Below are some of the common business insurance policies we offer at Mumby. For a specialized solution that will perfectly protect your business with the right coverage, please Contact Us for a quote or further information.
Commercial Property Coverage (back to top)
Purchasing Commercial Property insurance is a top priority to protect the future of your business. When most people think about insuring their business the first things that come to mind are protecting their building, equipment and stock.
What is included in Building, Equipment and Stock insurance coverage?
Building includes fixed structures on the premises, additions and extensions, permanent fittings and fixtures, materials, equipment for maintenance, repairs, minor alterations or building services and decorative trees, shrubs and plants inside the building. The value of heating, plumbing and air conditioning systems, lighting fixtures, wall-to-wall carpeting, burglar and fire alarm systems are included in the amounts on the building.
Limited coverage through extensions is provided for growing plants, trees, shrubs or flowers in the open. Debris removal and removal of debris blown in by windstorm are covered as extensions subject to certain limitations.
Equipment includes all contents usual to your business except stock, which includes:
- Furniture, furnishings, fittings, fixtures, machinery, tools, utensils and appliances;
- Similar property of others if insured is obligated to insure or is legally liable; and
- Tenant improvements made at the expense of the insured provided the insured is not the owner of the building.
Extensions provide coverage one limited basis for:
- Personal property of officers and employees,
- Building damage by theft, and
- Growing plants, trees, shrubs or flowers in the open.
Subject to certain limitations, extensions also provide coverage for temporary removal of property to prevent loss or further loss, debris removal and removal of debris which has been blown on the Insured’s premises by windstorm.
Stock includes merchandise, packing, wrapping and advertising materials and similar property of others if insured is obligated to insure or legally liable. Extensions provide limited coverage for building damaged by theft and temporary removal of property to prevent loss or further loss and debris removal.
Certain classes of property are subjection sub-limit and/or Named Perils.
Stock held for sale will be insured within the coverage provided for stock so long as they constitute goods usual to your business. If your business as described on your policy is a bookstore, the insurer will have grounds to deny any claim for loss of merchandise not usual to a bookstore.
Cyber Liability (back to top)
Technology-related risks are increasing in Canada, and often affect small businesses like yours. If you have a website, publish a blog, post to social media, store any customer data online, accept credit card payments, or send customer information via email, your business is at risk.
Your standard business insurance policy does NOT cover these exposures, and a cyber breach can easily cost tens of thousands of dollars or more.
Specifically, these are some of the risks you may face:
- Legal fees, fines, or investigations and forensic costs incurred after a privacy or security breach takes place
- The costs you incur to notify clients about your breach
- Loss of business income during a business interruption
- Extortion and terrorism related to cyber activities
We can provide you with the tools to assess your risk and can help create an insurance solution that will give you the confidence you need to continue to use technology as a tool, rather than a hindrance to your business.
Errors and Omissions Insurance (back to top)
It’s a good news, bad news situation. The bad news: Lawsuits, once a measure of last resort, are now commonplace in settling disputes. The good news? You can protect yourself, and your business and reputation, by investing in professional liability coverage, also known as Errors and Omissions (E&O) insurance.
E&O insurance is supplementary liability insurance that enhances any business owner’s policy by safeguarding against catastrophic loss in the event of a lawsuit due to a negligent act, error or omission by the professional. In addition to claims of error, omission, or negligence, E&O insurance can also protect against slander, libel and breach of contract.
Contact Us or click below to read more about who needs E&O insurance and what it can protect.
Business Interruption Insurance (back to top)
Business interruption insurance can be as vital to your business survival as fire insurance. Most people would never consider opening a business without buying insurance to cover damage due to fire and windstorms, but too many small business owners fail to think about how they would manage if a fire or other disaster damaged their business premises so that they were temporarily unusable.
Business interruption coverage is not sold separately. It is added to a property insurance policy or included in a package policy.
Directors & Officers Liability (back to top)
Unlike a Commercial General Liability Insurance (CGL) policy that provides coverage for claims arising from property damage and bodily injury, a Directors’ and Officers’ Liability (D&O) policy specifically provides coverage for a “wrongful act,” such as an actual or alleged error, omission, misleading statement, neglect or breach of duty.
A D&O policy provides defence costs and indemnity coverage to the entity listed on the policy, which may include:
- Coverage for individual directors and officers
- Reimbursement to the business for a contractual obligation to indemnity directors and officers who serve on the board
- Protection for the organization or entity
Contact Us to discuss D&O policy options for your business or download our brochure below.