Small to medium-size businesses make up 99.8 per cent of all companies in the country – so what are you doing to meet the needs of this book of business?
According to the Government of Canada, there are over one million small and medium-sized businesses in Canada, making up 99.8 per cent of all companies in the country – and the Insurance Bureau of Canada wants to help brokers have the tools to serve this sizable market.
“IBC wants to make sure that small businesses – the economic drivers of our country – have information to help them find insurance coverage that meets their unique needs,” said Ralph Palumbo, vice-president, Ontario, IBC.
Palumbo and the IBC offer this checklist to brokers to maintain and grow their book of business clients:
- What are the specific insurance needs of your business client?
- Have you reviewed your client’s policy at least once this year?
- Does the client understand the policy’s limits and deductibles?
- Are the policy limits appropriate?
- Do they have liability insurance? Are they covered in the event of a slip-and-fall injury?
- Appropriate auto coverage – remind them that a personal policy doesn’t cover commercial use of a vehicle.
- Are they doing enough to reduce risk? Offer suggestions as to how they can lower their premium.
And for brokers, take a second look at your errors and omissions coverage. You don’t want a nasty trick come Halloween by finding out you aren’t covered if your advice goes awry.
