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INstasure
How does it work?
Protection Against Lawsuits
Business liability insurance, including general liability coverage, protects businesses from third-party claims of bodily injury, property damage, or personal injury. It helps cover legal expenses and potential settlements.
Customer Confidence
Having liability insurance can enhance a business's professional image. It provides customers and clients with confidence that the business is financially prepared to address unforeseen challenges.
Professional Liability Coverage
Professionals, such as consultants, can benefit from professional liability coverage. E&O insurance protects against claims of negligence or inadequate professional services, providing financial protection for legal defense and settlement costs.
Product Liability Coverage
Businesses that manufacture or sell products may face product liability claims. Product liability coverage helps protect against claims related to defective products that cause harm or property damage.
Legal Defense Costs
Business liability insurance helps cover the costs of legal defense, including attorney fees, court costs, and settlements. This is crucial for businesses facing lawsuits, which can be financially draining.
Contractual Requirement Compliance
Some contracts and agreements may require businesses to carry liability insurance. Having the required coverage ensures that the business can fulfill contractual obligations.
INstasure
How does it work?
Property Protection
Business content insurance protects a company's physical assets, including inventory, equipment, furniture, and other contents, against perils such as fire, theft, vandalism, and certain natural disasters.
Replacement Cost Coverage
Business content insurance often provides replacement cost coverage, which means that damaged or stolen items can be replaced with new items of similar kind and quality, rather than reimbursing the depreciated value.
Business Interruption Coverage
In the event of a covered loss, such as a fire that forces the business to temporarily close, business content insurance may include business interruption coverage. This helps cover lost income and certain ongoing expenses.
Equipment Breakdown Coverage
Coverage for equipment breakdowns can be included. This is important for businesses that rely on specialized machinery or technology for their operations.
Off-Premises Coverage
Business content insurance can extend coverage to items that are temporarily off-site, such as when attending trade shows or transporting goods.
Customized Policies
Policies can be customized to fit the unique needs of different businesses. This ensures that coverage aligns with the specific assets and risks associated with the business.
Comprehensive Protection
Business content insurance often provides "all-risk" coverage, meaning it protects against a wide range of perils unless explicitly excluded in the policy.
Risk Mitigation
By mitigating the financial impact of property losses, business content insurance contributes to the financial stability of a business, allowing it to recover more quickly from unforeseen events.
INstasure
How does it work?
Coverage Selection
Employers select the types of coverage they want to offer, which might include prescription drugs, vision care, dental care, paramedical services (like physiotherapy or massage therapy), and sometimes extended health services such as psychological counseling.
Employee Enrollment
Employees are typically enrolled in the benefits program after a probationary period. They may be given options for different levels of coverage or the opportunity to add dependents to their plan.
Premium Payments
Critical illness insurance policies typically have a survival period, which is a waiting period after the diagnosis of a covered illness. The policyholder must survive this period (usually 30 days) to be eligible for the benefit payout.
Using the Benefits
Employees can access services covered under their plan by presenting their benefits card to healthcare providers or by paying upfront and submitting claims to the insurance provider for reimbursement.
Claims Process
Claims for covered services can often be submitted electronically by healthcare providers or by employees through online portals or mobile apps provided by the insurance company. Reimbursements are then made directly to the employee or the healthcare provider.
Annual Maximums and Deductibles
Plans often have annual maximums for certain types of coverage and may require a deductible to be paid before some benefits kick in.
Coordination of Benefits
If an employee is covered by more than one benefits plan (for example, through their spouse), the two plans can coordinate to maximize the coverage and minimize out-of-pocket expenses.
INstasure
How does it work?
Policy Purchase
A professional or business purchases an E&O insurance policy from an insurance provider. The policy details the coverage limits, the deductible, and the specific inclusions and exclusions.
Claim Made
Universal life insurance provides a death benefit, which is the amount paid to the beneficiaries upon the death of the insured. The death benefit is generally income-tax-free and is determined by the policyholder at the time of purchase.
Notification
Upon receiving a claim or being aware of an incident that may lead to a claim, the insured must notify their insurance provider as soon as possible. Timely notification is crucial as delays can affect coverage.
Investigation
The insurance provider investigates the claim to determine if it falls within the scope of the policy's coverage. This involves assessing the details of the alleged error or omission and the resulting damages.
Defense
If the claim is covered, the insurer will provide legal defense to the insured. This can include hiring lawyers, paying for legal advice, and covering other legal expenses associated with defending the claim.
Resolution
The claim may be resolved in various ways, such as through a settlement negotiated by the insurer, a judgment in court, or dismissal of the claim if it is found to be without merit.
Payment
If the claim is settled or if a court determines that the insured is liable, the E&O insurance policy will pay up to the coverage limits for damages awarded, plus covered legal costs, minus any applicable deductible.
pros
Legal Protection: Business liability insurance provides legal protection by covering the costs associated with third-party claims, including legal defense expenses, settlements, and judgments.
Risk Mitigation: It helps mitigate financial risks associated with lawsuits, accidents, or injuries that may occur on business premises or as a result of business operations.
Contractual Compliance: Some contracts and agreements may require businesses to carry liability insurance, ensuring that the business can fulfill contractual obligations.
Customer Confidence: Having liability insurance can enhance a business's professional image, instilling confidence in customers and clients that the business is prepared to address unforeseen challenges.
Industry Requirements: In certain industries, liability insurance may be a regulatory requirement, and having the necessary coverage ensures compliance with industry standards.1 Column
Cons
Costs: Premiums for liability insurance can be a significant ongoing expense for businesses, and costs can vary based on factors such as industry, business size, and coverage limits.
Policy Exclusions: Certain events or situations may be excluded from coverage, and policyholders need to carefully review policy terms to understand exclusions.
Claims Impact: Making multiple claims or being involved in significant incidents can impact a business's claims history, potentially leading to higher premiums.
Complexity: Understanding the nuances of liability coverage, including different types of liability (general liability, professional liability, product liability), can be complex.
pros
Asset Protection: Business content insurance protects physical assets, including inventory, equipment, furniture, and other contents, against perils such as fire, theft, vandalism, and certain natural disasters.
Replacement Cost Coverage: Content insurance often provides replacement cost coverage, allowing damaged or stolen items to be replaced with new items of similar kind and quality.
Business Continuity: Coverage for business interruption helps businesses recover lost income and certain ongoing expenses in the event of a covered loss, allowing for business continuity.
Customization: Policies can be customized to fit the unique needs of different businesses, ensuring that coverage aligns with specific assets and risks.
Cons
Costs: Premiums for business content insurance contribute to ongoing business expenses, and costs can vary based on factors such as industry, location, and the value of insured contents.
Policy Exclusions: Certain events or situations may be excluded from coverage, and policyholders need to carefully review policy terms to understand exclusions.
Claims Process: The claims process can be complex, and businesses need to be proactive in documenting their assets and promptly reporting losses to the insurance provider.
Risk Assessment: Assessing the value of business contents accurately can be challenging, and businesses need to regularly update coverage to reflect changes in assets.
pros
Attraction and Retention: Quality benefits packages are a key factor in attracting and retaining top talent. Employees often look for companies that offer comprehensive health and dental plans.
Employee Health and Productivity: With access to health and dental care, employees are likely to be healthier, take fewer sick days, and be more productive at work.
Tax Benefits: Employer contributions to health and dental plans are typically a tax-deductible business expense in Canada.
Employee Morale: Benefits contribute to higher job satisfaction and can improve employee morale and loyalty, as they feel valued by their employer.
Competitive Edge: Offering benefits can give a business a competitive advantage, especially in industries where such perks are not standard.
Cons
Cost: The primary drawback is the cost to the employer. Premiums can be a significant expense, especially for small businesses or those with many employees.
Administration: Managing health and dental plans requires administrative work, including choosing plans, working with Instasure or insurance providers, and handling employee enrollments and questions.
One-Size-Fits-All: Benefits packages can be inflexible, and not all employees may need or want the same level of coverage, potentially leading to underutilization.
Increased Overhead: Adding benefits increases a company's fixed overhead costs, which can be a financial strain, particularly if the business faces cash flow challenges.
Regulatory Compliance: Navigating the complex regulatory environment around employee benefits can be challenging and requires 1 Columnensuring compliance with relevant laws and regulations.
pros
Financial Protection: E&O insurance can cover legal costs, settlements, and judgments if a professional is sued for an alleged mistake, oversight, or failure to deliver a service, preventing significant financial loss.
Credibility: Professionals with E&O insurance may be seen as more credible and trustworthy by clients, as it shows a commitment to protecting their interests.
Peace of Mind: Knowing they have E&O coverage allows professionals to work with greater confidence, focusing on their services without the constant fear of potential litigation.
Contract Requirements: Some clients and industries require professionals to carry E&O insurance, so having it enables professionals to comply with these contracts and work with a broader range of clients.
Risk Management: E&O insurance is part of a comprehensive risk management strategy, helping to mitigate the risks inherent in providing professional services.
Cons
Cost: Premiums for E&O insurance can be a significant expense, particularly for small businesses or individuals who may not have a high income or revenue.
Complexity: Understanding the terms, conditions, and exclusions of E&O insurance policies can be complicated, and ensuring adequate coverage requires careful analysis.
Complacency: There’s a risk that having E&O insurance might lead some professionals to be less diligent in their work, relying on their insurance to cover any mistakes.
Not All-Inclusive: E&O insurance does not cover intentional wrongdoing, criminal acts, or fraudulent behavior. There may also be other exclusions that leave professionals vulnerable in certain situations.
Claims-Made Basis: Most E&O policies are written on a claims-made basis, meaning they only cover claims made during the policy period. If a claim is made after the policy has lapsed, there is no coverage, even if the incident occurred while the policy was active.
INstasure
Business Liability Insurance Plans
Here are key factors that can impact the cost of Business Liability Insurance:
Industry Type: The industry in which a business operates can significantly affect insurance costs. Some industries inherently carry higher risks, and insurance premiums may reflect those risks.
Business Size: The size of the business, including its revenue, number of employees, and physical size, can impact insurance costs. Larger businesses with more significant operations may face higher premiums.
Coverage Limits: The amount of liability coverage selected, including general liability, professional liability, and other specific coverages, will influence premiums. Higher coverage limits typically result in higher premiums.
Business Location: The location of the business can affect insurance costs. Businesses located in areas with higher crime rates or greater exposure to natural disasters may face higher premiums.
Claims History: A business's claims history plays a role in determining premiums. A history of frequent claims or significant incidents may lead to higher insurance costs.
Type of Liability Coverage: The specific types of liability coverage chosen, such as general liability, product liability, or professional liability, will impact premiums. Some businesses may require specialized liability coverages.
INstasure
Business Content Insurance Plans
Here are some considerations regarding the costs associated with Business Content Insurance:
Inventory Value: The total value of the business's inventory, equipment, furniture, and other contents will influence content insurance premiums. Higher inventory values generally result in higher premiums.
Type of Contents: The nature of the business's contents, including equipment, technology, specialized machinery, and inventory, will impact insurance costs. Specialized or high-value items may require additional coverage.
Location: The physical location of the business, including the risk of perils such as fire or theft in the area, can affect content insurance costs.
Business Size: The size of the business, including the square footage of the premises, can be a factor in determining content insurance premiums.
Coverage Limits: The selected coverage limits for business contents, including replacement cost coverage, will influence premiums. Higher coverage limits may result in higher premiums.
Business Interruption Coverage: If the business chooses to include business interruption coverage, which provides protection for lost income during a covered loss, this can impact insurance co.
INstasure
How can instasure help with Liability and Content Insurance?
Instasure in Canada play a pivotal role in helping businesses secure the appropriate Business Liability and Contents Insurance. They offer several key services:
RISK ASSESSMENT
Instasure evaluates the specific risks associated with a business's operations, industry, and assets to determine the level and type of coverage needed.
POLICY COMPARISON
Instasure have access to a variety of insurance products from multiple insurers. They can compare policies to find coverage that offers the best protection at a competitive price.
CUSTOMIZATION
Business insurance needs can vary greatly. Instasure can tailor policies to fit the unique requirements of a business, ensuring that coverage is neither too broad nor too narrow.
CLAIMS ASSISTANCE
In the event of a claim, Instasure can guide business owners through the process, advocating on their behalf to ensure a fair and prompt settlement from the insurer.
ONGOING SUPPORT
As businesses grow and change, Instasure can review and update policies to reflect new exposures or assets, ensuring continuous protection.
EXPERT ADVICE
Instasure provides expert advice on risk management strategies and how to effectively use insurance to protect against those risks.
INstasure
How can instasure help with Liability and Content Insurance?
Instasure in Canada play a pivotal role in helping businesses secure the appropriate Business Liability and Contents Insurance. They offer several key services:
RISK ASSESSMENT
Instasure evaluates the specific risks associated with a business's operations, industry, and assets to determine the level and type of coverage needed.
POLICY COMPARISON
Instasure have access to a variety of insurance products from multiple insurers. They can compare policies to find coverage that offers the best protection at a competitive price.
CUSTOMIZATION
Business insurance needs can vary greatly. Instasure can tailor policies to fit the unique requirements of a business, ensuring that coverage is neither too broad nor too narrow.
CLAIMS ASSISTANCE
In the event of a claim, Instasure can guide business owners through the process, advocating on their behalf to ensure a fair and prompt settlement from the insurer.
ONGOING SUPPORT
As businesses grow and change, Instasure can review and update policies to reflect new exposures or assets, ensuring continuous protection.
EXPERT ADVICE
Instasure provides expert advice on risk management strategies and how to effectively use insurance to protect against those risks.
INstasure
How can Instasure help with Health and Dental Insurance?
Here's how Instasure can assist businesses with health and dental benefits:
NEEDS ASSESSMENT
Instasure works with businesses to assess the specific health and dental needs of their workforce, taking into account factors such as the size of the company, the demographics of the employees, and the industry in which the business operates.
MARKET KNOWLEDGE
Instasure have extensive knowledge of the health and dental insurance market. They can provide insights into the various products available and explain the differences between plans from multiple providers.
CUSTOMIZATION
Instasure helps businesses tailor their health and dental plans to provide the right level of coverage while also managing costs. They can advise on the types of coverage that may be most beneficial, such as preventative care, prescription coverage, or orthodontic services.
COST MANAGEMENT
Instasure assists in finding competitive premiums and can often negotiate better rates or additional benefits due to their relationships with multiple insurers and their understanding of the market dynamics.
ADMINISTRATIVE SUPPORT
Instasure can simplify the administrative process by assisting with plan implementation, enrollment, and ongoing management. They often provide support with claims processing and can help resolve any issues that arise between the insurer and the insured.
REGULATORY COMPLIANCE
Instasure ensures that health and dental plans comply with relevant Canadian regulations and legislation, helping businesses avoid potential legal issues or fines.
EMPLOYEE COMMUNICATION
Instasure can aid in communicating the benefits to employees, helping them understand their coverage and how to make claims, which enhances the perceived value of the benefits package.
ONGOING SERVICE
Insurance needs may change over time, and Instasure provides ongoing service and support, including regular reviews of the plan to ensure it continues to meet the changing needs of the business and its employees.
INstasure
How can Instasure help with
Errors and Omissions Insurance?
Here's how Instasure can assist businesses with
Errors and Omissions Insurance:
NEEDS ASSESSMENT
Instasure evaluates the specific risks associated with a client's profession or industry to determine the appropriate level of E&O coverage.
POLICY CUSTOMIZATION
They tailor policies to match the unique needs of the business, ensuring that coverage is neither too broad nor too narrow.
COMPARISON SHOPPING
Instasure have access to multiple insurance providers, which allows them to shop around for the best coverage options at competitive prices.
EXPERTISE AND ADVICE
They provide expert advice on the terms, conditions, and exclusions of E&O policies, helping clients understand what is and isn't covered.
ONGOING SUPPORT
Instasure assists with policy renewals, updates, and adjustments as the business grows or changes, ensuring that coverage remains adequate over time.
CLAIMS ASSISTANCE
In the event of a claim, Instasure can guide clients through the process, helping to ensure a smooth and efficient resolution.
REVIEWS
What our Customer Says
I was referred by my mortgage broker, they offered me term life for lithium cost I was paying towards my mortgage insurance with TD for a dedicated policy of half a million for 20 years. It was a no-brainer, quick and easy process.
Jason Giles
We compared five different options with Lucas on life coverage, and we liked the offer with foresters. He walked us through all the pros and cons with each provider, we're extremely happy with the service. Thank you for being so patient.
Nadya Jibrani
The team was quick on a quote, perfect communication, no jargons just simple plan explanations on how the policy protects. And how it doesn't, so transparent and clear. I purchased whole life, the illustrations I saw work perfectly to form my retirement plan.
Paul Messan
Lucas was referred to us by our mortgage broker, we were surprised to see the options available in the premium cost we were paying with our bank. Overall a great experience, would definitely recommend.
Jada Klein
It's funny how we have protection for our car in our home, and we don't think about our life sometimes. The instasure team proactively helped me finalize our retirement plan, a whole life insurance and a term policy to fit in my budget and still protect my family.
Ali Reza
As a single parent, my focus was on cost efficiency while keeping my kids protected. It gives me confidence that if something were to happen to me my policy is going to take care of my kids behind me. Thank you for your recommendations, and working with me side by side to get this done so quickly.
Aliya Habib
I found Instasure online, play completed my quote on Monday and I was issued my policy on Thursday. They work fast, they know their stuff. Great experience.
Andrew Lee
Lucas comes highly recommended for his multiple offerings, he was easy to work with. Strong communication, answered all our questions and we trust him with our financial plan. We've done our own research, and we couldn't have done better!
Kayla Newman
We just purchased our first home, and well comparing insurance options, Lucas and his team helped us compare multiple providers, this gave us clarity in deciding the best coverage. When you know you're making the right decision, and it's backed by a professional... That is a support you need. Thank you all for all your help.
Susan Mae
Milena and I were looking for an insurance company that doesn't gouge. We truly felt instasure was working to our benefit, it's good to know which insurance companies to stay away from. We purchased a combination of whole life and term policy.
Oscar Gonzalez
We came looking for an auto insurance quote, and we were so impressed with their professionalism. No pressure tactics, straightforward and transparent communication. That is the attitude you need from a service provider, when you're trying to save money.
Paula Ferozina
Our two properties in Woodbridge were due on a home renewal policy, these guys did a fabulous job of a lower quote and follow up. In a crunch time, they got everything done in a day.
Jason Wilkinson
We were searching for an economical supervisor insurance for our traveling mother. They helped us find the best policy with a fair deductible and issued the paperwork the same day. Thank you so much for all your help. Lucas and Sarah were great.
Lorenzo Perez-Marten
We compared insurance hotline and 2 others. We found these guys fair and quick to respond. They had a detailed conversation on our first call and then things moved fairly fast. Home insurance and term purchased. Good overall!
Adnan Zuberi
Strong communication. Built a relationship with me and I have someone to get advice from. Sarah was so amazing😃, thank you for helping with the electronic signatures again.
Kieko Mustanza
We own 45 units and needed a protection plan that helps reduce taxes. They did a fabulous job with the plan he built.very happy, thanks Lucas
Danielle Rin Bauer
I'm new to the work force and wanted more information on how to create wealth. For $300 I have a $250k investment plan. Great advisors, good caring people.
Sameer Lakhani
INstasure
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