The severe ice storm that battered Ontario, Quebec, New Brunswick & Nova Scotia affected 3.5 million people and is believed to be the biggest disaster in Canadian history. Estimates at this point...could top $2 billion in damages and lost incomes.

First of all, let's deal with a popular misconception.? There is no "Act of God" exclusion under any Ontario business or commercial policy for property or automobiles. Depending on the type of policy you have (and there are several different distinct types) and the extent of your coverage provided, there are numerous instances where damage caused by a storm would be covered.

FIRE... damage to your contents due to electrical wires is covered and if you insure the building it would be protected also.

FREEZING PIPES... damage caused by freezing and bursting of sprinkler pipes is covered but...other water damage may not be covered under some policies.

THEFT & VANDALISM... coverage is provided under most policies.

LOSS OF INCOME... this critical part of Insurance protects businesses for loss of profits and extra expense through business interruption...but you must carry this coverage.

1. Have an Insurance Specialist conduct a risk analysis on your business.
A business owner's life has more risk than most people would dream of and they are not all the same. Different business owners have different risk! You could be laying yourself and your business wide open for disaster unless you've had someone help you first, analyze the risks and second, put together a comprehensive insurance plan to protect you.

2. Use an Independent Insurance Broker.

You want someone who's going to work for you and not someone who's paycheque is tied to only one company. Someone who can shop the market, compare price and get the most comprehensive coverage for you, perhaps even using multiple companies for your total coverage.

3. Use an Insurance Broker who is a specialist with BUSINESS INSURANCE.

Insurance is a very technical business. Policies, coverages, endorsements, exclusions. It has a language all of it's own. The insurance needs of each type of business are highly specific and unique to each, You know that your business may be your greatest asset. But did you know that your business can be your greatest liability too?

Do you have a question about Business Insurance? Please send your comments or questions by e-mail, for a prompt reply.