8 Easy Ways to Reduce Risk Exposure at Your

Business

Lana Hunnie Commercial Account Executive and Partner here at Capri Insurance has complied this list to help

reduce risk exposure at your business to help save you money and headaches!

#CoverYourAssets

#CoverYourAssets

Legal Expense • Situations arise from the

ownership of a business which can result in legal fees which are not insured ie: contract disputes, employee disputes, tax law disputes with Canada Revenue and customer collections issues. Legal expense coverage is now available for these types of issues and starts as low as $ 250 per year.

#CoverYourAssets

Directors and Officers Liability • Employment practices

create a significant exposure to law suit: failure to hire, wrongful termination, disagreeable work environment, sexual harassment. It is important to follow the government regulated employment practices and document your employee file.

#CoverYourAssets

Waivers • Do you have liability

which you can transfer via contract or waiver? Ie: review your operations and create contracts/waivers which advise your client you won’t be liable for: liability for hazards which are known and accepted by your client, chattel which is left on your property to undergo a service. Use limitations of liability when creating your waiver.

#CoverYourAssets

Loss of Operation • What would you do if your

business was shut down because of a loss? Have a risk management plan in place in the event of an unforeseen catastrophe which could shut your business down for an undetermined length of time. Enquire about insuring loss of business income, extra expenses and contingent business interruption.

#CoverYourAssests

Professional Services Do you provide services

which would be considered professional? The standard general liability policy excludes liability arising from: rendering and failure to render professional advice and/or services. It is important to know this coverage is not automatically included in your insurance so that you can make other arrangements ie: contracts which limit liability and separate professional liability insurance policies.