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The Importance of Cyber Insurance for Small Businesses
Businesses across sectors have become increasingly reliant on technology to conduct operations. However, any digital presence—no matter how small—presents a cybersecurity risk. Whether a business trades online, stores or processes data, or simply uses email, it could be at risk of a cyberattack. Unfortunately, cyber breaches can result in financial losses, regulatory fines and reputational…
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Trucking Industry Trends to Watch in 2025
The trucking sector is integral to the economy by moving mass amounts of freight and supporting supply chains across industry lines. However, several risks present challenges to the sector moving forward. Trucking businesses should monitor developments that could impact the industry in 2025 and adjust their risk management programs accordingly. Here are trucking trends to…
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Promoting Fire Extinguisher Safety
Fire extinguishers are designed to fight fires in their early stages when the flames present a relatively minor hazard. Specifically, a fire extinguisher should be used when the fire is small, growing slowly, giving off little smoke and emitting minimal heat. Knowing how to use a fire extinguisher during a workplace fire can make all…
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Addressing Leadership Burnout
Employees have faced a myriad of workplace changes over the past few years, and this has taken a toll on some individuals’ mental health, resulting in burnout—a state of physical, psychological and emotional exhaustion. Burnt-out managers may find it challenging to make decisions, isolate themselves from others and lack the energy to champion transformative change….
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Reporting Flood Damage to Insurance
Floods impact thousands of Canadian homeowners annually and inflict millions of dollars in property damage. Unfortunately, floods can happen anywhere, and many homeowners don’t realize that standard home insurance doesn’t cover floods. That’s why having adequate flood insurance coverage should be considered a top priority for anyone with a home. However, even after securing the…
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Commercial Property Spring Maintenance Essentials
Poorly maintained commercial premises could lead to employee and visitor accidents, increasing a business’s chances of litigation and damaging its reputation. Moreover, poorly maintained buildings could be left without vital services, hindering business operations. Spring is a good time to conduct pressing upkeep tasks to remedy any building defects caused by winter storms and proactively…
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Managing Fleet Maintenance and Repair Costs
Fleet maintenance is critical for organizations that rely on vehicles in their operations. However, rising costs driven by inflation, supply chain disruptions and evolving vehicle technology have made keeping fleets in optimal condition increasingly challenging. Despite these obstacles, maintaining safe and efficient vehicles is essential for operational performance and reducing long-term expenses, including insurance costs….
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Business Sustainability Trends
Becoming an environmentally conscious employer is an increasingly important factor for business success. Not only can adopting sustainable practices help organizations reduce their carbon footprint and contribute to the government’s goal to become net zero by 2050, but it can also offer several other benefits. Sustainable workplaces may notice reduced costs and higher productivity, which…
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Creating an Effective Distracted Driving Policy
Distracted driving is one of the leading causes of vehicle accidents, posing significant risks to both individuals and businesses. Studies from the Canadian Automobile Association have shown that distracted drivers are more likely to be in a crash or near crash event than non-distracted drivers. In today’s fast-paced world, where mobile devices and in-vehicle technology…
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How Critical Illness Insurance Supports Business Continuity
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. Business owners and key employees are the driving force behind a company’s success. When a major health crisis such as cancer, heart attack, or stroke occurs, the effects can ripple through an organization, disrupting revenue streams, operations, and employee…
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Email Security Best Practices
Since organizations rely heavily on email to communicate and conduct business operations, cybercriminals commonly target email as an entry point to access networks and breach valuable business data. A single misclick from an employee might be all a cybercriminal needs to breach an organization’s cyber defences. Organizations must increase email security to protect their data…
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Side A Difference in Conditions (Side A DIC) Coverage
In a business landscape increasingly prioritizing corporate accountability, directors and officers face numerous risks in carrying out their corporate duties. Whether a public, private or non-profit organization, no company is immune from litigation arising out of the management decisions of its boards. Although directors and officers liability (D&O) insurance can provide coverage for “wrongful acts,”…
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Insured Losses From Historic Calgary Hailstorm Still Rising
Insured losses stemming from the record-breaking hailstorm that hit Calgary in August 2024 continue to rise. The insured losses resulting from the event, which is the second-costliest disaster in Canadian history, are now estimated at $3.25 billion, according to Catastrophe Indices and Quantification Inc. More than 130,000 claims arose from the incident, some of which…
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Navigating Cybersecurity Challenges in the Manufacturing Industry
The manufacturing sector has experienced rapid technological advancements over the past few years. Innovations like artificial intelligence (AI), smart machinery, equipment monitoring software, digital sales systems and analytics platforms continue to reshape the industry. Although the technological advancements provide several benefits, they also present additional cybersecurity exposures. They expand the attack surface for cyberthreats, and…
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SIM-swapping Attacks Explained
In recent years, many organizations have implemented stronger cybersecurity measures, including multifactor authentication (MFA). This method requires users to present two or more unique credentials, such as a password and an additional security code, to verify their identity and log into their company account. With MFA, cybercriminals are restricted from infiltrating organizations’ IT infrastructures upon…
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Small Business Insights: Preventing Theft and Vandalism
Theft and vandalism pose significant risks to small businesses across all industries. These incidents can lead to financial losses, property damage and operational disruptions. This article explores the risks of theft and vandalism, prevention strategies, response protocols and essential insurance considerations. Understanding the Risks Theft and vandalism manifest in various ways. For example, theft may…
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What is Shared Interest Critical Illness Insurance?
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. Shared Interest Critical Illness Insurance, also known as split-dollar critical illness insurance, is a strategic insurance solution designed to benefit both businesses and their key employees. This approach allows companies to protect themselves against the financial risks of a…
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2024: Costliest Year for Climate-fuelled Disasters in Canada
Climate-fuelled severe weather events show no signs of abating, according to a report by German insurance company Munich Re. Natural disasters such as hurricanes and floods caused global losses of US$320 billion in 2024, one of the costliest years for natural disasters since 1980. In Canada, 2024’s losses were the highest since 1980. Although not…
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Construction Industry Trends to Watch in 2025
The construction industry has encountered volatility and uncertainty in recent years. Consequently, Canada’s construction industry witnessed an estimated 3.1% fall in output in 2024, according to construction consultant Linesight. However, Linesight predicts a more favourable 2025, with an anticipated annual growth rate of 2.2%. Despite this optimism, construction businesses should monitor several key trends that…
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What is Critical Illness Insurance?
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. Critical illness insurance provides a financial lifeline during life’s most challenging moments. If you’re diagnosed with a covered medical condition—such as cancer, a heart attack, or a stroke—it pays out a one-time, tax-free lump sum that can be used…
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Navigating Uncertainty: Key Insurance Strategies for 2025
The Challenge: Market Disruptions and Uncertainty Economic shifts, tariff risks, inflation, and evolving threats like cybercrime and extreme weather continue to create uncertainty for businesses. Without a proactive approach, businesses may face financial risks, coverage gaps, and unexpected premium increases. Our Approach: Simple, Controllable, and Predictable At CMB Insurance Brokers, we don’t take a generalist…
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Manufacturing Industry Trends to Watch in 2025
Businesses in the manufacturing sector contribute significantly to the economy. However, the industry has witnessed several significant challenges in the past few years. Geopolitical instability, economic uncertainty and stagnant domestic demand weigh heavily on the sector. In fact, according to Statistics Canada, manufacturing sales fell 1.3% in the third quarter of 2024, the fourth consecutive…
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2025 Cyber Insurance Market Outlook
Cyber insurance rates softened in 2024 as competition from existing carriers increased, new players entered the market, and insureds strengthened cyber hygiene measures to reduce exposures. Risk management company Marsh reported that cyber insurance rates fell by 1% in the third quarter of 2024, and coverage continued to broaden. Yet the risk of cyberattacks remains…
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Winter Driving Safety Tips
Winter can create hazardous driving conditions across much of Canada. With slippery surfaces, dangerously cold weather and visibility issues prevalent during these months, drivers must take steps to ensure they operate their vehicles safely to protect themselves, others and business property (e.g., trucks, trailers and cargo). Drivers must adapt to winter road conditions by taking…
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Who Qualifies as a “Good Driver” under Alberta’s Auto Insurance Rate Cap?
Alberta’s auto insurance system has faced rising claims costs from increased lawsuits and healthcare expenses, catastrophic weather events driving up premiums, and market instability, leading insurers to tighten coverage and raise rates. In an attempt to keep auto insurance rates lower for Albertans, the government introduced a rate cap in 2024. Effective January 2025, the…
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2025 Commercial Property Insurance Market Outlook
The reinsurance market stabilized in 2024 due to several factors, including significant growth in catastrophe bonds, which increased available capacity. This greater access to reinsurance capital enabled insurers to take on larger and more complex risks. Consequently, some insureds found it easier to secure coverage. Additionally, premiums softened in 2024; risk management company Marsh found…
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Understanding Alberta’s Auto Insurance Reform
The Background: Why Reform Was Needed Alberta’s auto insurance system has faced rising claims costs from increased lawsuits and healthcare expenses, catastrophic weather events driving up premiums, and market instability leading insurers to tighten coverage and raise rates. What’s Changing? Key Reforms What This Means for You Do You Qualify as a “Good Driver”? Good…
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2025 Commercial Auto Insurance Market Outlook
The commercial auto insurance market has been challenging for insurers and insureds for the past few years. Various factors have led to difficult market conditions. The industry is still recovering from supply chain disruptions caused by the COVID-19 pandemic and, more recently, the Russia-Ukraine war, which has increased the cost of auto parts and vehicles….
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5 Cloud Security Management Practices
Cloud-related threats were the number one cybersecurity concern among businesses in the PricewaterhouseCoopers International Limited’s 2024 Global Digital Trust Insights Survey. Cloud computing refers to a pay-per-use service that equips users with on-demand access to a range of IT resources (e.g., databases, software, servers, networking and analytics tools, and artificial intelligence applications) via the internet….
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Data Backup and Recovery Plans
Database company Statista reported that the average cost of a data breach in Canada in 2024 was $4.66 million. Evaluating backup and recovery plans is essential to minimize losses. Data loss from cyberattacks, hardware failures, failed cloud synchronizations, natural disasters, human errors, and other events can lead to significant disruptions, financial losses and compliance issues….
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Workplace Trends for 2025
Savvy employers should keep abreast of the latest developments, technologies and best practices within their industries to stay one step ahead of the competition. As workplace trends constantly evolve, remaining agile and adapting working models to blossoming trends can help organizations improve company culture, retain employees and fuel growth. Consider the following workplace trends for…
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The Importance of Fire Doors
If a fire occurs at a commercial property, time is of the essence to keep it under control. Therefore, having measures in place to slow the spread of the flames and minimize potential damages is crucial. That’s where fire doors can help. These doors are specifically designed to withstand the extreme heat of a fire…
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Future-Proofing Your Benefits Package: Trends to Watch for in 2025
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. As 2025 begins, staying ahead of employee benefits trends is essential for businesses looking to attract and retain top talent. With workplace satisfaction and retention heavily influenced by benefits programs, companies must adapt to evolving workforce expectations. Below, we…
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Business Interruption Insurance Examples
Continuity is critical in business, and there are few things more important than continuous revenue and cash flow, particularly for small to medium-sized organizations. In fact, just one brief business interruption can be incredibly costly for an organization, often leading to serious reputational damages or long-term closures. That’s where business interruption insurance can help. This…
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Preventing Distracted Driving
Distracted driving refers to any activity that diverts a driver’s attention away from the primary task of operating their vehicle. It poses significant risks not only to drivers themselves but also to others sharing the road. For businesses that rely on vehicles in their operations, understanding and preventing distracted driving is crucial to safeguarding both…
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5 Steps to Prepare for a Future With AI
Artificial intelligence (AI) has made its way into many workplaces and is rapidly changing how organizations operate and make decisions. AI’s ability to enhance processes, streamline operations and improve customer experiences has become evident with its advancement, but its risks are not yet fully understood. As this technology enters workplaces across the country, organizations must…
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Navigating the Cyber Insurance Claims Process
When a cyber incident strikes, employers must act quickly and decisively to manage the fallout, safeguard their operations, and mitigate further losses. Navigating the claims process effectively is crucial to minimize disruptions and recover as efficiently as possible. Although the specific response measures may vary based on the nature of the incident and associated losses,…
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Hosting a Company-sponsored Party: Navigating Employer Risks
Workplace celebrations provide an excellent opportunity for employees to network and socialize with their co-workers in a fun environment. However, work-related parties and events present several safety and liability risks that business leaders need to address to limit vulnerabilities. This article provides an overview of common company-sponsored party risks and discusses mitigation strategies employers can…
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Addressing the Digital Skills Gap
Technology continues evolving rapidly, and many organizations struggle to keep pace. Maintaining adequate workforce digital skills is imperative for organizations of all types and sizes as technology develops. Yet, a growing body of data shows that numerous employees lack these skills. According to a poll by professional services company KPMG, 80% of businesses said they need more workers with digital skills, and…
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Avoiding Common Insurance Gaps
Businesses of all sizes across industries face various risks that can lead to significant financial losses. To mitigate these exposures, business owners secure insurance for their operations. Several considerations go into building an insurance portfolio, and when doing so, business leaders must be mindful of policy specifics. Failure to adequately address a business’s insurance needs…