PerfectBlendInc, Author at Groupe Cyr & Lyras Insurance

4 Steps To Take When Buying Insurance For Contractors – Our Guide

PerfectBlendInc — Wed, 01 Apr 2020 21:38:49 +0000

Contractors in the construction industry are often faced with inevitable risks. Whether a general contractor, sub-contractor, electrician, plumber, or carpenter, one may possibly encounter some safety risks involved in their scope of work. For this reason, you, as the employer, should provide them with some forms of quality protection. That is where business insurance comes into the picture.

Business insurance serves to protect you from any liabilities and your contractors from financial losses should any untoward incidents happen. However, it’s critical to get the right insurance coverage from the best insurance provider.

In this article, we will share with you four steps to take when shopping around for insurance policies for your contractors:

1. Determine and Evaluate Your Risks

The first step is to determine and assess the risks faced by your contractors in the construction industry, which is why you have to study what your area of specialization is as a business. Along with this is understanding the scope of work of your employees on a daily basis.

Factor in as well the tools and equipment and the protective gear that they use to protect themselves while working. From there, you can set out a comprehensive risk management plan and getting the appropriate business insurance for your workers.

2. Have a Basic Insurance Foundation

Now that you have assessed the risk involved in the scope of work, you have to establish a solid insurance foundation. This means providing the basic coverage for your contractors, which is general liability coverage.

Also known as the Commercial General Liability (CGL), this coverage ensures protection against bodily injury and property damage. Injuries and property damages are common in the construction industry. So, when your workers get injured or accidentally burst a pipeline, the CGL will step in to cover the costs and damages.

3. Consider Expanding Such an Insurance Foundation

Once you have a solid insurance foundation, consider obtaining additional coverages for your workers. For instance, if you operate more than one construction site, invest in an umbrella policy, which serves as a supplement to the CGL discussed earlier. Know that the CGL policy may have some limitations in terms of benefits, which is where the umbrella policy steps in to go beyond the limited benefits.

4. Add and Focus On Specific Protection

Today, contractors wear various hats at once – from planning to designing down to the actual construction. When some workers even perform electrical work, HVAC maintenance, and plumbing services, they are presented with additional risks. Because of this, the basic and even supplemental insurance won’t suffice.

You will need to have some form of coverage that is specific to their needs. For instance, you may want to consider a builder’s risk policy to protect the owner, the general contractor, and the sub-trades. It can go as far as covering unlikely events, such as flood, fire, earthquake, and even theft.

Conclusion

Business insurance plays a vital role in many companies, particularly in the construction industry. It’s highly critical that you invest in the right insurance for your contractors obtained from the best insurance carrier. To do so, make sure to follow some of the valuable tips outlined above to make a difference in the lives of your workers!

We help businesses and contractors find the perfect insurance plan tailored to their specific needs. If you’re looking for business insurance for contractors, get in touch with us today to see how we can help!

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4 Insurance Types You’ll Need As An Electrician

PerfectBlendInc — Wed, 01 Apr 2020 21:21:54 +0000

If you work as an electrician, it helps to have insurance to cover your job. Not only will the coverage allow you to work with peace in mind, but if anything should ever go wrong, you won’t have to pay the full price for it. That said, one of the best insurances you can ever go for are Groupe Cyr & Lyras Insurances, as they’re tailored to precisely what you need.

With that in mind, when developing your bespoke package, here are the different insurance types you’ll need to consider:

1. General Liability

General liability is aimed at protecting the assets your company has, as well as any other general issues you might face. This type of coverage is also sometimes required if you’re working on large electrical projects to cover any problems that might occur on-site.

Let’s say, for instance, that your facilities flooring has just been mopped. Before it dries, a customer walks in and slips, injuring himself. Rather than you having to pay for the customer’s injury, it’ll be covered by your insurance instead.

2. Worker Compensation

Worker compensation targets your workers while they’re carrying out their job in case of any injury that occurs.

Often, when your workers get hurt, you’ll have to cover their medical expenses if you do not have worker compensation as part of the package. Seeing as you work as an electrician, the risk for injury is quite high. Worker’s comp is one aspect of an insurance plan that you should not miss.

3. Health and Life Insurance

There are many kinds of health insurance you can opt for, depending on your needs. Remember to not put off the purchase too long. It’s crucial to have your health insurance plan in place as fast as possible, as you might face penalties for not having it for yourself as well as your employees.

That said, when you look for health insurance, purchase the one that’s appropriate for yourself. If you’re self-employed, you can look for health insurance that is focused on the individual, which is you. If you’re in business, opt for one that covers yourself and all the other workers.

Insurance that covers work-related medical payments is often included under commercial insurance.

4. Professional Liability

Unlike general liability we mentioned earlier, professional liability covers any services you or your workers carry out.

For example, if you were wiring a home that shorted out and caused a small fire, that’s counted as a professional liability because it is damage caused directly by your job. Not only will this cover any costs to restore the damage that’s done, but it’ll also protect your business against a lawsuit if you are proven to have been negligent while carrying out your duties.

Conclusion

Other than the considerations we’ve shared with you above, there are many insurances that you should keep in mind, such as business interruption insurances, commercial auto insurances, and so on. That said, what you’ll need will depend on you. However, rather than purchasing these insurances one by one from different providers, we highly recommend that you get them from a Groupe Cyr & Lyras Insurance provider. With their help, you’ll get to tailor your coverage to cover everything you need.

Need a Groupe Cyr & Lyras Insurance plan created for you? We’re here to help! Check out our business insurance offerings today!

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Our Guide To Groupe Cyr & Lyras Insurance & Its Benefits

PerfectBlendInc — Tue, 17 Mar 2020 23:01:16 +0000

Insurance is a necessity in life if you want to ensure financial stability for your family or business. While many believe it’s a luxury, insurance can go a long way in covering for your assets should anything happen to them.

Why Is Insurance Important?

Insurance is a safety net that provide coverage for motor vehicles, houses, life, business and much more. It secures your financial well-being and ensures you’re covered when you deal with serious problems in life.

It also minimizes the transfer of debts and protects your family from any emergencies that may affect their financial health.

Different clients have unique situations and risks involved. Individuals with a high net worth, for instance, need the right insurance to build a wealth portfolio.

Most people rely on mass-market insurance companies or insurance brokerage. Often times, the service comes short in quality. Not to mention, business leaders tend to have little to no control over their insurance premiums. With something as important as insurance, it’s best to take the time and do it right.

How Groupe Cyr & Lyras Insurance Comes Into Play

Individuals with a high net worth often deal with continual fluxes in their high-value assets. In these cases, bespoke service is the ideal solution. Groupe Cyr & Lyras Insurance offers tailor-made services that provide financial covering from all angles. Bespoke clients have an insurance plan that caters to their specific needs.

When working with a tailored service, clients have peace of mind knowing even the minor details are protected. Their policy is not some generalized, cookie cutter plan. With that in mind, here are different ways Groupe Cyr & Lyras Insurance can help create the ideal insurance program for you:

1. Identify Your Critical Risk Factors

Your risk factors largely depend on the nature of your business. Working with a Groupe Cyr & Lyras Insurance company allows you to identify risks that are specific to your field. Consequently, they can analyze areas that potentially contribute to the frequency of your losses. This allows you to avoid, transfer, or minimize risk with the appropriate safety efforts.

2. Help Determine Your Risk Tolerance

After identifying your individual risk factors, a Groupe Cyr & Lyras Insurance service will measure your risk tolerance. The goal is to help increase your deductibles or even self-insure particular areas in your business.

This can come in various ways, such as following a four-level hierarchy approach. We’ll identify the different perspectives on the available insurance programs for each level. This approach allows clients to minimize their premiums by boosting a portion of their risk.

The Bottom Line: How Groupe Cyr & Lyras Insurance Provides Specific Program Adjustments

Groupe Cyr & Lyras Insurance creates a full overview of your situation and resources to create the ideal program to suit your specific needs. This means that insurance plans given to clients are appropriate based on your risk tolerance level.

Making changes with your coverage requires careful examination. With the help of expert advisors, you can have peace of mind knowing that your insurance program will work for you.

If you’re looking for the right financial help in North York, Groupe Cyr & Lyras Insurance can tailor the ideal insurance plan for your needs for your business.

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How To Get The Most Out Of Your Groupe Cyr & Lyras Insurance

PerfectBlendInc — Mon, 16 Mar 2020 01:14:04 +0000

Paying insurance premiums every month can put alot of pressure on you. You may begin to think you’re not even getting any benefit from the money you’re spending. Some people just stop paying them altogether.

Those people don’t keep in mind that paying their insurance is a great benefit to them in the future. Paying your premiums on time will protect you against the unexpected. The events we don’t plan for such as a car crash, unexpected business incidents, or in the worst case, death.

Insurance payers tend to forget the big idea behind getting coverage. The focus is to get you back on your feet when anything undesirable happens. Insurance payouts can also put you far ahead when you least expect it. Life is unpredictable, insurance is both an investment and a contingency plan.

It’s understandable, however, that some people think they’re not getting much benefit from paying their insurance. While its understandable, it’s not the truth of the matter. You will get something out of your insurance plan, and here’s how you could do that:It’s understandable, however, that some people think they’re not getting much benefit from paying their insurance. While its understandable, it’s not the truth of the matter. You will get something out of your insurance plan, and here’s how you could do that:

1) Pay attention to what’s included in the coverage

One of the most common mistakes a person makes when applying for insurance is not reading the terms in their insurance claim and contract. Often, people are surprised when they receive some items, as stated by the insurance claim. They didn’t read the contract, so they didn’t expect what’s actually included in their package.

You might be thinking, “Hey, that doesn’t sound so bad.” Yes, but only if it couldn’t happen in the opposite direction.

There are insurance companies who leave out some of the most basic expectations of an insurance policy. By not reading the terms of your contract, you miss the opportunity to correct crucial information.

Work with a trusted broker and ask as many questions as you can. Pay close attention to your insurance coverage. This is the best way to know which benefits you’re getting and which will not be included.

2) Seek flexibility

There are insurance policies that are flexible to make the product offer better for you. You’d want to have this flexibility, and you want to seek companies that offer Bespoke policies. Doing so tailors your insurance coverage with personal benefits that suit your needs.

Ask your insurer about plans or packages that can be personalized to your specific needs. Insurance companies that are willing to improve on your current plans show that they actually care and are not just in for your money. By seeking flexibility, you’re getting an insurance policy that offers you the most value.

3) Check discounts

Lastly, if it wasn’t obvious yet, you want an insurance plan that you can really afford. In that case, you need to check for discounts.

Some insurance companies give their clients discounts, especially if they have more than one policy with them. If so, you can ask for a multi-line discount.

If you’re married, there are some policies that offer couple discounts. This is a great way to lower your overall costs. Always ask your insurance company for available discounts. This way, you’re getting the most out of your plan.

Conclusion

The right insurance policy will not make you feel like your monthly payments are a chore. The right insurance company shows you that they care by giving you all the best options that will suit your needs. You need to be observant of these factors to know that you’re getting the most out of your insurance plan.

If you’re in search of a flexible and caring insurance package in areas of business, home, auto, and life, get in touch with us. We’ll tailor insurance plans to you and your needs.

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A Quick Beginner’s Guide to Insurance – What to Know

PerfectBlendInc — Thu, 12 Mar 2020 05:51:16 +0000

Most people hustle to establish a solid financial foundation for their loved ones. Knock on wood, the worst thing that could happen is to watch everything you’ve worked for go down in flames. In life, anything can happen— accidents, disasters, diseases, and more!

When you’re not insured, it takes an enormous toll on your wallet. It coerces you into emptying a massive chunk of your savings. Nobody wants that! After all, you didn’t work so hard to let one, single, unfortunate event leave you near bankruptcy.

People get insurance for many different reasons. Some do it to protect their assets. Some do it to earn money. Some do it to keep an extra layer of protection. For people who have recently taken an interest in insurance, this article is for you!

Insurance You Must Have

Today, anything under the sun can be insured. Some celebrities and athletes have protected various body parts against unexpected accidents. Since their body is their bread and butter, it is a logical decision to have them insured. But, we’re not here to talk about that. For ordinary folks, the typical insurances include life, car, home, and business insurance.

Most people have at least one of these four insurances to help curb accidental costs. For breadwinners, life insurance gives your loved ones a security blanket in case the unexpected happens. For home and vehicle owners, insurance guards your sanctuary and your transport. For contractors and businesspeople, insurance covers your tools and your income in a worst case scenario.

Insurance You Can Live Without

There’s a mountain of insurance available to consumers today. As a result, it’s very possible to buy insurance you don’t need. Some examples are credit insurance, disease-specific insurance, and travel insurance. While you can buy these insurances for extra security, often its best to allocate our money to other investments.

Which Insurance Should You Get?

When you’ve decided you’ll get a specific type of insurance, the journey doesn’t end there. Several insurance companies offer different plans at various price points.

For life insurance, there are commonly two types— term life policy or whole life coverage. Term life policies insure you for a limited time frame and offer the lowest premiums compared to others. If you need insurance with higher premiums, lifetime coverage, and increasing cash value, go for the more expensive whole life insurance option.

For vehicle owners, car insurance protects your financial stability in case of any accident. It also comes in handy in case of damage caused by vandalism or disasters. Since car insurance is a flooded industry, a Bespoke broker can easily locate the best deals for you as competitors try to outperform one another.

For homeowners, protecting their most significant asset, their home, is a top priority. But, there are several coverages you need to consider. For example, if you are in an area prone to specific disasters like flood, fire, or earthquakes, consider buying insurances specific to those needs. Don’t cheap out on a specific type of insurance if you need them. They are a lifesaver!

For contractors, freelancers and business owners, your income and your tools are invaluable. Protecting your money making equipment should be your top priority. Sometimes, protecting your customers from potential errors and omissions on your part is also a must. In this case, liability insurance is readily available for you.

Like any other buying decision, it always helps to weigh the pros and cons of each product. When you do that, you get the most value for your money. A Bespoke broker will take the time to help you find the right blend of coverage and price.

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