Business Insurance and Risk Management Know-How

Risk Management

Insurance is an important component of a detailed business risk management strategy, as a significant loss could devastate your business. Choosing the right coverage will add peace of mind while securing your business and wealth management strategy.

Below are four steps to consider while developing your business risk management strategy and a list of different insurance to consider. For additional information, please visit our Insurance and Business Planning Services pages.

Selecting the Right Insurance Policies

Step 1: Understand your risks – each business has inherent risks and a good risk management plan will combine loss prevention and insurance. Take the time to consider potential events that could affect your property or operations, the likelihood of their occurrence, and the impact on your business.

Step 2: Shop around – there may be numerous insurance companies that offer suitable policies. Review coverage, deductibles and policy limits carefully.

Step 3: Select your policies – based on your business needs, risk tolerance, and budget restraints.

Step 4: Be Prepared – insurance is only one component of risk management. Have a Disaster Recovery Plan and develop policies and processes to avoid or minimize the impact of potential disasters.

Types of Insurance to Consider

Property Coverage*

Policies are available with basic or customized coverage for unforeseen losses, such as damage or theft of:

  • Buildings and contents, including signs, exterior glass and landscaping;
  • Data processing systems, documents, accounts receivable or cash;
  • Inventory and equipment such as trademarks, business intelligence.

Business Interruption

In a situation where you are unable to continue daily operations will provide coverage for:

  • Loss of income;
  • Payroll;
  • Expenses incurred while resuming operations.

Crime and Fidelity*

Provides coverage for:

  • Employee dishonesty;
  • Cheque forgery;
  • Loss of cash or securities on premise.

Liability (Commercial General Liability)*

Coverage if you have been found legally responsible for injuries or property damage to third parties either on your property or caused by your product, and can also cover:

  • Slander / libel;
  • Damage to property other than your own;
  • False advertising or misleading public statements;
  • Tenant in a commercial building.

Key Man

The success of many small or medium sized businesses can be dependent on certain key people with special talents or knowledge. The loss of a key person could result in reduced sales or productivity during the period of time it takes to find, hire and train a replacement. Key Man is essentially a life insurance policy payable to the owner that will provide cash flow until business resumes normal operations.

Auto Insurance*

Protects company vehicles from damage, theft or accidents where your company is found to be at fault.

*Bircher Financial does not provide these services.

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    Bircher Financial

    For over 20 years Bonnie Bircher and associates have guided clients through every aspect of their financial life. From investing and saving to retirement and estate planning, Bircher takes pride in offering the highest levels of service and ethics.