If you read part one of this blog series, you already know that burglary, theft, and customer injury are some of the most common commercial insurance claims businesses file in Alberta and beyond. As it turns out, there are many other things that put small businesses and large corporations at a risk of losing money and being sued, so protect your assets by insuring them against these things that threaten you, your employees, and your business.
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Common Commercial Insurance Claims And How To Avoid Them: Part 2
We are lucky to live near the mountains with gorgeous winters and plenty of skiing — but the weather isn’t always good for business. Anyone who lives in Alberta knows that the winters here can be extremely harsh, with snow, ice, rain, and wind wearing down homes and businesses over time. That being said, one of the best things you can do to protect your business is include weather insurance in your commercial insurance policy. Trust us when we say that the last thing you want is for a brutal wind storm to break off your shingles or for snow to build up and inflict water damage if it seeps through your commercial roof.
Obviously, you can’t control the weather, but what you can do is protect your business by investing in a quality insurance policy for your commercial building that includes compensation for weather damage. Lots of insurance companies offer bundles for commercial property insurance, which will include things like weather and liability insurance. And, as we discussed in our last post, the two often go hand in hand.
When it comes to commercial property damage from the elements, there is one thing you can control: fire. Though it is often overlooked as an unlikely possibility, many business owners find themselves at a loss if a fire were to start internally — especially insured losses. Obviously, certain types of businesses are at a higher risk of experiencing fire damage, such as restaurants, bars, and coffee shops, but retail shops and office buildings certainly are not exempt.
Preventative measures are key to avoid having a fire started on your commercial property, beginning with employee training. Business owners risk having to file liability claims if they do not communicate fire safety procedures and preventative measures to their employees, such as how to prevent a grease fire in a restaurant or how to handle welding equipment in a manufacturing plant. Having fire extinguishers and “Fire Exit” signs on hand is another effective step to take, as well as complying with fire code regulations, keeping pathways clear at all times, and having fire insurance.