What’s the difference between a direct insurer and an insurance broker?
- No difference. They both call me when I’m having dinner!
- A direct insurer gets right to the point!
- Direct insurers only offer their own insurance products, while a broker offers insurance products from different insurance companies.
Direct insurers only sell their own insurance products. Even though insurance brokers can sell insurance products from several different companies, they cannot sell products from direct insurers.
To learn more, have a look at this article: 3 reasons to choose a direct insurer for your business.
Why is it important to keep your insurance policy updated?
- To make sure your coverage suits your needs
- For an accurate insurance premium
- To avoid surprises in the event of a claim
- All of the above
To make sure you have the coverage you need for your business, contact your insurer right away and let them know of any changes to your building property or your operations. Having updated information will ensure that you get the right amount of compensation if you have to make a claim. If your insurer doesn’t have this information, you run the risk of your claim being denied.
What is a co-insurance clause?
If a fire occurs on your property, this clause can limit your settlement amount if the incident is considered a:
- Total loss
- Partial loss
- Total and partial loss
Certain insurers apply a co-insurance clause of 80% or 90% on a partial loss affecting an insured building or business property. Desjardins Business Insurance does not apply a co-insurance clause. You are fully compensated for the covered loss.
What is liability insurance?
- Insurance that protects employees in case they injure or cause damage to others while working, because of a mistake or negligence
- Insurance that protects business directors in the event of injury or damage caused to others
- Insurance that protects your business in the event of injury or damage caused to others
- All of the above
There are different kinds of liability insurance. Learn more by reading Choosing the right liability coverage
Certain conditions, exclusions and limitations may apply. The terms and conditions of the coverages described are set out in the insurance policy, which always prevails. These tips are provided for information purposes only, are general in nature, and Desjardins Insurance cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.