The most common types of commercial insurances available by the average commercial insurance broker are: property, liability and workers’ compensation. In general, property insurance covers damages to your business property; liability insurance covers damages to third parties; and workers’ compensation insurance covers on-the-job injuries to your employees. Depending on your business, you may want additional specialized coverages. Listed below are some of the different types of business insurance. PROPERTY INSURANCE Property insurance pays for losses and damages to real or…

Indemnity Insurance compensates the beneficiaries of the policies for the actual economic  loss up to the limit indicated on the insurance policy. It generally requires the insured to prove the amount of the loss before recovery can be made. Recovery is limited to the amount of the proven loss even if the policy limit is higher. Whereas upon the death of the person who’s life s insured for reasons not excluded on the policy, the insurer is obligated to pay…

Builders Risk Insurance is a type of property insurance which provides coverage against damage to buildings while under construction.  Builders Risk insurance is coverage that protects contractors/organizations insurable interest in materials, fixtures and equipment being used during the course of construction  or renovations of a building or structure. Coverage  is typically during the course of construction and terminates when the project has been completed and ready for occupancy. Most   Builders Risk policies are from six months to  12 months and…

One question I receive quite a lot from outdoor enthusiasts and those with vacation properties is “if I buy an ATV, do I need to insurance it?” and the answer in short is yes.  ATV insurance is mandatory in Ontario (subject to certain exceptions) and runs very much like automobile insurance be it at that the insured is legally obligated to carry $200,000.00 liability coverage should he/she plan on driving their ATV on public roads.  Just because the legal requirement…

The RIBO (Registered Insurance Brokers of Ontario) is the legislative body for the insurance industry which governs all decisions from mandatory auto coverage’s to handing out suspensions of licenses to brokers who have shown poor judgment when dealing with the general public.  All of the RIBO guidelines and policies can be found online at www.ribo.com for those who are interested in finding out more about our legislative body.  It is mandatory that all brokers have at least some form of…

With the cost of living in Toronto being so high today, it’s no wonder that individuals are reluctant to purchase renters insurance in Toronto.  But did you know that renters insurance is a very affordable coverage that, when bundled with auto insurance, can sometimes cost you no extra than the auto insurance would cost by itself, sometimes even cheaper?  That’s right, when purchasing renters insurance, you can save up to up to 15% on your auto insurance for coverage that…

This is a common question that often times, is incorrectly answered by unqualified individuals. If you own a business (contractors, manufacturers, building) residential, commercial or vacant land, etc., you require this coverage to protect you against claims that may arise. I will try to explain this coverage and the necessity of it without getting into too much legality so the average person understands it. Commercial General Liability insurance protects you if a third party – customer or visitor, is injured…

Under employer, and union-sponsored plans, the employer or union typically pays all or part of the cost of the premiums. Under an association plan, though, the members pay the full cost. Nevertheless, the cost of such coverage is usually lower than it would be if purchased under an individual contract, because administration costs are less for group plans. What Is Covered? Your group insurance plan will provide you with a certificate and/or a booklet that outline the  key features of…

There are many misconceptions about auto insurance in Canada, so I thought I would highlight a few of them and try to clear them up for you in today’s blog.  Insurance (especially auto) seems to be a topic of conversation for many people out there however over the years when i’ve heard people talking about it, I will say that the perception people have and the actual truth vary quite a bit. I think this is obviously due in the most part to…

Just like the change in seasons so comes the winds of change in the insurance industry. Over the past few years we have begun to see the erosion of business from the independent broker channel to direct writers. Why is this occurring? Can it be stopped? And if so, what is the cost of this to the smaller brokers within the industry who refuse to change or do not have the skills to implement what is needed? TSG – conceptually – began its transformation…

When I reflect back on what I have been through, the good and the bad, I have no regrets. You may ask yourself “Well what about all the tough times, down times and times you felt lost?” And to be honest, those are the times I cherish and value the most. They have really shaped me into the man I have become today, and It was because of those things that I developed the confidence to run a successful business….

Everyone in the insurance industry enters into it one of two ways…. either you were born in into it or you “fell” in. I did both. My entrance into this industry started when I was a kid hearing my father tell my mother about his day at the dinnertable and work would always come up. One could say it was inevitable that my career would end up being filled with policies and wordings. Would You Like Fries With That? When college ended…

When it comes to fire prevention, most people don’t realize how much of a risk is posed by outdoor potted plants. It isn’t until an accidental fire occurs that you’ll wish you had bought the proper home insurance or landlord insurance. In the last several years, fire departments throughout North America have reported a higher than average number of fires – some serious – caused by potting soil catching on fire. This new trend of accidental fires is mainly caused…