Groupe Cyr & Lyras Insurance, Author at Groupe Cyr & Lyras Insurance

Run a Small Office? Why Commercial Insurance is Vital to Your Business

Groupe Cyr & Lyras Insurance — Sat, 11 Mar 2023 04:38:41 +0000

As a small business owner, you may think your business is not big enough or not at risk enough to warrant carrying business insurance. You’re not alone. Many small business owners or self-employed professionals do not feel they need coverage or feel it’s too expensive, they think their home and auto insurance is enough or for some, they haven’t even thought about it.

If you are running a small office – even if it’s only you and a few others – like an accountant, mortgage broker or real estate agent, your business has risks. If you are a local dentist, you likely have malpractice insurance, but there are other risks your business faces.

Keep this in mind: No matter how small your office or how risk-free you believe your services are, you will benefit from having some form of business insurance. Every business carries some form of risk, whether foreseeable or not. Consider some of the following:

Property damage

Nature is unpredictable – never more so than today – and natural disasters such as floods, fires, and storms can create significant damage to property. Protecting your business from the costs of repairs is critical to maintaining your operations.

Business interruption

Significant damage to your property can also cause an interruption in your business activities, resulting in lost income. With the right coverage, you can protect yourself from these losses.

Third-party injury

Slips and falls are the most common cause of injury in the workplace. If someone is injured while visiting your office, you are responsible for their legal and medical bills should they sue.

Other lawsuits

In addition to physical injury, you could be vulnerable to liability claims relating to the products or services you provide. For example, product defects, coding errors, or even bad advice that result in damage or harm to someone else, whether physical or financial, could result in a lawsuit that could cripple your business.

Cyber attacks

Cybersecurity is a major issue these days. But it’s not just the high-profile companies you hear about in the news that are targets. Small businesses are at risk as well…and are more vulnerable as they tend to have fewer security measures in place (if at all) and less sophisticated computer systems. With more staff working from home, the risks are even greater with less-secure home networks, computers being portable and vulnerable to theft, and the use of public Wi-Fi.

Commercial insurance is not a one size fits all coverage. Just as your two-person real estate office differs from the national brokerage across the street, so too should your insurance coverage. Consider what risks your business has or might potentially have and then talk to an Insurance Broker, who can review your particular needs and advise you on what types of coverage are best suited for your business. They also have access to multiple carriers to provide you with the best coverage at the best rates and are there for you when you need to make a claim.

Don’t let the unexpected damage your business. Protect your business and your livelihood with commercial coverage.

Let us help you protect what matters most. At Groupe Cyr & Lyras Insurance, we tailor your policy to your specific needs. Contact us today for business insurance advice, to review your existing policy or for a quote.

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Accidents Happen. Protect Your Business with Commercial General Liability (CGL) Insurance

Groupe Cyr & Lyras Insurance — Wed, 01 Feb 2023 02:38:41 +0000

As a General Contractor, you find yourself in many different situations, locations and work environments. You may have employees or do all the work yourself. And even though you are experienced, trained and follow safety protocols, accidents can happen. You don’t always have control of your environment or what others, including your employees, do while you’re on the job.

An underground cable gets cut on a dig, a wall is badly damaged during a home renovation project or a client trips and falls over equipment left in the wrong place. From property damage to bodily injury, accidents can occur at any time and can be catastrophic to your business and your livelihood.

While you can’t always control what happens on the job, you can control the impact accidents can have on your business. Third-party lawsuits can derail a business. Commercial General Liability (CGL) insurance can help mitigate the losses you might experience from liability claim.

CGL policies typically include coverage for:

financial losses resulting from third-party lawsuits claiming bodily injury or property damage at a job site or your place of business
damages from accidents on a job site, such as slips and falls, as well as any damage to third-party property caused by the contractor’s work
damages that might occur after work has been completed

It’s also important to note that many clients and municipalities require contractors to have CGL protection before they can work on a project. Coverage and options vary, but a good rule of thumb is to prepare for the worst possible scenario when determining coverage amounts.

Don’t let an unexpected lawsuit ruin your business. Protect your business and your livelihood with CGL coverage. At Groupe Cyr & Lyras Insurance, we tailor your policies to your specific needs.

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Invest in the Right Insurance Policy

Groupe Cyr & Lyras Insurance — Wed, 04 Jan 2023 04:52:18 +0000

It seems that everything is costing more these days. With rising interest rates and higher grocery bills, we’re all looking for ways to stretch our dollars further. Cutting back on unnecessary expenses is one of the best ways to do that.

But what expenses are unnecessary? When we look at all the things we spend money on each month, it can be hard to evaluate what is really a ‘need’ versus a ‘want’ versus a ‘must have’. One of the ways we use to determine this is by asking ourselves, “what value do I get from this expense?”

Insurance

Insurance – whether it’s life, home, auto or business – is one of those monthly expenses that can be hard to measure the value of. We pay it every month but what tangible benefit are we getting from it? Yes, we’re insuring ourselves or our business should something unexpected happen, but what if nothing happens? When weighed against expenses for things that are more tangible – like food and clothing – it can be tempting to consider an insurance premium expendable.

But life is unpredictable and the cost of doing nothing (i.e. not having insurance) can far outweigh the cost of your monthly premium. Even the safest drivers can get into car accidents. A pipe can burst and cause your basement to flood. Someone at work gets injured. Or worst of all, death – a certainty for all of us – can come unexpectedly.

Factors that Affect Premiums

Without insurance, the cost of these unexpected incidents from repairs to loss of income can be catastrophic. The peace of mind that insurance gives you cannot be underestimated. But the good news is there are ways to save on your monthly premiums so that you’re protected in times of need while not paying for things you don’t need.

Firstly, understand what your insurance policy includes and does not include. Insurance contracts can seem complicated and full of legalese so we can be tempted to gloss over them and not read the fine print. However, it’s important to understand not only what your policy covers but also what the terms and conditions of the policy are should you ever need to make a claim.

Understanding your policy details will give you peace of mind in knowing that you’re protected should the unexpected occur. This is where your insurance broker comes in. They can explain the details of your policy in plain language to ensure you have the right protection for your needs and that you’re not paying for things you don’t need. Ask your broker lots of questions and have them review all your policies as they may find other opportunities for you to save.

Secondly, look for flexibility in your coverage. Not all policies are one size fits all. An insurance broker works closely with you to understand your situation and needs and can tailor a plan to suit your requirements and budget.

Finally, you may qualify for discounts that could save you even more on your premiums. There are multi-policy discounts, family discounts, association discounts and more. Be sure to discuss what options are available with your insurance broker to maximize your savings.

Knowing that you have the right protection for your needs not only brings peace of mind but turns what was once an intangible expense into a valuable investment.

Let us help you protect what matters most. At Groupe Cyr & Lyras Insurance, we tailor your policy to your specific needs. Contact us today for home, auto, life or business insurance advice, to review your existing policies or for a quote.

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How to Save on Your Auto Insurance Premium

Groupe Cyr & Lyras Insurance — Thu, 11 Aug 2022 01:42:29 +0000

Owning (or leasing) a vehicle is a necessity for many of us. And for our kids, buying their first car is like a right of passage – a first taste of real freedom. But freedom comes with responsibility, and owning a vehicle means you also need auto insurance.

And while we tend to rely on our insurance broker to provide us with the protection that we need for our situation, it’s good to know what factors go into determining our premiums. Many of these factors are within our control, so knowing them can help us save money and prevent unnecessary increases at renewal.

Driving Habits

How you drive can impact how much you pay. Many insurance companies are promoting the fact that if you are a safe driver, you’ll save money on your premium. And now, there are even apps that can track your driving habits directly to help you save.

But the biggest ‘habit’ to stay away from is distracted driving. Not only is this the most dangerous habit to engage in – it is the number one cause of accidents and road fatalities in Ontario – it comes with some of the most severe penalties. You could face thousands of dollars in fines, demerit points and license suspension. And this would result in an increase to your auto insurance premiums.

Other Factors that Affect Premiums

In addition to driving habits, where you live and the type of car you drive are also factors that can affect your premiums. Here is a list of the other major factors:

Location

Live in a safe, low traffic neighbourhood? You’re likely paying less than your downtown neighbours. Where you live affects your rates, sometimes right down to the postal code. For example, rates in metropolitan areas are typically higher due to the increased likelihood of accidents and theft.

Type of vehicle

Do you like to drive souped up, fast cars or are you the minivan type? SUVs are typically cheaper to insure than sports cars, as are new cars versus older. A luxury car will cost you more, as will a rare or custom vehicle.

Age & Gender

With age comes wisdom…and also lower premiums. Young drivers (under 25) pay more for their insurance as they tend to have more accidents than older drivers. Your gender and marital status will also have an impact on your premiums. (Yes, males tend to pay more due to their higher risk profile.)

Vehicle use

If you can work from home more and drive less, you can save as well. How far you drive to work, your average kilometres per year and whether you drive primarily for business or pleasure, all affect the premium you pay. Essentially, the more you drive, the more you pay.

And while you can’t control all of these factors, there are other things you can do to save on your premiums. For example, you can earn discounts by installing winter tires and an anti-theft device, taking a drivers training or defensive driving course, and even by parking in a garage or driveway.

If buying auto insurance sounds complicated, it doesn’t have to be. And while there are many sites that will compare rates and give you online quotes, nothing beats the ability of an insurance broker to assess your unique situation and find the right options and best premium for you.

Let us help you protect what matters most. At Groupe Cyr & Lyras Insurance, we tailor your policy to your specific needs. Contact us today for auto insurance advice, to review your existing policy or for a quote.

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Hello Summer Travel

Groupe Cyr & Lyras Insurance — Wed, 06 Jul 2022 04:52:26 +0000

Summer is here and with it comes plans for road trips and adventure. Whether it’s a trip to the east coast or a day trip to the beach, getting the car ready for the road is important. While checking the oil, tires and fuel level are standard, few of us think to check our insurance.

If you drive a car in Canada, you must have auto insurance. But the type of protection you require can vary from province to province. At a minimum, you need third-party liability insurance, which protects you in the event of accidental injury or property damage.

There are two other types of auto insurance protection – collision and comprehensive. Both may be optional, but if you finance or lease your vehicle, you must have both collision and comprehensive insurance. If you are travelling out of province or down to the U.S., check your policy to see what protection you have and if you need to add to it.

Travel Protected

Planning a long weekend up north? Those are busy times on the road and accidents can occur. Or, heaven forbid, you could run into a deer or moose along the way! With collision coverage, you’re protected if your car is damaged in an accident with another vehicle, object or even an animal.

It’s not only about the journey either. Where you travel to is just as important. When travelling to an unfamiliar destination it best to ensure you are protected. With comprehensive coverage, you’ll be protected for non-accident related damage like fire and theft.

The good news is that your auto insurance covers you for travel throughout Canada and the U.S. But it’s a good idea to check with your insurance broker to make sure you have the right protection for your trip and that you know what steps to take to file a claim.

What to Do in an Accident

So what happens if you do get into an accident? Depending on the severity of the accident and if there are any injuries, what you do immediately is important. The Financial Services Regulatory Authority (FSRA) outlines how to handle the immediate aftermath of an accident.

From a claims perspective, your insurance broker will need details of the accident, so make sure to get the following:

Name and driver’s licence number of all drivers involved
Policy details – insurer and policy numbers – for all drivers
Details of the vehicles involved – make, model, year, registration and licence plate number
Details of the accident, including date, time and location, number of passengers involved, extent of damage and any injuries
If reported to the police, get the name and badge number of the officer on scene

It can be a bit hectic at the time of an accident, so grab your phone and take pictures of all of the above to both document and help you remember the details. The FSRA also provides this handy accident worksheet to help you capture all the necessary information at the scene. We recommend you keep a printed copy in your glove box.

Finally, call your insurance broker as soon as possible after the accident.

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Renovation Tips to Protect Your Investment

Groupe Cyr & Lyras Insurance — Wed, 01 Jun 2022 02:56:15 +0000

These past few years we’ve spent more time in our homes than ever before and it’s made us appreciate the importance of what is likely our most valuable asset. It’s also why we have seen an increase in home renovations as we look to both improve our living space and invest for the future.

With spring here and summer just around the corner, many of us have started or are planning fix-ups, changes and enhancements to our home.

Perhaps you need to upgrade your fence or you’re ready to dive in with an inground pool. Or the family is growing, so you’re considering an extension or finishing the basement to make more room. Maybe it’s a new roof, new kitchen or bathroom upgrade. Whatever your project, make sure you’re protected both during and after your renovation.

Get Valuable Advice from Your Insurance Broker

Whether you hire a contractor or do it yourself, making changes or upgrades to your property can have an impact on your insurance protection. Have a conversation with your insurance broker to understand what may need protecting during your renovation to avoid any surprises. For instance, protection from water damage, vandalism or theft during a renovation is vital to the success of your project. And if the changes you are making are significant – say, over $50,000 – you may need to insure that investment with minimal impact to your policy coverage.

What if you need to leave your home during the renovation? Leaving your home vacant for an extended period of time could impact your home insurance policy. If you anticipate being away, talk to your insurance broker to ensure your investment is protected.

Ensure Your Contractor is Covered

Your contractor should have public liability and property damage insurance, as well as workers’ compensation protection in case any of their tradespeople get injured on your property. And for specialist trades, likeelectrical, make sure they have the appropriate licensing.

Even if the job is small, this protection is important for your peace of mind. Accidents happen and if your contractor is not covered, any damages or injuries become your responsibility. As always, talk to your insurance broker for the best protection advice on your specific renovation project.

Protecting Your Renovation Investment

Renovations are typically done to improve the value of your home. Once the work is completed, talk to your insurance broker to review your current home insurance protection and make any adjustments necessary. Ensure any increase in the value of your home or its contents is protected by your policy.

But my premiums will go up! Yes, that’s possible but the cost of not protecting your investment would be much greater. And some renovations may do the opposite. For example, updating or installing a security system, replacing outdated wiring or upgrading your roof can actually reduce your premiums.

Talk to your insurance broker to see what savings you might be able to gain from your renovation project.

Contractor Protection Tips

As a contractor that specializes in home renovations – big or small – you need to protect your business. Things can go wrong on the job and are not always within your control. But what you can control is your liability.

In Ontario, contractors are required to have commercial general liability insurance to protect against damage to or injury at a client’s property. With the right coverage, you ensure that both your business and your workers are protected. Ensure there are no gaps in your coverage by talking to your insurance broker or read our guide on buying insurance for contractors to learn more.

Let us help you protect what matters most for your home and your business. We tailor your policy to your specific needs. Contact us today to review your existing policy, get a customized insurance quote or answer any insurance questions you may have.

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