Commercial InsuranceGNK Insurance is a leader in the complex world of commercial insurance providing essential protection to a growing and diverse group of companies - both large and small.
In recent years, commercial insurance has become an increasingly expensive commodity as insurance companies sought to recover from the costs of claims associated with terrorist attacks, natural disasters, increase legal costs and a decrease in interest revenue. As a result, many small insurance brokerages are finding it difficult to cover ordinary risks at competitive rates and many business people are squeezed between the need to purchase coverage and the costs associated with protection.
GNK Insurance has a long and proud history of working with a variety of major insurers including AVIVA, Axa Pacific Insurance, Canadian Northern Shield, Economical Insurance, The Dominion Insurance, ING Insurance, Intact Insurance, Sovereign General and Wawanesa Insurance, Zurich Insurance to provide the most competitive coverage available. Our competitive advantage is reflected in our ability to place all types of coverage at reasonable rates.
What is Commercial Insurance?
Commercial Insurance is similar to home insurance. It protects a business enterprise or non-profit organization against the common risks of fire, theft and lawsuits stemming from the negligent acts of those covered under the terms of the policy.
However, while a typical homeowner's policy provides blanket coverage for the building and its contents, most commercial coverage is tailored to the needs of a business operating within a specified industry. A business owner has a "shopping" list of coverages to chose from that may include one or more of the following:
Liability - Protection against personal injury and damage claims resulting from the operation of the business.
Buildings and Equipment - Protection against damage to the building premises or equipment used to conduct business.
Stock and Materials - Damage or loss of the raw materials used in production or merchandise intended for resale.
Theft and Vandalism - Loss or destruction of raw materials used in production, money or merchandise intended for resale.
Business Operations - Compensation for loss of business because of malicious damage, fire or other unpreventable occurrence. Coverage may also pay the wages of key employees during a prolonged period of corporate downtime.
Earnings and Profitability - Compensation for lost profits during a prolonged period of downtime resulting from malicious damage, fire or other unpreventable occurrence.
Breakdown Coverage - Compensation for the loss of use of critical business equipment such as computer networks, telephone systems, air conditioning or refrigeration.
Directors and Officers Liability - Protection for the principals of a business or organization against lawsuits.
In addition, there are special coverages available for a variety of "short-term" activities such as construction projects and special events such as golf tournaments, mall exhibits or trade shows. Please consult your GNK Commercial Insurance Advisor for more information on these specialty coverages.
A business owner may choose to "self insure" a portion of the risk through higher deductibles that reduce the annual or monthly premium.
Who Qualifies For Commercial Insurance?
Commercial Insurance is a term that refers to coverage for any business, industry, church, society, charity or association that may be at risk because of the activities of employees or volunteers.
Some of the types of activity normally associated with commercial insurance include the following:
If you have questions about coverage for your business or organization, please contact your GNK Insurance Commercial Insurance advisor.
What Factors Influence Insurance Rates?
All insurance premiums reflect how insurance companies assess the "risks" involved for a particular company and business activity.
Some of the risk factors include:
|For example, a company that sells kitchenware out of a retail location in a mall will usually pay lower premiums than a company that operates a beer and wine store. The beer and wine store is at higher risk for robbery than the kitchenware store.
Other risk factors may include:
|Your GNK Insurance Commercial Advisor is also a "loss prevention specialist" who will work with your business or organization to help you lower premiums by reducing the "risk" to the insurance company.|
You and Your Insurance Company
Generally speaking, your commercial insurance policy covers a clearly defined set of activities taking place in a prescribed location. You must inform your GNK Insurance Commercial Advisor of any change in the nature of your business to ensure your coverage remains valid.
A change in the nature of your business might include different lines of merchandise or a new group of services.
For example, a merchant who buys coverage for the sale of used books and magazines might decide to start selling cigarettes in response to customer requests. However, the sale of cigarettes greatly increases the risk of theft and was not covered under the original policy. The change must be reported to the insurance company.
Or a building contractor might decide to purchase specialty equipment for site excavation. Neither the equipment, nor the activity was covered, under the original policy and must be reported to the insurance company.
In addition, your policy does not cover new construction or major alterations to the premises. If you decide to expand or renovate, you must inform your insurance company.
Many GNK Insurance commercial customers have an ongoing need for special coverages such as Course of Construction or Mall Liability Coverage. In many cases, an existing client can have this type of coverage added to the policy by completing and signing a simple application form or questionnaire.
Making a Claim
GNK Insurance is an integral part of the claims process. If you are making a claim or have questions about your coverage please consult with your Commercial Insurance advisor. GNK offers a 24-hour a day, seven day a week claims service. To talk to a Claims Adjuster call 1-604-891-1912.