New Year = New Opportunity to Review Your Risks

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The first few weeks at the beginning of the new year is a great opportunity for businesses to conduct a yearly review and to also review their current insurance policy. Within a year, significant changes to your business can occur.  Whether it was growth in the number of new employees or the inclusion of new equipment, it is important that your insurance policy is updated to reflect and cover these changes.

If changes need to be made to your policy or if you are unsure if changes need to be made, you can easily call Bullfrog Insurance or your broker to find out.

Here are some helpful tips to consider in order to ensure that your business, and its risk protection, is off to a great start.

 

Make a list of new insurable items.
Over the past year, has your business purchased any new equipment, inventory and contents? Have you added a second location? These are changes that should be included in your policy.

 

Added a vehicle to your business?
It’s key to know that your personal auto insurance policy will not cover your vehicle when used for business. If you use the vehicle for business related services such as delivery or making house calls to offer a service, you need a separate auto policy for the vehicle to be insured and covered should a claim unfortunately occur.

 

Hired more employees or added new activities to their job outline?
As you hire more staff or expand job activities to suit the growing need of your business, you should always check that you have appropriate coverage. For example, if you are a contractor, you should make sure you disclose all new activities to your insurance broker to ensure your liability coverage will protect you.

 

You are a start-up working out of a home office.
Working out of a home office doesn’t mean that your business is automatically insured through an existing home insurance policy. Should any claims be made toward the location without a proper business insurance policy in place, the claim may not be paid and your business will take a financial hit.

 

If you have any questions regarding the information above or if you would like to discuss your current policy with a broker, our Bullfrog Insurance brokers would be happy to help you out.

Small Businesses & Cyber Attacks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Being A Small Business Doesn’t Mean You’re Immune To Cyber Attacks

Data security is quickly becoming a reoccurring theme in  today’s high tech age. Businesses of every size are facing data breaches, which is putting many Canadian consumers personal information at risk. Not only do these breaches affect consumers and clients, but they also  greatly affect  the company at the heart of the issue. Companies who fall victim to such breaches can incur significant expenses to rectify the breach, risk damage to their reputation, risk the possibility of being sued, and risk losing loyal customers who feed their business.

In order to protect your customers’ and/or clients’ private information, it is important to ensure that your business is taking all steps necessary to keep such information safe. The first step is knowing that just because you’re a small business doesn’t mean you are not susceptible to such breaches. In fact, you are more of a target as information in small businesses is generally easier to access.

Along with equipping your business with Cyber Liability coverage, here are some helpful tips on how your business can protect against a security breach or a cyber attack:

Change passwords on a regular basis.

With everything you use to run your business that requires a password, be sure to change the password regularly. It’s also important to that you don’t make your passwords very simple, such as 1234, as they are very easy to break. Be sure to use a combo of upper and lower case letters, symbols, and numbers.

Educate yourself and your staff about cyber threats.

Inform your employees on the variety of threats they can be vulnerable to and what they can do to combat them. Provide them with insight on items such as phishing scams and malware links within emails, and what they can do to identify threats.

Improper document disposal.

When it comes to disposing old files or documents that may no longer be needed yet have important personal information on them, do not just throw them out. It is imperative that they are properly disposed via a shredder prior to being placed in the garbage or hiring an outside firm to dispose of them safely.

Back up your data.

In the unfortunate case your information is hacked and corrupted, it is imperative that you have a backup of all important files. In order for you business to not lose important information such as client details and financials, a backup of all information is great safety blanket.

Limit your collection of information.

Collecting personal information from your customers/clients may be an integral part of your small business if, for example, you run a small clinic. The information will help you treat your patients to utmost standards and ensure their files are up-date with their medical history.

All the information collected should be kept to a minimum, with your business only collecting what it needs to run efficiently and to provide great customer service. Collecting an abundance of personal information puts you at risk for a cyber breach and puts your customer information at risk as well.

Is Your Business Over or Under Insured?

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As an entrepreneur/small business owner, protecting your investment from potential risks is a top priority. However, when it comes to properly insuring your business, there may have been instances where you were unsure how much coverage you needed and how much premium you should be paying. You’re not alone. Many individuals have been, and continue to be, in your position, which ultimately results in many small businesses being either over or under insured.

What does it mean to be over-insured?

Over-insuring your business means that you have purchased too much coverage and exceeded your actual loss exposure, or what the insurance company would actually pay in the event of a loss. If you’re over-insured, it’s likely that you’re paying more than necessary in insurance premiums.

What does it mean to be under-insured?

Under-insuring your business means that you haven’t purchased enough coverage, either for the value of your physical property or your liability exposure, or a combination of both. In the unfortunate event of a claim, only part of the of the claim will be paid and the full amount of the loss or damage will not be covered.

To help prevent over-insuring or under-insuring your business, you should review your assets and liabilities on an annual basis to ensure that your policy reflects changes that have been made over the year. Also, don’t over-insure your business out of fear of not being fully insured. By doing so, you are wasting funds that could be invested into your business in other areas. More importantly, don’t under-insure your business due to cost. In the event of a claim, being under-insured could turn out to be financially devastating.

How Bullfrog ensures that your business is neither over-insured or under-insured:

Bullfrog Insurance helps small businesses like yours ensure that you are properly insured based on your industry, your businesses unique risks, and other relative factors. We also provide you with quotes from multiple companies based on the same coverage, so that you can be sure you’re getting the best price for the proper coverage. Why waste money or not be covered fully should a claim occur? It’s ridiculous to us too.

Importance of Insuring Your Business

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Your small business is more than just a ‘job’. More than likely it’s your livelihood and therefore it’s important that you protect your assets and liabilities accordingly.

No business is free from potential risks, no matter what industry or segment it operates in. As a result, business insurance should be an imperative aspect of your risk management plan so that you don’t find yourself financially crippled in the event of a lawsuit or a loss to business property. There is also no standard cookie cutter policy for all small businesses, instead your policy should be catered to your specific business, your specific industry, and the risks that you’re exposed to on a daily basis.

Bullfrog Insurance understands the risks affecting various industries and, with our strong Insurance partners, have developed coverage options to help ensure your business is adequately protected. Here are some small business industries we cater to, keeping in mind we can always modify to suit your businesses specific needs:

 

 Contractors

  • Electricians
  • Carpenters
  • Plumbers
  • HVAC

 Retailers

  • Clothing
  • Shoes
  • Hardware
  • Health & Beauty

Office Professionals

  • Financial Services
  • Consultants
  • Legal Offices
  • Other Professionals (Architects, Software, etc)

Health Services

  • Physiotherapists
  • Chiropractors
  • Dentists
  • Physicians

Protect the financial security of your business, your family and your employees by getting the proper business insurance coverage your company needs.

We Are Bullfrog Insurance

Welcome to Bullfrog Insurance, the fast, simple and uncomplicated way to shop for small business insurance coverage online. Bullfrog Insurance is a licensed Canadian insurance brokerage dedicated to offering commercial insurance online in order to help small businesses, like yours, save time and take care of what really matters; your business.

How does Bullfrog Insurance work? It’s simple. Fill out our short online questionnaire and we instantly provide you with the best quotes  based on your businesses’ needs. From there you simply pick the quote you want and purchase your policy online. The process only takes a few minutes and your policy is emailed to you after the purchase is completed. It’s that quick!

Our Partners Make a Difference

You have invested time, energy and money into your business so it’s important to place the coverage of that business with reputable, established companies you can trust. That’s why Bullfrog Insurance works with many of Canada’s best insurance companies to ensure you get the coverage you need. Our insurance partners include Aviva Insurance Company of Canada, The Guarantee Company of North America (GCNA), Northbridge Insurance and South Western Group. We are committed to continuing to work with the most advanced insurance companies to ensure you get the coverage you need in a quick, convenient and simple way. That’s our promise.

 

Insurance Without the Bull.

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