As businesses navigate the challenges of rising inflation rates, it is essential to consider the impact on insurance premiums and take proactive steps to mitigate potential risks.

Inflation is a reality that businesses need to deal with, and the insurance industry is no exception. As we have seen, the rising cost of goods and services directly impacts insurance premiums and claims payouts. This means that businesses must be proactive in adjusting their policies and preparing for future claims.

• The first step is to talk to your insurance broker. They can assess your current policy and make recommendations for changes that will better protect your business from inflation-related risks. This may involve increasing your coverage limits or adding additional coverage for specific risks.
• It is also important to stay ahead of your policy renewal. Don’t wait until the last minute to review your policy and make changes. By doing so, you can ensure that you are getting the best coverage at the best price.
• Investing in risk management is another essential step. This involves identifying potential risks to your business and taking steps to mitigate them. This may involve implementing safety protocols, training employees, or investing in new equipment or technology.
• Diversifying your vendors is also a good strategy. By working with multiple suppliers, you can reduce the risk of supply chain disruptions and keep costs under control.
• Researching domestic alternatives for materials and products can also help to reduce costs. By sourcing materials locally, you can avoid the high shipping costs associated with importing goods.
• Adjusting contract and project budgets for inflation pricing is another important step. When bidding on new projects or signing contracts, it is essential to factor in the potential impact of inflation on costs.
• Finally, it is important to prepare a crisis mitigation plan. This includes identifying potential risks and developing a plan to address them. By having a plan in place, you can minimize the impact of any unforeseen events.

If you are unsure about how to manage the impact of inflation on your business insurance, professional brokers at Ing & McKee Insurance can help. Their experienced insurance brokers can guide you through the process and find the best policy options to mitigate the risks and protect your business.

As a small business owner, you know that every decision you make can significantly impact your company’s success. One of the most important decisions you can make is choosing the right insurance coverage for your business. Here are five reasons why having the right insurance is critical for small businesses:

• Protects against financial loss: Accidents and unexpected events can happen at any time, and without proper insurance coverage, your business could be left vulnerable to financial loss. Business insurance can help protect your company’s assets, property, and income in the event of unforeseen circumstances.
• Provides peace of mind: Running a small business can be stressful, but having the right insurance coverage can provide peace of mind knowing that your business is protected. With the right coverage, you can focus on growing your business without worrying about potential risks.
• Helps attract and retain employees: Offering employee benefits such as health, dental, and disability insurance can help attract and retain top talent. It shows that you value your employees and are committed to their well-being.
• Meets legal requirements: Depending on your industry and location, there may be legal requirements for insurance coverage. Failure to comply with these requirements can result in fines and legal action against your business.

While there are many options available for purchasing insurance, working with an independent insurance broker can provide numerous benefits for your business. Here’s what an independent insurance broker can do for your business:

• Access to Multiple Insurers: Independent insurance brokers work with various insurers, providing access to multiple products and price points. They evaluate several options on behalf of their clients, ensuring that they get the right coverage at a fair price.
• Industry Expertise: Insurance brokers understand the industries they serve and can help sort through complex insurance options. They evaluate risks and help prioritize coverages based on risk and budget, ensuring that their clients have the necessary protection.
• Claims Management: While insurance brokers do not process claims on behalf of their clients, they can assist with filing claims and ensuring that all proper documentation and evidence is provided to the insurer. They can also communicate with the insurance company regarding the status of the claim, keeping their clients informed throughout the process.
• Risk Management: Insurance brokers are experts in risk management and can identify potential risks that could put your business in jeopardy. They can provide valuable resources and even conduct site inspections to help prevent liability and work injuries.
• Money-saving Advice: Independent insurance brokers can shop around for the best rates and coverages, negotiating better rates and providing advice on additional policies to protect your business from losses.
• Advocacy: During hard markets where policies can be more expensive and have lower coverage limits, insurance brokers can advocate for their clients and present their company’s strengths and risks to insurers, providing more than just numbers on a page.

At Ing & McKee Insurance, our team of experts understand the unique insurance needs of small businesses. Don’t let unexpected events derail your success – contact us today to learn how we can help protect your business!

At Ing & McKee, we understand the importance of keeping our clients and fellow Albertans informed of changes that impact their daily lives. As such, we want to draw attention to recent changes made to the Graduated Driver Licensing (GDL) program in Alberta, which will have a significant impact on drivers across the province. These changes came into effect on April 1, 2023, and are aimed at streamlining the GDL program and making it easier for eligible drivers to exit. All drivers who meet certain criteria will be eligible to exit the GDL program.

To qualify for GDL exit, drivers must be at least 18 years old, have completed 24 months of probationary driving, and have been suspension and demerit free for the last 12 months. Those who have completed a Class 5 or Class 6 driver training program from a licensed driving school may be eligible to reduce their probationary period by up to 6 months.

Drivers needing to exit the GDL program can visit their local registry agent’s (or our friendly neighbour Red Deer Registries) office to confirm eligibility. If eligible, they can exchange their GDL license for a non-GDL license free of charge. However, those who are not yet eligible will remain in the GDL program until they meet the requirements.

On June 25, 2023, an IT system change will be implemented to review GDL driver files and automatically exit eligible drivers from the program. These drivers will receive a letter from the Government of Alberta in July 2023 indicating they have exited the GDL program.

While restrictions on GDL licenses will remain in place until drivers receive their Class 5 or Class 6 license or the Government of Alberta letter, the Class 5 and Class 6 road tests are also changing. Both tests will include elements from the advanced road test, and the Class 5 road test will increase from 30 minutes to 45 minutes to prioritize safety.

Overall, these changes aim to streamline the GDL program and make it easier for eligible drivers to exit. As always, it’s important for all drivers to prioritize safety on the road and follow traffic laws.

The current wildfire situation in Alberta is a stark reminder of the importance of having appropriate insurance coverage during natural disasters. As of May 9th, there were 11 active wildfires in the province of Alberta. The effects of these wildfires have been devastating, with many properties and businesses being threatened or damaged.

Riding a motorcycle can be an exhilarating experience, but it comes with its own set of inherent risks. Due to their small size and lack of protective barriers, motorcycles can be especially vulnerable on the road.

If you’re an Alberta resident who enjoys riding a motorcycle, it’s important to prioritize safety above all else. Here are some key tips to help you stay safe while on the road:

Wear Proper Protective Gear

The right protective gear can make all the difference in the event of an accident. Make sure you always wear a DOT-approved helmet that fits properly, as well as a protective jacket with padding to absorb any impacts. Gloves, boots, and pants made from durable materials such as leather or Kevlar can also protect you in the event of a high-speed accident or slide.

Get Proper Training and Certification

To ride a motorcycle legally in Alberta, you must have a Class 6 driver’s license and complete a motorcycle rider training course. These courses will teach you the skills you need to operate a motorcycle safely, as well as defensive driving techniques to avoid potential accidents.

Follow Traffic Laws and Avoid Reckless Riding

Obeying traffic laws is crucial for your own safety as well as the safety of others sharing the road with you. This includes following speed limits, avoiding distracted riding (such as texting while riding), and always using your signals when changing lanes or turning.

Stay Alert and Aware

Due to their smaller size, motorcycles can easily become hidden in a driver’s blind spot. It’s important to stay alert and aware at all times, scanning the road ahead and using your mirrors to keep track of nearby vehicles. Avoid riding in wet or icy conditions whenever possible and make sure to adjust your riding for any poor weather conditions.

Regularly Maintain Your Motorcycle

Proper motorcycle maintenance is key for ensuring that your motorcycle is in top working condition. Regularly inspect your tires, brakes, lights, and signals for any potential issues, and have your motorcycle serviced by a licensed mechanic at least once a year.

By following these tips and prioritizing safety whenever you ride your motorcycle, you’ll be able to enjoy the open road with more peace of mind. Stay safe, stay alert, and happy riding!