Steers Insurance Blog

With businesses facing rising inflation, continued supply shortages and soaring prices amid a Consumer Price Index hitting a 30-year high¹, we wanted to shed some light on what this means for you in terms of the impact on your insurance.

Over the past two years, we have seen an increasing trend of underinsured claims across our Personal and Commercial Property lines. Fueling this trend has been issues with customers not being adequately insured to value, resulting in higher claims coming in than what customers are insured for. With inflation hitting new record levels and driving up the costs of claims, even more, it’s more important than ever to ensure our customer's Commercial and Personal Properties are insured to value.

Flooding is the most expensive natural disaster in Canada, and it’s becoming even more common as rising global temperatures lead to increased rainfall across the country.

Winter can be a dangerous time of the year – especially when you work outside like many construction workers. However, with the right preparation and training, your construction crew can stay safe and productive in the winter.

When the temperatures dip below zero, the construction industry needs to ensure safe sites and do its best to avoid slips, frozen fingers, damaged equipment and more. The best way to avoid hazards and prevent accidents during the winter includes:

On a construction site or work site, there are a lot of moving parts, including all of the contractors, subcontractors, and tradespeople that are essential to any project. No matter what kind of trade you work in, you are critical to getting the job done. But you are also responsible if something goes wrong. Risks, exposures, and liabilities for contractors have changed over the years and could leave you unprotected if something goes wrong. Read on to find out what is essential when keeping people and workplaces safe where fire protection and hot work are concerned.

Insurance industry cycles are believed to last from two to ten years and are usually affected by world events and natural disasters. Unsurprisingly, the COVID-19 pandemic has caused a hard market for commercial underwriters.

Nova Scotia law makes it clear: all business owners must ensure their property is reasonably safe for visitors. Failing to do so can result in visitors and employees suffering sprains, strains, broken bones, and more from incidents like slip and fall accidents.

Water damage to a business, regardless of how it happens, can lead to mold growth, costly litigation and financial loss. In addition to direct costs associated with cleanup, material replacement, equipment repair and mold remediation, water damage incidents may lead to significant indirect costs associated with construction delays and business interruptions.