

  • My lease requires a certain limit of liability insurance. Is this all I should purchase? – Really, the answer depends on your risk tolerance. If you have a busy office, you may want to consider purchasing more liability insurance, since the chance of a claim is higher. Remember that you will be responsible for any claim payout that exceeds your liability limit.

  • How much coverage do I need to purchase for my contents? – To determine your limit, you need to a little homework. Calculate the total value of all contents; look at your lease to see what you are required to cover regarding tenant’s improvements; add in all of the hidden things, such as wiring for your computers; and then add a buffer. This should give you a fairly adequate idea of how much office insurance you need.

  • What other types of insurance should I look into? – When you purchase a package, it generally includes most of the coverage you’ll need. As you check your lease, however, you may notice that other insurance, such as plate glass or business income coverage, is required. Make a note of those and discuss them with your broker. You may also want to investigate directors and officers insurance, as well as errors and omissions insurance.

Retail Insurance Package

A retail insurance package protects your stock, fixtures and fittings, leasehold improvements and even cash assets. But the coverage doesn’t stop there. Slip-and-fall claims are among the most frequent that retailers must deal with. Liability coverage, included in your insurance package, protects you from these types of claims.

  • The shopping centre compels me to carry insurance limits beyond what I believe is necessary. Why does it require this? – Unfortunately, when a claim is filed, every entity that can possibly be involved will be called into the lawsuit. The shopping centre wants to be certain that your insurance will pay for a large claim because its insurance may have to pay out should your limits be inadequate. The centre will also want to be added to your policy to further protect itself against claims.

  • I have a small store that has to compete with the big-box stores, and I need to keep my costs down. Will insurance be too much for me to afford? – When you purchase a retail insurance package, you will generally get most of the coverage you require at a fraction of the cost. Premiums start as low as $45 a month in some cases.

Contractor’s Insurance Package

For contractors, claims can come from just about anywhere. Theft of tools is one of the most common claims we see, and often the coverage is inadequate for these claims. In addition, if you installed something and it causes damage, even years later, you may face a claim. Even if the cause is a manufacturer’s defect, you may still be called to defend yourself against a claim.

  • How can I prove what tools and equipment I had before a loss occurred? – The easy way to do this is to use a video camera to document your tools and equipment every couple of months. Do a running commentary if there is anything unique about particular items.

  • How much contractor’s insurance coverage do I need to purchase? – For tools and equipment, you need to purchase a limit high enough to replace everything should you have a total loss. Insurance policies have clauses that will limit your claim payment if you do not. You are the expert and know the cost of your tools and equipment better than we do, so we will ask you to specify the limit you require.

  • I just want to take out insurance for one job that requires it. Can I do that? – You can do that, but it will cost you more in the long run. Insurance companies will start to impose minimum retained premiums if you keep canceling your coverage after jobs are finished. You will also have no coverage for your other work or for any claim that falls outside the dates when you were insured.

Non-Package Commercial Insurance

Not everything fits in a tidy little package. This may be the case for you. Because larger risks require more extensive analysis and coverage, doing a complete review of your commercial insurance needs is the best practice. Call Godfrey-Morrow and let us spend some time exploring your specific circumstances.

  • Why can’t I get a package for my business? – Packages are meant for small to medium-size businesses in specific categories. For specialty risks and larger businesses, it is better to have a complete review and build a policy that suits the individual needs of the business.

  • I have several businesses or risks under different names. Should I put them together or insure them separately? – There are two trains of thought on this. One is to keep everything separate for accounting purposes and separation of claims. You will still get discounts for having multiple policies. On the other hand, you may save a little more money by putting them all under one policy. The disadvantage is that claims will affect the whole policy and may cause a premium increase on renewal. Either method is an effective strategy.

  • I deal with products and companies all over the world. Will this be a problem? – This is common in today’s business environment, and we have several insurers that offer worldwide coverage as well as defense costs.

For more details on any of the products we represent, contact us and we’ll reply within one business day.