Business Office Package Insurance Program

Business Office Package Insurance Program



Thank you for your interest in the Independent Financial Brokers of Canada Business Office Package Insurance Program.  The following is a summary of the key components of the Insurance Program.

Eligibility – Available to all active members of the Independent Financial Brokers of Canada, with preferred rates for Individual or Corporate E&O Plan Participants.


Rates

Coverage is simple and affordable. Rates depend on the package and limits you select with preferred rates for IFB members who purchase Errors & Omissions Insurance through IFB.

Even if your current insurance is still in force, give us your expiry date and we’ll call to discuss how you can save with IFB when it’s time to renew.

Individual or Corporate E&O Insurance Plan Participants
Coverage Limit Option 1 Limit Option 2
Contents $50,000 $100,000
Extra Expense

 

Equipment Breakdown

$50,000

 

$50,000

$50,000

 

$100,000

Commercial General Liability * $2,000,000 $2,000,000
Personal / Advertising Injury * $2,000,000 $2,000,000
Employers Liability * $1,000,000 $1,000,000
Non-Owned Automobile Liability * $1,000,000 $1,000,000
Annual Premium $700 $800

 Non E&O Insurance Plan Participants
Coverage Limit Option 1 Limit Option 2
Contents

 

Extra Expense

$50,000

 

$50,000

$100,000

 

$50,000

Equipment Breakdown $50,000 $100,000
Commercial General Liability * $2,000,000 $2,000,000
Personal / Advertising Injury $2,000,000 $2,000,000
Employers Liability $1,000,000 $1,000,000
Non-Owned Automobile Liability * $1,000,000 $1,000,000
Annual Premium $800 $900

*Subject to a $2,000,000 aggregate limit per policy period


 

Why do I need business insurance?

Do you own office equipment?

A business office package policy can protect your business contents and equipment from perils such as fire, water damage, and theft – to name a few.

Contents insurance covers assets that you store at your business premises. If you are leasing space for your business, the owner of the property will have building insurance, but you are likely responsible for your own contents insurance. If you run your business out of your home, you will likely need separate contents insurance for your business assets.

Equipment breakdown insurance protects against mechanical breakdown to computers and damage to your contents due to electrical surges by power fluctuation.

If you do incur a property claim and cannot operate from your insured premises, a business office package policy can also provide you with reimbursement of any additional expenses incurred.  These would be costs in excess of normal operating expenses that your business may incur to continue operations while your location is being repaired or replaced as a result of damage caused by the property loss.

Do you rent office space? Do you visit client premises?

A business office package policy can provide coverage for bodily injury and property damage that you or your employees may cause to another person as a result of your operations and/or premises.

For example, a client to your business premises may slip and fall on a wet floor or you may cause property damage while visiting a client premises.

If you are renting office space, your lease likely includes a requirement to carry Commercial General Liability and Tenant’s Legal Liability Insurance.  These two coverages are automatically included in the IFB Business Insurance Program subject to the limits of insurance.

Do you advertise your business services?

A business office package policy can provide coverage for exposures in connection with the advertising of your business services.

The Personal Injury & Advertising Injury extension of a business office package policy can provide coverage for libel, slander, copyright infringement, and misappropriation of advertising ideas.

Do you have employees?

A business office package policy can include the following key extensions of coverage as it relates to your business operations having employees:

Click HERE to download an application.