Business / Liability Insurance

The experienced professionals at Pirie & Burgess Insurance Brokers Inc. will look at the unique needs of your business and deliver a selection of industry-specific coverages that are designed to minimize your risk at a competitive price. Some of the protections we offer include:

 

Business Interruption

Business Interruption insurance provides the resources required to protect the financial position of your business when normal operations are halted or interrupted by an insured loss, such as a fire. Coverage and costs can vary considerably, depending upon whether your policy provides protection from named perils or a limited timeframe, specific costs, or simply a portion of the income you lose. This form of insurance is highly customizable and can include coverage for extra business expenses, rental income lost, gross earnings lost, payroll and professional fees.

 

Consequential Loss

“Consequential loss” refers to damage that is not caused directly but is a consequence of other damage. For example, a cold storage facility might experience significant inventory losses if electricity is suddenly cut off or a fire damages the refrigerators. Likewise, a greenhouse operation might require that the temperature and humidity be maintained at a constant level. Consequential loss coverage would insure the resultant damage caused to inventory by an insured peril that changes these factors.

 

Equipment Breakdown

Many named perils and broad commercial property insurance policies will exclude coverage of breakdown or damage to highly sensitive or specialized equipment including high-pressure boilers, control systems and computers, diagnostic equipment and more. Special machinery riders and policies can be obtained to cover equipment for sudden and accidental breakdown, which is advisable if loss of use is a significant risk for your business.

 

Errors and Omissions and Director’s and Officer’s Liability

It has long been common practice to provide protection from personal liability to company directors and senior managers for actions that are the responsibility of the company they direct. While insurance does not remove their fiduciary duty, it does provide some protection from legal liability when a claim is made against them for an alleged or wrongful act. A wrongful act is any error, misstatement, misleading statement, act of omission, breach of duty or neglect allegedly committed or attempted. Errors and omissions insurance is usually used in professional services firms such as law, accounting and consulting to protect professional staff from the impact of errors and omissions in their work.

 

Specialized Coverage

There are many forms of specialized coverage available on the market that are designed to address risks to your business. A broker can assist you in calculating the probability that you will experience a loss and determine whether or not you should purchase specialized coverage. Talk to your broker to see if there are risks that are unique to your business and require extra protection. For example:

 

Crime → designed to protect against loss of money or securities, may include theft overnight or on the way to the bank. This also includes employee dishonesty.

 

Electronic Data Processing Systems → protects your computer and its data.

 

Sewer Back-up → covers loss or damage caused by the backing up of sewers, sumps, septic tanks or drains.

 

By-law Coverage → covers additional expenditures resulting from by-laws regulating construction when rebuilding after a loss.

 

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