As the tourism sector is currently experiencing a tightening of the insurance marketplace, premiums are rising substantially, and in some cases, coverage is not available.
To find coverage and reduce premiums, the Insurance Bureau of Canada recommends business owners to develop a robust risk management system. Managing risk is an essential part of every business, large or small. Businesses can help control the cost of your insurance premiums and improve operations by adopting risk management strategies no matter what the sector you are operating in.
Showing insurance underwriters how your business model may have pivoted from the prior year which reflects a new business model including steps of assessing, prioritizing and preventing Risk.
Friday, May 28 session will use the high-risk adventure tourism sector as examples of how to stand the best chance of getting insurance coverage.
The workshop will include an overview of the insurance sector and why we are seeing the current tightening in the marketplace; how insurance, underwriting, and insurance placement works; how to present your business in order to stand the best chance of receiving coverage and the best premiums; and what a comprehensive loss control (risk management) program contains.
A case study will look at how the high-risk helicopter skiing sector approaches insurance coverage and the benefits of a group risk management program highlighted.
Additionally, a risk management plan template and a waiver template will be provided to participants.
