Every business has unique requirements.
Your commercial insurance should be designed to protect against the most prevalent risks to the assets and capital in your business. At HIG, we can help you itemize and quantify those risks, and determine the level of coverage you should consider.
Insurance against property damage or theft protects the physical assets that support your business including buildings, equipment, vehicle fleets and inventory, as well as intangible assets such as licenses, patents and accounts receivable.
Every business is exposed to liabilities and should be protected against the minor as well as the major ones including personal injury, product failures or negligence.
Group health and benefits insurance can help to improve employee retention and well-being thereby reducing the cost of turnover and lost time.
Net Income Loss
Some businesses are exposed to specific perils that are beyond their control and that would cause critical damage to the viability of the business. For example, a food services operation might insure against a major electrical outage that would result in spoilage of their inventory.
Our experienced commercial insurance agents can help you understand the risks and exposures
in your business, and advise how to reduce claims. We'll review the exposures and suggest an insurance mix that takes your risk tolerance and financial picture into account.
The following are examples of common risk drivers:
- Heavy reliance on limited sources of income
- Dependence on one or a few people to run the business
- Elaborate and specialized physical assets
- Extensive international operations
- Sensitivity to factors outside your control, such as weather and commodity prices
- Labour unrest
- High levels of inventory
- Large vehicle fleets
- Rudimentary workplace health and safety practices
- Dangerous materials handling