Insurance is important all year round. Different seasons bring different risks, so having the right coverage is important at any time of the year.

This can be especially true in the winter. As the temperature drops, certain risks can become more prevalent. Winter can bring storms, icy walkways, and sometimes harsher road conditions. So it’s important to be prepared for these risks, both through preventative measures and with the appropriate insurance coverage.

Here, we list three of the key coverages for your business to consider this winter (and throughout the other seasons), so you can spend your free time on those chilly days skating or sipping some hot chocolate, rather than worrying about a loss.

Commercial Property Insurance

When the word “winter” is mentioned, it’s hard not to think about storms. In Canada, when that time of year rolls around, snow and flurries are practically a guarantee. And while snow can lead to some great things like snowmen and snow angels, it can also lead to some not so great things like property damage.

One example of a recent storm leading to property damage took place in Nova Scotia at the beginning of January 2018. High winds blew shingles off of buildings and tore off at least one roof.

Flooding is also a particular concern in the winter, as most of the precipitation is stored as snow or ice on the ground, and once the weather warms in the spring or during sudden winter thaws, huge quantities of water are released. In fact, snowmelt runoff floods are the most common type of flooding in Canada.

In order to help protect your business from unexpected damage that these events can cause, commercial property insurance is vital. The coverage can help protect physical assets such as equipment, buildings, inventory, and third party property. It can also help you replace stolen tools, cover some other costs associated with theft, and sometimes even reimburse you for the cost of renting tools in the meantime.

Commercial property insurance can help protect physical assets like buildings and their contents, including equipment, furniture, tools, and third party property.

Commercial General Liability Insurance

You should be prepared for people injuring themselves on your business’ premises at any time of the year, but the chances of someone slipping, tripping, or falling on your property are even higher when winter hits and an abundance of ice and snow coats the streets.

Visitors to your business may slip on ice while outside of your building, or even inside, as water is more easily tracked indoors during the winter. There are some steps that can be taken to help prevent any injuries, including regularly checking the parking lot for snow and ice, using salt to clear paths of ice, using skid-resistant mats, and using “wet floor” signs when needed. It’s important that all maintenance activities are documented in a log book, so there is a record of all precautions taken if a claim is brought forward. Documentation also serves to help employees behave as procedure dictates.

Business owners should also remove any snow or ice that has accumulated on roofs of buildings, especially above entry ways and sidewalks as it can be dangerous to people below. Retention bars (especially on metal roofs) can be installed to prevent snow and ice from falling.

But even after taking numerous steps to prevent injuries, someone could still get hurt and you may be held liable for that.

That’s where commercial general liability insurance, or CGL for short, comes in. CGL insurance is the foundation of any liability program for business owners and is designed to protect you if you’re found legally liable for bodily injury or property damage to a third party.

Federated offers extensive CGL coverage, which is why our policies include bodily injury/property damage liability, personal and advertising liability, employee benefit program liability, and coverage for medical payments.

Commercial Auto Insurance

Just as people may slip or trip when it’s icy outside, losing control of your car becomes a pressing concern in winter conditions. You also can’t control how others will handle driving in the snow once they’re behind the wheel, and you may find yourself in an accident as a result.

That’s why commercial auto insurance is so important. Federated offers coverage for your vehicles, as well as any damage to a third party dependent upon your province and its laws. Standard commercial auto insurance can also cover loading and unloading liability and replacement car coverage if you have to rent a temporary car for day-to-day operations after an accident.

While these policies are a good place to start, they may not be entirely sufficient, depending on the industry you work in and your business’ specific operations. Do you want to learn more about which coverage is right for you? Our experts have a wealth of industry expertise – find out what works best for you today!

This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.