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The Reason You'll Need to Invest in Secure Special Event Insurance

Mackay Insurance in Belleville and Napanee explain why you need to invest in Special Event Insurance.

The Reason You'll Need to Invest in Secure Special Event Insurance

It is exciting to watch our world open back up following the pandemic. Now, finally, we are seeing local special events happen again.

Are you making plans to host a special event? Do you have a private special event such as a wedding or birthday celebration? Is your business planning a grand reopening? Is your charity planning a nonprofit fundraiser?

Whether your event is local or virtual, you need to be sure your investment is protected by carrying special event insurance. Learn what type of insurance you need for your event and be sure it’s a flawless success!

 

Perils & Pitfalls of Virtual Versus Local Special Events

During the last year and a half, we have gotten very used to hosting and attending virtual events for personal and professional purposes. After all, what other option have we had?

But now we have options again. And this requires a consideration of the different risks that accompany these different types of special events. Let's take a look.

Risks of Virtual Special Events

In some ways, virtual special events carry quite similar risks to in-person events. For example, virtual special events can still be cancelled or postponed.

Typically this happens due to a speaker no-show or last-minute cancellation or transmission problems due to technology.

And in other ways, virtual special events actually carry a higher risk than local events do.

An example is the risk of cyber hacking that causes event disruption, such as the "Zoom bombing" that ruined many virtual meetings (and made international news headlines) during the early days of the pandemic.

Virtual events are also unusually vulnerable to other cybercrime activities, such as data leaks and identity theft.

Another thing to consider is whether your virtual event will include the participation of sponsors. Many corporate sponsors require proof of special event liability insurance (at a minimum) before they will sign on to sponsor an event.

Risks of In-Person Special Events.

As you can see, some of the risks of virtual events are the same as live local special events.

For example, there is still the risk of a speaker no-show or last-minute cancellation. There can still be the risk of technology malfunction that leads to event failure.

But there are other risks specific to local events, including the risk of cancellation due to bad weather or damage to the event venue.

There is always a risk that a guest, vendor, volunteer, performer or contract worker will get injured during your event. This risk escalates if you plan to have live music or any types of interactive events or games.

And if your menu includes liquor, your liability may extend to what happens even after your guests leave the premises. Special care is required here to avoid being held liable for any drunk driving accident that may occur after your event ends.

And sponsors will likely require proof of event insurance before signing on to participate.

Risks of Hybrid Special Events.

Hybrid special events include both a virtual and a local component.

An example might be a streaming virtual event from a live event location site. Often this is done with sporting events, conferences and many private events such as weddings and graduation ceremonies.

If you are hosting a hybrid special event, you will want to think through the risks for both components - virtual and local - and be sure you are carrying adequate special event insurance to protect your investment.

 

What If You Don't Know What Special Event Insurance You Need?

If you are reading through this blog post and thinking, "But I don't even know what kind of special event insurance I need”, don’t worry.

Every day, individuals and businesses begin planning an event for the first time. This learning curve is a necessary part of making sure your investment in your special event pays off for you!

So where should you start if you aren't sure what type and level of special event insurance you need?

1. Get your event details down on paper.

The first step is definitely to write down all the details of your special event.

  • What is your event date?
  • When will the actual special event start and end?
  • When will setup and teardown for your special event start and end?
  • What is the schedule of events?
  • Will you have sponsors involved?
  • Will you have volunteers at your event?
  • Will you have performers or vendors at your event?
  • Will your event include sports or interactive activities or games?
  • Will liquor be served?
  • Is your event local, virtual or hybrid?
  • Will your event include or cater to minors?
  • Will you rent a space for your event or host at your own space?

2. Schedule a call with your Mackay Insurance broker.

Special event insurance represents a mere fraction of the investment of time, money and sweat equity you are pouring into your special event.

Once you have all of the details of your special event down on paper, it is time to sit down with your Mackay insurance broker and have a conversation about how to protect your investment.

Here, our shared goal will be to identify the exact components your special event insurance package must include.

This way, you will not end up paying for coverage that doesn't apply to your event. And you will not end up going into your special event with coverage omissions that could leave you vulnerable to lawsuits.

 

Contact Mackay Insurance for Your Belleville and Napanee Ontario Special Event Insurance Needs

Here at Mackay Insurance, our friendly and experienced brokers are delighted to help you plan a successful, memorable and profitable virtual, hybrid or local special event!

Contact us at 613-966-5740 to chat about your special event insurance needs or visit us online for a fast free quote.

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Travel Trailer Insurance Protects Your Home Away From Home

Mackay Insurance in Belleville and Napanee, Ontario, offer travel trailer insurance coverage for all your vacation vehicle needs.

Travel Trailer Insurance Protects Your Home Away From Home

Travel trailers come in all shapes and sizes today. Luckily, so does travel trailer insurance. 

And mobile home insurance. 

And RV insurance. 

And seasonal vehicle insurance!

Sometimes, you just need to get away from it all. To find some peace and calm. To remember why you are working so hard - hustling, skimping on sleep, racing through your weekdays and even your weekends.

The last thing you want is to finally start your long-delayed vacation only to have it interrupted by loss, theft, vandalism or worse. That is what insurance is for!

And that is what this blog post is for too - to help you choose the right insurance for your best vacation yet!

 

What Is Travel Trailer Insurance?

Travel trailer insurance is a specialized insurance product designed to protect three types of year-round or occasional use vehicles.

1. Motorhome

Travel trailer insurance covers Class A, B and C motorhomes.

2. Towed trailer

Examples of towed trailers can include:

  • Pod or tent trailers

  • Travel trailers

  • Hardtop trailers

  • Livestock or horse trailer

  • Trailers

  • Toy haulers

  • Campers 

  • End even fifth wheels.

3. Stationary trailer

A stationary trailer can be a park model or another permanently parked trailer.

 

What Does Travel Trailer Insurance Cover?

As you might imagine, there are different levels of travel trailer insurance coverage.

But the product itself is designed to offer protection in three key areas:

1. The travel trailer itself.

The structure of the trailer is covered against loss, theft, damage, vandalism accident or collision.

2. The contents.

Here, "contents" means anything you have stored in or on the travel trailer itself.

Depending on the scope of the coverage, this might mean anything from your clothing and personal items to appliances inside the travel trailer, to frozen food, perishables and more.

Contents can also mean any belongings stored inside a standalone accessory building or storage unit.

3. Loss of use.

If your travel trailer is lost, stolen, damaged, destroyed or otherwise rendered unusable, your travel trailer insurance will provide you with a substitute vehicle or funds you can use towards your choice of transportation.

 

But Won't My Auto Insurance Policy Cover Me For All This?

This is the tricky part about relying on your existing auto insurance policy to cover your travel trailer as well.

Here in Canada, you are legally required to register your travel trailer, motorhome or stationary trailer. But you are not (at least at the time of publication) required to insure it.

So why purchase a travel trailer insurance policy - especially if you already have a regular auto insurance policy?

For one simple reason: typically, only the liability portion of auto insurance extends to cover the travel trailer as well. And this coverage only applies if the travel trailer is actually hitched to a covered automobile at the time the claim issue arises.

That leaves a lot of in-between where your travel trailer is not protected at all.

 

Coverage That You Only Get With Travel Trailer Insurance

It becomes especially critical to look beyond what a standard auto insurance policy can provide when you are using your travel trailer in certain ways.

Lease Location Protection

For example, let's say you decide to lease a semi-permanent or permanent campsite at an RV park or campground where you park your stationary travel trailer.

Here, it is very important to read the fine print in your homeowners and auto insurance policies before you assume your travel trailer is covered at a leased location.

Fire Damage Service Charges

Or perhaps your travel trailer is damaged or destroyed by fire and the fire department gets involved. Neither your homeowner nor auto insurance policy typically covers fire department assistance charges, which can range up to $1,000 or more.

Vacation Injury Liability

Another all-too-common situation arises when someone gets injured at the vacation site. Who pays for the costs of first aid, clinic or hospital charges for injuries that take place at a temporary vacation site where your travel trailer is parked?

It won't be your auto insurance policy or homeowners insurance policy, that's for sure!

 

What Other Optional Coverages Are Available for Your Travel Trailer?

Sometimes it just takes sitting down and thinking through possible situations and scenarios to start seeing where travel trailer insurance makes smart financial sense.

In addition to a standard basic travel trailer insurance policy, you can also talk with your Mackay Insurance broker about these optional coverages that may apply.

  • Protection against water damage.
  • Additional roadside assistance coverage and benefits.
  • Coverage if you park your travel trailer on a leased site.
  • Coverage if you rent your travel trailer out or are part of a rental share program.
  • Increased coverage for liability.
  • Guaranteed replacement cost for personal items.
  • Guaranteed replacement cost.

This last optional rider is especially important to consider upfront. Should your travel trailer be destroyed, will you have sufficient coverage to replace it in kind?

 

Choose Your Travel Trailer Insurance Before Purchasing Your Travel Trailer

You don't want to invest in a travel trailer only to discover the insurance coverage you need puts you over budget.

Our knowledgeable Mackay Insurance brokers are happy to provide you with a free no-obligation quote on travel trailer insurance for different makes and models of travel trailers.

 

Mackay In Napanee and Belleville Handles Your Travel Trailer Insurance Needs

Do you have fun travel plans for this summer? Canada's summer season is brief and beautiful and you don't want to waste it filing insurance claims!

Not sure what insurance products and coverage levels you really need? Let your friendly Mackay Insurance broker help you review your current coverage to protect your seasonal vehicle! 

Learn more about RV insurance, travel trailer insurance and mobile home insurance from the experts!

Visit us online for a free travel trailer insurance quote or give us a call at 888-853-5552.

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What Is an Errors and Omissions Insurance Policy & Why Do You Need It?

Mackay Insurance explains what errors and omissions insurance is and why it is so important for businesses.

What Is an Errors and Omissions Insurance Policy & Why Do You Need It?

You work hard to make your business succeed. You take pride in your work ethic and the services or products you provide to your clientele.

From this perspective, it can be hard to wrap your mind around the need for errors and omissions insurance coverage.

You have the best of intentions. Your attention to detail is stellar. You hire with care and select your vendors with equal care.

Yet mistakes still happen. 

Even worse, not everyone you work with may be quite so devoted to your company's ideals as you are. An errors and omissions insurance (E&O Insurance) policy is there for both the perils you can imagine and those you can't.

Keep reading to have your business liability insurance questions answered! We also offer free errors and omissions business insurance quotes here! 

 

What Is Errors and Omissions Insurance?

A few blog posts ago, we spent a whole article talking about professional business liability insurance.

If you read that post, you probably remember that one of the products we always recommend to our business clients is errors and omissions insurance.

This insurance product is specifically designed to protect you in two sets of circumstances.

1. When honest mistakes happen.

What is an example of an honest mistake? Let's say someone on your team misses a critical typo in a time-sensitive campaign for one of your clients.

Whether the campaign goes to print and causes your client to lose face with their customer base or the campaign has to be redone and causes delay and loss of sales, you may find yourself faced with an expensive lawsuit.

There are a myriad of scenarios that could occur from one small error or oversight (omission). But errors and omissions insurance protects you from both!

2. When dishonest actions occur.

This is a situation too many honest business owners fail to even consider. You have integrity and high standards and you assume everyone else does too.

Here is an example. Let's say you entrust a team member or vendor with funds to purchase high-end supplies to create your products. But they use the funds to purchase inferior supplies, pocketing the difference.

Your product malfunctions or even causes harm to your clients. The lawsuits start pouring in. You are now potentially on the hook for refunds and damages.

This is a frightening - and all too common - situation where you will find errors and omissions insurance invaluable.

 

What Types of Industries Can Benefit from an Errors and Omissions Insurance Policy?

Does your company produce products for sale or resale?

Are you in the service business, providing:

  • Consulting,
  • Legal or financial guidance, 
  • Public speaking, 
  • Tutoring, 
  • Pet sitting, or 
  • Child care?

Can you see any point from origin to delivery of your products and services where an honest mistake or deliberate omission might potentially occur?

If you answered yes, your business could benefit from errors and omissions insurance protection.

However, there are certain types of industries where taking out E&O insurance is especially warranted and encouraged.

Sometimes these are called the "softer" industries because the product being provided is actually in the form of a service delivered through a human being.

Even with the most meticulous attention to detail and scrupulous employee training, service-based businesses can be particularly vulnerable to mistakes of interpretation.

Here are some examples of industries where E&O insurance is especially necessary:

  • Legal and attorney services.
  • Financial planning guidance.
  • Tax planning and preparation.
  • Advertising and marketing.
  • Public relations.
  • Coaching (life coaching and business coaching).
  • Writing, editing and journalism.

You get the idea. When you and your team essentially ARE the product, you are especially vulnerable to financial harm arising from honest errors or deliberate omissions.

 

Evaluating Your Business's Need for Errors and Omissions Insurance

If you are just now launching your business or are still in the hectic and messy startup phase, it can be hard to envision the need for errors and omissions insurance.

Heck, you are still trying to figure out exactly what you do, how you do it, what works, what doesn't and where your trajectory might take you!

But this is also the phase of your business life cycle when you are most vulnerable to even small errors and omissions. A small misstep at this stage could shut your doors forever.

Here at Mackay Insurance, we guide our business clients to build a firm foundation from day one. Sure, you may be small potatoes in your industry now. But when you take your potential and your dreams seriously, you don't let your imagination stagnate there.

So much of the early days of any business entity are about making mistakes, learning from those mistakes and trying again. Each time, you get stronger, smarter, better than you were before!

That is if you don't go under from a lawsuit from one of those missteps.

At large, stable, well-known companies, this process of evaluating risk and putting protections in place against that risk is known as risk management.

In small, fledgling, start-up ventures, this process is called errors and omissions insurance coverage.

Right now, you just need to know you are protected, and not just from the “oopses” you can imagine or anticipate. You need protection from all the learning curve moments, perils and pitfalls you can't even begin to imagine or anticipate.

Errors and omissions liability insurance is there in your corner to ensure your dream business makes it through its infancy, terrible twos, preteen and teenage years so it can become a big, bold, force to be reckoned with.

This is why E&O insurance is an essential part of your business liability insurance.

 

Napanee and Belleville Clients Trust Mackay for Their Business Liability Insurance Needs

Mackay Insurance is a provider of choice for small, mid-sized and large businesses in and around the Belleville and Napanee areas.

Not sure what insurance products and coverage levels best fit your business life cycle stage? Worried about how to budget for the insurance your business requires? Your friendly Mackay Insurance broker can help you find the insurance policy that works best for you and your business! 

Visit us online for free business insurance quotes or give us a call at 888-853-5552.

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Don't Be Fooled! Protect Your Privacy This Year With Complete Home Cyber Security Insurance

Mackay Insurance in Belleville and Napanee offers Cyber Security Insurance for Home-Based Businesses in 2022.

Don't Be Fooled! Protect Your Privacy This Year With Complete Home Cyber Security Insurance

There are many benefits that come from the rise of global connectivity. But increased home security isn't necessarily one of them.

"But wait!" you may be saying to yourself. "Didn't the internet bring us smart home security systems?"

Yes, it did. But it also brought cybercriminals with an eye towards hacking those same home security systems.

Internet, Wifi, GPS and other digital aids open up a whole new world of potential home security risks. 

Luckily, there is a new breed of home insurance coverage designed to protect you from these risks.

 

What Is Cyber Security Insurance?

We have to admit, home cyber security insurance is a mouthful. So what precisely does this insurance protect you from?

Home cyber security insurance protects you from cyberattacks.

Cyberattack occurs through what is called access points.

Access points are points of entry online where a cybercriminal could breach your home's digital defences.

Examples of access points include your:

  • Smartphone
  • Laptop
  • Desktop computer
  • Tablet
  • Gaming system
  • Network
  • WiFi hotspot
  • Smart home monitoring or security system 
  • And more!

Anything with the ability to connect to the internet is a potential access point where cybercriminals could breach and access your digitally-stored valuables.

Cyber security insurance protects you from these threats.

It is worth mentioning there are two different types of cyber security insurance: 

  1. Commercial cyber security insurance
  2. Residential cyber security insurance

 For the purposes of this blog post, we are addressing the home edition of cyber security insurance.

 

How Does Home Cyber Security Insurance Protect You?

Imagine if you left the house and accidentally left your home's front door unlocked all day.

How calm and focused would you feel running errands, attending classes or sitting at your desk at work once you realized your mistake?

Of course, that is what your homeowner's insurance policy is there for....to protect you in the event there is a breach of premises that causes theft, loss, damage or destruction to your home or property.

Now imagine that, rather than your physical home premises, we are instead referring to your digital home online.

All of the same sorts of risks are present when a digital breach occurs. Yet your existing homeowner's insurance policy is not going to protect you from loss of your sensitive personal or financial data.

Your homeowner's insurance policy won't protect you from the time and financial costs of any of the following issues commonly associated with cybercrime:

  • Initial and ongoing data breach response.
  • Data fraud.
  • Identity theft.
  • Cyberbullying or deception.
  • IoT (internet of things) device implementation or mitigation.
  • Cyber extortion.
  • Costs of system repair, restoration and/and recovery.
  • Digital forensic investigation.
  • Legal and notification expenses.
  • Reparation to other affected parties.

But home cyber security insurance can and will protect you from each of these threats and more.

 

3 Main Threat Protections of Home Cyber Security

Starting this year, Mackay Insurance in Quinte, Ontario, is proud to bring you leading edge digital insurance protection through Cyberboxx Home Edition.

Cyberboxx, newly available here in Ontario, provides three main threat protections to all of our Mackay Insurance customers.

Specialist Cyber Insurance

Cyberboxx provides a standalone insurance product to protect families and individuals from the impact and aftermath of cybercrime.

There is also the potential for employers to offer Cyberboxx protection to their employees as a benefit.

If you are employed, and especially if you are currently working remotely, ask your employer if they will be making Cyberboxx available as an employee perk.

Cybercrime Prevention

If you are like so many today, you are aware cybercrime is a threat but are not clear about exactly how it can happen or how to prevent it.

Digital wellness is a component of Cyberboxx home security insurance. It helps you reduce your personal and family risk of being victimized by cybercrime. This digital wellness starts with knowing the warning signs of a breach.

As a Cyberboxx customer, you will also receive ongoing membership in the premium tier credit monitoring service through Equifax.

Cybercrime Incident Response

Timely detection and rapid response are the two keys to minimizing damage from a digital breach.

In the event of a digital breach, Cyberboxx offers all of their home insurance customers 24/7 support through their incident response team, Hackbusters (TM).

 

Is Cyber Security Insurance Required for Your Homeowners Insurance?

Home cyber security insurance is not yet a requirement for an active homeowners insurance policy here in Ontario. However, if there is one tenet the insurance industry as a whole exists for, it is this: lower risk equals greater savings.

This is especially true for homeowners who may be working from home during the pandemic or permanently. It is also a major consideration if your children attend school online or are homeschooled in a digital environment.

All that to say, it is worth a conversation with your Mackay Insurance broker to find out if adding home cyber security insurance to your existing suite of coverages may net you additional savings.

And for home-based business owners vulnerable to a data breach, cyber security insurance can make the difference between staying in business and going out of business.

 

Mackay Insurance in Napanee and Belleville Keeps Your Home Safe

Like practically everything else about life today, the insurance industry has had to mobilize quickly to keep pace with the ongoing changes in our rapidly evolving world.

As we increasingly move towards a remote workplace and home life, it is vital to consider how your whole life might be different after a digital security breach.

Should you be worried? Statistics say YES. But we can help minimize the risks. 

Reach out to your knowledgeable Mackay Insurance brokers today. We can help you identify digital risks and implement insurance protection that gives you daily peace of mind for the whole family.

Contact us online or by phone at 888-853-5552.

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When Is It Time to Shop Around for a New Auto Insurance Quote?

Mackay Insurance in Belleville, Ontario, helps Ontario drivers find affordable auto insurance coverage in 2022.

When Is It Time to Shop Around for a New Auto Insurance Quote?

If you own a vehicle, auto insurance in Belleville, or anywhere in Ontario, is not optional. Paying for car insurance is just the cost of being able to drive ourselves around.

But buying car insurance is not very satisfying. It is not one of those purchases we look forward to or talk much about.

And auto insurance coverage certainly isn't an expense we want to over-indulge in!

Every year, drivers all across Canada decide to make the switch to a new auto insurer. Is this your year? Find out now!

 

How Much Auto Insurance Coverage Is Required in Ontario Canada?

Before you can decide whether you are paying too much for your car insurance, you need to find out about the current Ontario minimums for auto insurance.

The current mandatory minimum for Ontario is $200,000 of third party liability coverage per single accident, but that is far too low.  

At minimum  you should have 1,000,000, but we highly recommend 2,000,000

Third party liability coverage protects you in the event you are involved in an accident where someone else is hurt or killed or their property is damaged or destroyed.

It also covers you in the case you are sued, whether you lose and have to pay out or you opt to settle out of court.

All Ontario drivers are also required to carry these coverages:

  • Statutory accidents coverage provides you with medical and rehabilitative benefits if you are injured in an accident.
  • DC-PD (Direct Compensation, Property Damage) coverage pays to repair your vehicle if it is damaged by another insured driver.
  • Uninsured motorist coverage pays to repair your vehicle if an uninsured motorist hits you. This coverage also compensates your loved ones if you are killed by an uninsured driver or a hit-and-run incident.

 

Why Do You Need Auto Insurance Coverage?

So what is stopping you from simply dropping your Belleville auto insurance policy altogether?

In a word....fines. Any Ontario driver caught driving without proof of required minimum auto insurance may be assessed fines up to $50,000 per incident!

Aren't Auto Insurance Rates Regulated in Ontario Canada?

The Financial Services Regulatory Authority of Ontario (FSRA) has the unenviable task of reviewing and regulating auto insurance rates for all providers licensed to offer auto insurance in the province.

But this does not mean that all auto insurance companies are required to provide the same product for the same exact price.

Each auto insurance provider has some wiggle room within which to propose premium rate changes to the FSRA.

Insurers may request to increase their rates based on inflation, overhead, prior claims payouts, interest rates and the need to make a certain level of profit.

This means it is very important to research the longevity and overall financial health of your auto insurer.

For example, if your current or prospective auto insurance provider has had an unprofitable year or a huge recent claims payout, you can potentially expect to see your premiums go up even if you have maintained a perfect driving record.

When Is It Time to Change Auto Insurance Companies?

According to the Financial Services Regulatory Authority of Ontario (FSRA), the average Ontario-area adult driver pays around $1,651 per year in auto insurance premiums.

If you pay less than the average and are happy with your coverage and provider, you may not have any need to shop around for new auto insurance.

But if you are paying more than the average and are carrying only the mandatory minimum in auto insurance, you should definitely start gathering new auto insurance quotes.

And if you are paying at or above the Ontario average and do not feel satisfied with your coverage or insurer, it is a good idea to take some time to shop around for new coverage.

 

Warning Signs You Are Paying Too Much for Ontario Auto Insurance Coverage:

1. Your premiums keep increasing and your driver record is squeaky clean.

Make no mistake - your clean driver record is a moneymaker for your auto insurance provider. You should absolutely expect to be rewarded for not costing your provider money!

2. Your rates didn't go down during the COVID-19 pandemic.

According to the Insurance Bureau of Canada (IBC), up to 95 percent of auto insurers chose to drop their rates during the global pandemic.

If your insurer abstained, this may be a sign it is time to switch providers.

3. Your insurer is not offering you any incentives to stay with their company.

Auto insurance is one of the most competitive industries in the nation. Customers switch providers every single day.

If your insurer is not fighting hard to keep you, perhaps it is time to find a provider who will.

4. You are nearing your policy renewal date and haven't shopped around for the past five years.

Current industry averages indicate the typical motorist switches auto insurance providers about once every five years.

If you have held your policy for four years or more, it might be refreshing to do some shopping and see what other auto insurance companies have to offer.

5. You are unhappy with the customer service or perks provided by your current insurer.

An auto Insurance broker knows that shopping around for new car insurance isn't fun.

And while all Ontario insurance companies have some leeway to set their own auto insurance coverage rates, this isn't the arena where loyal customers are won or lost.

Real customer loyalty is built on exceptional customer service and great perks. You should be getting both from your current insurer. If you are not, it is time to start shopping for a new provider.

 

Contact Your Napanee and Belleville Auto Insurance Policy Experts! 

Did you know you can switch insurance providers without having to switch your auto insurance broker?

Our friendly, knowledgeable Mackay Insurance brokers are committed to helping you get the most auto insurance coverage - affordably! If you are not happy with your current auto insurance rates, give us a call! We’re happy to provide you with a new auto insurance quote that fits your coverage needs best.

Reach out online or by phone at 888-853-5552.

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Not Having Professional Liability Insurance for Your Business Is a Liability

Mackay Insurance in Belleville and Napanee explain the importance of business liability insurance for entrepreneurs.

Not Having Professional Liability Insurance for Your Business Is a Liability

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Professional liability insurance is the unsung hero for small businesses and solo-preneurships as well as businesses of all sizes. Why?

You may do a perfect job of shoring up your company from the inside out, controlling for every unknown that is under your control. But what about all the things that you can't control, such as the actions of employees, vendors and volunteers?

For this, you need professional liability insurance (also called business liability insurance). This is the way you can protect your business from the outside in.

In this post, we walk you through the different industry-specific types of business liability insurance. We will also discuss the categories of coverage this insurance policy offers you and three reasons why no business should be without it.

 

What Is Business Liability Insurance?

Business liability insurance protects your service-based company in the event a customer claims you or someone acting in your business's name caused them harm through the act of providing services.

This is why business liability insurance is often also called business negligence insurance or business indemnity insurance.

It is important to note that this professional liability insurance is designed to protect your business from negligence up front, well before fault has been determined. This can be life-saving for a small business of limited means.

As we discuss in the next section here, there are also other names for this type of policy depending on what industry your company serves.

 

What Type of Business Liability Insurance Do You Need?

All businesses have customers, which means all businesses can be vulnerable to professional liability lawsuits.

At the root of every professional liability lawsuit is an unhappy customer who believes they have been harmed in some way by what your company provides or does.

And when that unhappy customer decides to file a lawsuit against your company, professional liability insurance steps in to limit your exposure as you move through the legal process to resolve the issue.

1. Errors & Omissions liability insurance.

If you work in a service-based business that is not medical or media-related, you will probably need a type of business liability insurance called E&O, or errors and omissions insurance.

E&O insurance protects your business from claims against you related to misrepresentation of services, negligence, good faith violations, mistakes, omissions and errors that result in financial harm to the client.

2. Malpractice liability insurance.

If your business functions in the medical and health services field, you will probably need malpractice liability insurance.

This type of policy protects medical professionals against allegations of negligence, errors and omissions, misconduct and similar situations, including treatment or medical equipment-related harms.

3. Media liability insurance.

If your company operates in the media and advertising industry, then the policy you need is called media liability insurance.

This insurance product protects your business if a customer decides to sue you for issues such as false advertising, contract and confidentiality breaches, misrepresentation, service delays, omissions, errors, violations of copyright, defamation or reputation harm and similar issues.

 

3 Universal Reasons Your Business Needs Liability Insurance Protection

Now that you understand the basics of what business liability insurance is and how it addresses specific concerns in different industries, let's talk about the three universal reasons why all businesses need liability insurance protection.

1. Peace of mind against the future unknown.

If there is one thing the last two years have taught business owners everywhere, it is that the future unknown is impossible to predict.

We just never know when we wake up each morning what the day may hold.

There are companies today that are only in business because they had a professional liability policy in place when a customer brought a lawsuit against them.

Even if you are in the right, your business may not have the means to outlast the often lengthy, costly legal process itself.

2. A financial cushion.

It is exciting to watch a solo-preneurship begin to grow and take on staff. But as this occurs, in addition to new opportunities you’re receiving, you are also taking on new liability.

You are not doing all of your marketing, selling and serving alone. You now have a staff that speaks and acts on your behalf under the auspices of your business name.

This is when the financial protection that professional liability insurance affords you is simply no longer optional. If an employee says or does something that triggers a lawsuit, you will ultimately be on the hook to get the issue resolved.

3. Protection from business identity theft.

As if the threat of personal identity theft wasn't terrifying enough, now business identity theft is also on the rise.

Many business owners get confused about what constitutes business identity theft. Here, what we are talking about isn't cyber crime or data breaches (there are separate business insurance policy products to cover these threats).

Instead, it is your business identity itself that is misused or misrepresented. This can occur when cyber criminals gain access to your business tax ID number, business bank account or credit card numbers and other sensitive information linked to your company.

The criminals can then use this information to access existing funds or open new lines of credit in the name of your business, methodically draining your company dry financially.

In addition to implementing your own internal risk management protocols and performing regular company credit checks, your business needs professional liability insurance to protect you from the potentially catastrophic impact of business ID theft and fraud.

 

Choose Mackay In Napanee and Belleville for Your Business Insurance Needs

Here at Mackay Insurance, we are proud to serve the insurance needs for businesses of all sizes and growth stages in and around the Napanee and Belleville areas.

Get started in just a few minutes with our fast and free professional liability insurance quote generator.

Have questions about what level of coverage your business needs? Visit us online or give us a call at 888-853-5552.

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8 Timely Auto Insurance Discounts to Help You Save This Winter

Mackay Insurance educates winter drivers on available Belleville Auto Insurance discounts to help them save on their premiums this season.

8 Timely Auto Insurance Discounts to Help You Save This Winter

Our Canadian winters can be harsh and hazardous even off the roadways. On the road, you want to be sure you are well protected in every way - including having a sensible and suitable auto insurance policy.

But you don't want to overpay for your Ontario car insurance, either, especially in winter when your driving habits and patterns are likely to change.

You also don't want to miss out on valuable Canada auto insurance discounts that are only available during the winter season.

By reading this article, you can make sure you have the right type and level of auto insurance coverage. You can also make sure you are taking advantage of all available auto insurance discounts!

Looking for Belleville auto insurance? Contact our car insurance experts at Mackay for a FREE online insurance quote!

 

Save On Auto Insurance: Seasonal Vehicle Versus Annual Vehicle

Looking for cheap auto insurance coverage?

When your goal is to save the most money on your car insurance, the first consideration is always going to be how you use each vehicle you own.

For example, many drivers here in Ontario have seasonal vehicles such as RVs, collector cars, convertible cars, motorcycles, snowmobiles or other off-road vehicles.

In some cases, a seasonal vehicle may only come out of storage for the winter season. In other cases, a seasonal vehicle may only come out of storage after winter ends.

Either way, it is important to understand the difference so you don't pay for more auto insurance than you actually need.

You have a few options to insure a seasonal vehicle affordably:

  1. Pause your auto insurance during the storage period.
  2. Keep your policy active but for comprehensive only.
  3. Keep your full policy active through the storage period.
  4. Many seasonal vehicles like Motorcycles, Snowmobiles, RV’s & Boats have prices and premiums earned during their driving seasons. So, to suspend coverage on a motorcycle from November to March, will not get you any savings.

Where and how you garage your seasonal vehicle can influence which option is safest as well as most economical for you.  Many people believe that if you store a vehicle in the garage, if there is a fire, it’s the garage insurance that will cover the loss. This is not true.

The key is to consider what you would do if winter storms, theft, vandalism or worse damaged or destroyed your seasonal vehicle. Could you cope financially with less or no auto insurance?

Your Mackay broker can help you consider each option and make the best decision for your budget and safety concerns. Contact our brokers today for your Belleville auto insurance quote!

 

8 Auto Insurance Discounts to Trim Your Policy Premium

Whether you have a seasonal or year-round vehicle to insure, be sure to ask about these car insurance discounts in order to avoid paying more for auto insurance than you should.

1. Winter Tires Discount

Equipping your vehicle with winter tires can save you up to five percent on your auto insurance.

To be eligible, your vehicle must have winter tires installed during the period of November 1st through April 1st.

2. Multiple Policy Discount

While most drivers are familiar with multiple policy discounts, far fewer actually get organized enough to harness the available benefits.

Do you have several different insurance providers for your home, car, valuables and/or life insurance?

Consolidating your policies under a single insurance provider could save you up to 15 percent on the total cost of your annual premiums - across all of your policies!

But you save more than money when you bundle. You also get the benefits of streamlining policy renewals, address and information updates and overall insurance management tasks.

3. Telemetrics Discount

Telemetrics, or driver monitoring via GPS, has become popular in the auto insurance industry.

If you are willing to install and use a GPS monitoring device while you are driving, you could potentially save up to 25 percent on your annual auto insurance premiums.

There is a catch, however.

You need to be committed to driving safely!

You can expect a telemetrics device to monitor your braking, acceleration and night driving (midnight to 4am). The safer you are behind the wheel, the more you can potentially save.

4. Clear Driving Record Discount

When you think about your car insurance policy from your insurer's perspective, nothing says "discount" like a clear driving record.

Frequently, zero accident discounts are bundled together with customer loyalty programs that reward you for two high-value actions: staying with the provider longer and staying out of trouble on the road.

5. Mature Driver Discount

You may be eligible for a mature driver auto insurance discount as early as age 50 depending on your provider. In some cases this may be tied to when you retire rather than to your chronological age, so be sure to ask your insurer.

Of course, your driving record will remain the primary focus for whether this discount is available to you.

6. Limited Driving Discount

Do you only drive during certain days of the week or certain hours of the day? Or does someone else on your family policy, such as a young driver or senior driver, meet these criteria?

When it comes to insurance algorithms, the less time you spend on the road, the less risk your insurer bears for issuing you a policy.

Your limited driving premium discount can vary depending on when and how often you are on the road. Be sure to talk with your Mackay broker to determine the best coverage needs for your specific situation.

7. Garaging Discount

Similar to the amount of road time you log, the type of garaging you use for your vehicle can influence the risk an insurer takes on when issuing you a policy.

Off-street, covered, locked and monitored garaging may rate a discount on your policy premium, but you will likely need to ask to get it.

8. Young Drivers Discount

If your young driver completes the Young Drivers of Canada safety program and maintains a clear driving record, this could trim up to 10 percent off their policy premium.

 

Choose Mackay In Napanee and Belleville for Your Auto Insurance Needs

Here at Mackay Insurance, we have a reputation for helping our clients get more car insurance coverage for less.

Looking for a cheap auto insurance quote? Our quote generator provides a free online insurance quote!

Have questions about auto insurance benefits? Your friendly, experienced Mackay broker is happy to help!
Visit us online or give us a call at 888-853-5552.

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Avoid These Homeowner Insurance Pitfalls When Purchasing Your Home Insurance Policy

Mackay Insurance in Quinte provides local homeowners with reliable and affordable home insurance policies.

Avoid These Homeowner Insurance Pitfalls When Purchasing Your Home Insurance Policy

As a homeowner, why would you want to buy a home insurance policy? Is it just because the lender requires it? After all, it is not a mandatory purchase here in Canada.

Yet the vast majority of homeowners - even those who own their homes outright - still carry a policy. Why?

Because you want protection, of course. You want to be protected in case your home or its contents are damaged or destroyed. You want protection from third party liability in case a visitor trips and sues you.

Most of all, you want protection from the perils you don't know you need protection from - especially the ones that could cause your insurer to drop you entirely!

So let's find out what those are and explain what you need to do to make sure you are covered.

 

Home Insurance and Wood Stoves

Homeowners love wood stoves. They are efficient, economical and extremely homey to enjoy when it is cold outside.

Insurance companies do not love wood stoves because, well, fire. Wood stoves are among the leading causes of home fires each year. And home fires generate home insurance claims.

So it just makes sense that your insurance company would be less enthused about your wood stove than you are. In fact, we made a whole video about the topic!

Some insurers outright refuse to issue policies when wood stoves are involved. Most of the time, this is because the wood stove does not meet minimum safety standards according to current building codes and certifications. Most insurance companies will accept it when it’s auxiliary heat but if you are burning too many cords of wood, it could be considered primary heat and not insurable by many insurance companies.

But most insurers simply tack on a surcharge. 

How much extra will you pay? 

You can expect to pay at least 10% more on your annual premiums. Alternatively, your homeowners insurance provider may simply assess you an annual flat fee on top of your annual premium.

And if for any reason your home does catch fire and the inspection later indicates the wood stove was to blame, you may find yourself paying out of pocket for damages. 

All this to say - be sure to talk with your Mackay Insurance broker before choosing a wood stove to meet your cooking or heating needs.

 

Home Insurance and Dogs

Everyone loves dogs. Dogs are the number one choice of companion animal here in North America and in many places around the world.

Most homeowners do not initially link homeowners insurance and their canine family members together. How on earth could these two be related?

Insurers do not like dogs for the same reason they do not like wood stoves - because of liability. However, not all dog breeds are treated equally for the purposes of a homeowners insurance policy.

Certain dog breeds have become staples on so-called "dangerous dog lists" here in Canada and across the globe. These dog breeds are the ones that consistently outrank the others in terms of confirmed dog bite cases.

Here in Ontario, there are four breeds or categories of canines that are now banned or heavily restricted. Currently, these breeds include the Staffordshire Bull Terrier, American Staffordshire Terrier, American Pit Bull Terrier and Pit Bull Terrier.

This can get more confusing still because if you are a dog lover, you know that the "pit bull" is not a dog breed, per se, but rather a category of dogs that have similar physical characteristics and may have some bulldog or terrier in the genetic makeup.

Why is this important to know when you are applying for homeowner's insurance?

Basically, if you do not disclose the presence of a dog that fits the criteria of a dog that is banned or regulated, your insurer can refuse to pay damages arising from a dog-related claim and may also cancel your policy.

 

Home Insurance and Home Based Businesses

The global pandemic has changed a great deal about our daily routines. One of the biggest changes is the number of individuals who are now working remotely or even running new businesses out of a home space.

If this describes you, it is time to check in with your homeowners insurance provider to let them know. If you are currently shopping for a policy and plan to run a business from your new home, you definitely want to mention this up front.

What could happen if you don't? Your homeowners insurance policy provider could refuse to pay any claims that arise from damages to your home based business equipment, supplies or inventory. You may also find yourself with a voided policy.

Home based business owners need a separate home based business insurance policy to cover business operations and liabilities that can sometimes arise.

 

Home Insurance and Vacancy or Renovations

While you may not think to notify your homeowners insurance provider if you are away from home for an extended time period, an extended vacancy can sometimes result in denied claims.

In the same way, failing to alert your provider of upcoming renovations to your home may mean unpaid claims or even a dropped policy.

In both cases, the provider is reacting to an increased safety risk these two events can pose. Leaving your property vacant or opening up the premises to workers can each trigger an increased risk of insurance claims.

What should you do if you plan to be gone any longer than a week or have any upcoming home renovations?

Call your Mackay Insurance broker in Quinte to discuss whether you need to notify your homeowners insurance provider in advance. You may need to make additional advance plans to be sure your policy stays active.

 

Contact Mackay Insurance For Your Napanee and Belleville Home Insurance Needs

Looking for a quick home insurance quote near you? Your friendly, knowledgeable Mackay Insurance brokers can help!

Mackay Insurance works with a number of homeowners insurance providers to make sure you always get the most competitive policy quotes in the industry. We can also work with you to be sure you are fully covered for perils both known and known.

 

Visit us online or give us a call at 888-853-5552.

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How to Find Affordable High Risk Auto Insurance in Ontario

Mackay Insurance provides affordable high risk auto insurance in Quinte, Ontario.

How to Find Affordable High Risk Auto Insurance in Ontario

Let’s be honest...purchasing auto insurance is no fun. And purchasing high risk auto insurance can be downright scary.

If you thought regular auto insurance was expensive, wait until you start gathering quotes for high risk auto insurance!

But there are ways to keep high risk insurance premium payments affordable. You may have to do a little more research and have a little more patience. But it can be done!

Read on to learn how to find affordable insurance in Ontario.

 

Common Reasons Drivers Get Classified As High Risk for Auto Insurance

Yes, it is true that unsafe driving can get you recategorized as a high risk driver.

But you can be a safe and careful driver and still end up being classified as high risk for auto insurance purposes.

These are the most common reasons your insurer may reclassify you as a non-standard or high risk driver for insurance purposes.

  • You got too many tickets in too short a time period.
  • You were caught driving under the influence (DUI).
  • You have been cited as being at fault for one or more serious auto accidents.
  • You cancelled your policy multiple times.
  • You let your auto insurance policy lapse.
  • You failed to pay your policy premiums on time.
  • You were cited for careless driving or stunt driving.

Why are the reasons for being considered a high risk driver so varied? The reason boils down to the word "risk."

Auto insurers don't want to lose money. And they lose money in two primary ways.

The first is when drivers don't pay their premiums. The second is when drivers exhibit poor driving habits that could lead to expensive accident-related claim payouts.

Insurers use complex algorithms to rank you on the spectrum from low risk to high risk. But in each of the reasons cited above, it doesn't require an algorithm to figure out if you are a higher risk client to insure.

If you have any of the red flags listed above, or similar others, your insurer may simply refuse to insure you altogether. Or your insurer may only offer you a non-standard or high risk auto insurance policy.

 

How Expensive Is High Risk Auto Insurance in Ontario?

For general purposes, you can take your current (or recent past) auto insurance premium payment and double or triple that. This is the range you will typically pay to get insurance once you have been classified as a high risk driver.

I've Never Been Insured, But I'm Being Told I'm High Risk! Why?

Auto insurers rely greatly on historical data to build that risk-calculating algorithm we mentioned earlier.

But what if you are a new driver? What if you haven't driven for many years and have no insurance history to speak of?

These are two instances where you may also find yourself red-flagged as a high risk driver. This isn't because you are more likely to cause accidents or claims payouts.

It is because there is not enough data to tell how you are likely to drive and how expensive you are likely to be to insure.

Once you have built up a solid driver history, which can take up to 36 months, your rates will typically adjust downwards as long as you don't have any claims on your record.

 

Tips to Find Affordable Insurance For High Risk Drivers

Finding high risk auto insurance that is also affordable is a matter of adjusting your expectations in a realistic direction.

For those first two to three years, there is no getting around it - you will have to budget more for auto insurance premiums.

But here are some high-value negotiating tips that can help you to control the costs of staying insured as a high-risk driver.

1. Bundle your auto insurance together with your other insurance policies.

Even high risk drivers can get some valuable discounts of up to 10 percent by bundling multiple insurance policies together with a single insurer.

2. Pay your policy in full annually.

If you can't pay your policy in full up front, then at least pay early each month. This knocks one potential risk concern (non-payment) off your insurer's list.

3. Keep your driver record spotless.

Even a single ticket could add up to three years to the time period you are considered to be high risk for insurance purposes.

4. Enrol in driver training and defensive driving.

Most auto insurers will offer up to a 10 percent discount on annual premiums for drivers who take defensive driving for non-ticket reasons.

Re-taking a certified driver training course may also generate the option for a premium discount.

5. Choose your vehicle with safety in mind.

Avoid driving a sports car or luxury vehicle which could cause your claims payouts to be even higher.

6. Ask for a higher deductible.

Deductibles and premiums tend to have an inverse relationship. By increasing your insurance deductible, you may be able to lower your high risk auto insurance premiums.

7. Ask about low-mileage auto insurance.

If you only drive during certain hours, you may be able to pay lower rates.

8. Reach out to an insurance broker for help.

Your Mackay insurance broker in Belleville, Ontario, has access to a wide range of auto insurers and can negotiate on your behalf to get you the most favourable high risk auto insurance rate.

Your Mackay broker can also help you identify other opportunities to earn premium policy discounts that insurers may not tell you about.

 

Mackay Is Your Napanee and Belleville Auto Insurance Expert!

Regardless of the reasons you have been classified as a high risk driver, Mackay Insurance can help you find the best car insurance to protect you and your vehicle.

Looking for a quick auto insurance quote? Reach out to your friendly and knowledgeable Mackay Insurance brokers to request a FREE QUOTE on affordable high risk auto insurance in Ontario, Canada.

Visit us online or give us a call at 888-853-5552.

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Renter Insurance vs Tenant Insurance: Which Type Do You Need?

Mackay Insurance in Belleville, Ontario, provides Tenant Insurance coverages.

Renter Insurance vs Tenant Insurance: Which Type Do You Need?

“Renter insurance” and “tenant insurance”...These two terms sound very much alike, but are they the same thing? 

This is a great question!

Actually, here in Canada, renter insurance is not the same thing as tenant insurance. And you really do need to know the difference in order to be sure you are purchasing the correct policy type for your specific needs.

In this post, we break down the definitions of each insurance product, what renter insurance covers vs. what tenant insurance covers, and how to know when to purchase each!

 

Tenant Insurance vs. Renter Insurance: Definition of Terms

Tenant insurance is insurance that protects you while you are renting a home, condo, apartment or other type of living quarters.

You would want to purchase tenant insurance in order to protect your belongings from loss, theft, damage or destruction while you are living in a rented space.

Renter insurance is a term used to make your existing insurance carrier aware if you are renting out part of, or all of your home.

You would want to purchase renter insurance if you have, or are planning to have, a renter, lodger, AIRBNB or long-term boarder living on your primary or secondary property.

 

What Does Renter Insurance Cover?

Renter insurance is a special type of insurance product that is designed to provide property, liability and possible contents coverage for a number of perils.

Your renter would be responsible for their own tenants coverage, which provides protection for their own contents as well as liability coverage.

 

What Does Tenant Insurance Cover?

Tenant insurance is designed to provide coverage for personal property and possessions (items inside your rented space) only as well as liability protection.

Here, the property owner or landlord typically carries a separate insurance policy to protect the property and structure itself.

As the tenant (renter), your tenant insurance policy covers what the landlord's policy does not cover.

Examples of the types of items a typical tenant insurance policy will cover include:

  • Furniture 
  • Jewelry
  • Artwork
  • Musical Instruments
  • Sports Equipment
  • Electronics
  • Apparel

 

Who Needs to Carry Renter Insurance?

Renter insurance is an insurance product designed with property owners in mind.

For example, let's say you have a home that includes a garage apartment or furnished basement that you rent out to tenants. Alternately, perhaps you rent out a room or suite in your home to a lodger or boarder.

You would want to carry a renter insurance policy as an add-on to your homeowner's insurance policy that protects you from liability related to your tenant's presence or personal possessions on your property.

Many people insure their homes as a principal homeowners policy and the company is not made aware that any portion is being rented. This could put the entire policy in jeopardy!

 

Who Needs to Carry Tenant Insurance?

Tenant insurance is an insurance product designed with renters, lodgers and boarders in mind.

For example, let's say you are paying rent to live in a traditional apartment, garage apartment, condo, basement, room or suite. Your landlord has homeowner's insurance to cover damage or destruction for the premises and structures.

But that policy doesn't protect you or your property!

You would still need to carry your own tenant insurance in order to protect anything you store inside your rented space, so if something happens you have coverage to replace damaged, lost or stolen items.

In addition, you may need coverage if you cause damage to the property or premises - even if you had no intention to cause harm.

One of the most common examples of unintentional harm is fire damage that results from an unattended burning candle or cigarette. Another common example is pipe damage caused by flushing impassible solid matter down a commode.

Finally, you may need to carry tenant insurance to cover costs for a temporary relocation if your unit or living space is damaged or destroyed.

 

How to Know How Much Tenant Insurance You Need?

When you are selecting your level of tenant insurance coverage, consider your needs in these key areas:

Contents (personal property)

Figuring out how much coverage you need for contents is as simple as calculating the value of your personal property.

For example, how much would it cost to replace your computer, phone, clothing and furniture? Be sure to consider what it would cost you to replace the item versus how much that item is currently worth after adjusting for deflation.

Third Party Liability

In most cases, third party liability coverage starts at $1,000,000. However, for only around $25 a year more, increasing this to a $2 million policy offers far more protection.

Additional Living Expenses (temporary relocation)

To calculate how much coverage you need for additional living expenses, consider what you would have to pay in rent and bills to temporarily relocate if your current space became uninhabitable.

What is the going rate for rent in your area? This should be your baseline for coverage.

 

Mackay Is Your Belleville Tenant Insurance Expert!

Reach out to your friendly and knowledgeable Mackay Insurance brokers to request a FREE QUOTE on affordable renter’s insurance and tenant insurance!

Visit us online or give us a call at 888-853-5552.

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Protecting Your Construction and Mechanical Tools With Contractor Tool Insurance

 

 

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If you’re a contractor, we don’t have to tell you how chaotic a construction site can be. With so many hands on deck (both literally and figuratively), it can be next to impossible to track down your tools from one minute to the next!

A job site is full of other contractors too - including plumbers, builders, electricians, painters, HVAC technicians, excavators etc. The list goes on! Besides the other contractors, there’s snoopy neighbors and passersby to think about too.

It’s not something contractors normally think about until after it’s too late, but contractor insurance and contractor tool insurance are becoming more and more necessary. Especially now that the housing demand is so high and the home-building sector is so backed up. At Mackay Insurance in Quinte, Ontario, we’ve seen this first hand! The Quinte housing market has gone through some rapid changes since the pandemic hit and cost of housing in the Bay of Quinte area is still above average.

On top of this, homeowners have been working on home improvement projects since the start of the pandemic when everyone was forced indoors. Whether the purpose for renovations was to renovate for resale or renovate to improve living space, a large number of homeowners took the stay-at-home orders as an excuse to start those projects (we just won’t talk about those skyrocketing lumber prices in the process!).

Whether you’re building a backyard deck, a fence for your new pandemic puppy, or a house, our team of contractor insurance experts recommend that you protect your contracting tools with the right coverage.

Keep reading for more information on options for Contractor Tool Insurance in Belleville, Ontario. And how Mackay Insurance can help you find the best coverage for your insurance needs.

What Is Contractor Tool Insurance And Why Do You Need It?

As a contractor, you are required by Ontario Law to obtain a minimum contractor’s general liability insurance. You are also to hold a valid contractor’s insurance policy in order to legally continue with your trade.

This general liability, however, does not include a thorough coverage for your contracting tools - meaning your livelihood is still at risk!

Here from Bruce Mackay, owner and president of Mackay Insurance in Belleville, as he explains the importance of Contractor Tool Insurance:

 

 

At Mackay Insurance in Quinte, contractor tool insurance means more than just protecting your toolset, it means protecting your business, your livelihood, your family and your passion.

What Does Contractor Tool Insurance Cover?

  • Replacement Costs
  • Rental Expenses 
  • Installation Floater and more!

Contractor Tool Insurance and Equipment Insurance protects your business tools in the case of loss, damage, necessary repairs or theft.

What Types Of Contractor Tools and Equipment Should Be Insured?

  • Power Tools 
  • Hand Tools 
  • Sawhorses 
  • Air Compressors
  • Generators 
  • Excavators 
  • Backhoes 
  • Scaffolding etc. 

The difference between Contractor Tools and Contractor Equipment:

Contractor Tools:

Contractor Tools are items costing $1,000 or less. Examples would be power tools or sawhorses.

Contractor Equipment:

Contractor Equipment are items costing more than $1,000. Examples would be backhoes or generators.

Who Needs Contractor Insurance?

If you own a contracting business that relies on you having the proper tools to do the job, then you should be investing in the proper protection in order to keep your business running smoothly. Your contractor tool insurance can help keep your doors open during unforeseen circumstances - ie. maintenance, financial loss, damaged equipment or theft.

Although extra contractor tool insurance (on top of general liability insurance) isn’t required by law, it is highly recommended by the trade. Why? Because accidents happen. Theft is not uncommon. And your livelihood matters.

If you work for or run one of the following contracting-based businesses, consider protecting your investment and your assets in order to safeguard your business’s reputation, operation and success in the industry!

  • Landscapers 
  • HVAC Technicians 
  • General COntractors Roofers 
  • Drywallers 
  • Painters 
  • Flooring COntractors 
  • Bricklayers 
  • Masons 
  • Carpenters 
  • Plumbers etc. 

Contractor’s Tool Insurance Package With Mackay Insurance

When your livelihood depends on your business not only staying afloat, but maintaining stability and security, obtaining the right commercial insurance coverage is the necessary next step! We work with local businesses, both large and small, providing them with the protection and security they need to protect their livelihood.

Mackay Insurance offers a standalone product called Contractor Tool Insurance Package. This product provides the coverage you need to protect your equipment and operate your business well, regardless of potential and unpredictable circumstances.

Are you looking for Contractor Tool Insurance in Belleville, Ontario? Contact our Mackay Insurance Brokers today and we’ll find you the best coverage possible for your specific needs and budget.

Get a FREE Quote On Contractor Tool Insurance HERE

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Understanding The Importance Of Home Based Business Insurance in 2021



Click Here For A Free Home Based Business Insurance Quote

 

And so began a new era in the workforce - the era of home based businesses!

With the onset of COVID-19 in 2020, the number of home-based businesses drastically increased - practically overnight! Since its onset, both small and large business organizations were forced to comply with government stay-at-home orders and safety precautions in order to help protect our Ontario communities from the risk of catching SARS-CoV-2.

As we are now in the year 2021, many businesses have actually decided to discontinue the lease of their brick and mortar office building and opt for digital upgrades and technology advancements instead. Reason being, they don’t plan on returning to the traditional office lifestyle.

And so, suitcases were stored in closets, suits were hung up to collect dust and heels were forgotten.

But now that so many Canadians are working from home, there are a series of important factors that must be considered - including that of Home Based Business Insurance.

At Mackay Insurance, our brokers provide Home Based Business Insurance for small and large-scale businesses in the Quinte area. We help our clients find affordable insurance that they can rely on to protect their business assets, their investments, their employees and their employees’ homes.

Keep reading to learn how your business can benefit from Home Based Business Insurance.

 

Do You Need Home Based Business Insurance If You Work Remotely?

Yes. Although not a governed law, obtaining Home Based Business Insurance is incredibly useful. Whether you work for a company remotely or run your own home based business, obtaining insurance will allow you to safeguard both your own property and the property owned by your business.

Home Based Business Insurance Protects:

  • Business equipment that is damaged or stolen 
  • Business inventory that is damaged or stolen 
  • Property damages caused by customer
  • Customer lawsuits 
  • Liability for product(s) and/or operations 
  • And more!

According to a recent survey, run by the BDC (Business Development Bank of Canada), many Canadian employees and employers agree that there are incredible benefits to working from home! Even saying that the ability to work from home is a serious determining factor when applying for a new job in today’s day.

Working From Home Allows Employees To Have:

  • More flexible working hours
  • Increased efficiency 
  • Decreased absence

All leading business owners and entrepreneurs to contemplate whether a Home Based Business Model might actually be the best option!

 

Who Can Obtain Home Based Business Insurance?

Over our 165+ years, Mackay Insurance in Belleville, Ontario, has ensured a large variety of home-based businesses. Since the COVID-19 pandemic began, this has only increased. We’ve now seen an even greater number of businesses opt for the safeguarding of their assets with a Home Based Business Insurance solution in order to provide the protection they need to run their business securely.

Types Of Insurable Home Based Businesses:

  • Music Classes
  • Hairdresser Studio 
  • Catering Services 
  • Flower Shop 
  • Home Daycare Business 
  • Creative Studio etc. 

If you own a business and are looking for a means of protecting both it and your home, you are eligible to apply for Home Based Business Insurance.

Like many businesses in the Quinte area, our staff at Mackay Insurance have spent quite a bit of time working from home over the past year. We understand the taxing days, the distractions and frustrations of your everyday life crowding into your work life, and the challenges of finding that balance.

We also understand the vital need of securing and protecting your business assets. Protecting your equipment, data and investments is such an important step in pivoting from an office to a remote working environment, however it is so commonly overlooked.

In some cases, business owners assume that their home insurance coverage includes home based business insurance coverage. This, however, is not true.

While your standard Homeowner’s Insurance Policy protects your property, your Home Based Business Insurance policy covers:

  • General Liability 
  • Inventory 
  • Legal Expenses 
  • Business Assets (ie. laptop)
  • Business Interruption 
  • And Business Operations Liability 

 

4 Home Based Business Insurance Factors to Consider

As you begin the discussion of Home Based Business Insurance, it is so important that you first consider the following factors:

1.    Business Equipment 

Do you have proper coverage and protection for your business equipment? Whether you’re working from home for your own company, or working for another company, make sure that your equipment (ie. your work computer) is covered while working at your home.

2.    Business Tools 

If you have business tools, make sure that you do not leave them in your vehicle while it is unlocked. Always make sure they're locked away and stored somewhere safe.

3.    Business Liability

If you don't have the extension of liability from your home policy you could be in a lot of trouble. Make sure to talk with your Mackay insurance broker about your liability extension.

4.    Communicate With Your Insurance Company 

Make sure your home insurance company is aware that you are working from home. A lot of people working from home are not aware that their home policies are in non-compliance, which could affect their coverage moving forward.

 

Contact Mackay Insurance in Belleville For Your Home Based Business Insurance Needs

If the pandemic has taught us anything, it is to be versatile. At Mackay Insurance, our staff have been spending a lot of time working from home, and many of our clients are doing the same. As we adjust to this new workplace environment and consider the possibilities it has in store for the future, we want to remind each of our clients that obtaining Home Based Business Insurance for your home-run business is not only important, but necessary.

Contact your Mackay Insurance broker today to find affordable insurance options for your home-run business! We’ll work with you to secure and protect your business assets, liability, property and investments.

Contact Our Belleville and Napanee Insurance Brokers

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