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What is Cyber Insurance: a Guide for Business
Cyber insurance, also referred to as cybersecurity insurance or cyber risk insurance, is a form of protection aimed at assisting organizations in managing risk exposure by covering expenses associated with restoration following a cyber security breach or similar incident. In today’s digital age, the risk of cyber threats is more prevalent than ever. With businesses…
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Surviving the Summer Heat
Summer brings longer days and plenty of sunshine, but it comes with the challenge of staying cool amid soaring temperatures. The sweltering heat can lead to various heat-related illnesses, some of which can be serious if not addressed promptly. This article explores common heat-related illnesses and offers tips for preventing them. Heat Syncope Heat syncope…
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Mitigating Workplace Violence
Violence in the workplace is a serious health and safety issue. Whether violent incidents come from current or former employees, unknown assailants, or as a result of domestic violence or personal problems, many of these incidents can be foreseen and averted through proper education and safety precautions. Therefore, you must understand the types of workplace…
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Cyber Insurance Claims Hit Record High in 2023, Report Finds
Cyber insurance claims in North America reached record levels in 2023, according to a report by insurance broker Marsh.Specifically, March received more than 1,800 cyber claim reports from clients across the United States and Canada, the highest of any year. Increased cyberattack sophistication, heightened supply chain vulnerabilities—as demonstrated by the significant MOVEit breach in 2023—and…
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Auto Theft Claims Costs Hit $1.5 Billion in 2023
Recent data from the Insurance Bureau of Canada (IBC) found that auto theft remains a significant problem across Canada. On Feb. 21, 2024, the Government of Canada announced a federal investment of $15 million to combat auto theft. However, according to the latest IBC data, auto theft appears to be worsening, and more may be…
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10 Mental Health Boosting Habits
Amid the hustle and bustle of everyday life, mental health can be a critical concern for many Canadians. Mental health plays a massive role in overall health and well-being. It affects how you think, feel, and act and helps determine how you make healthy choices and cope with stress. Because it’s such a crucial component…
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Preventing Carbon Monoxide Poisoning in Businesses
Carbon monoxide (CO), a colourless, tasteless and odourless poisonous gas, is a byproduct of the incomplete burning of carbon-containing material. This gas can quickly accumulate in areas where employees work, even if the space appears well-ventilated. Exposure to CO can cause serious health problems and even death. Considering these hazards, businesses must take steps to…
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5 Components of an Effective Distracted Driving Policy
Numerous traffic accidents are linked to driving while distracted. The chances of an accident drastically increase any time a driver reaches for an object or gets distracted by outside stimuli. Organizations can help protect their employees, clients and the public from accidents while minimizing legal and financial risks by implementing a distracted driving policy. As…
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5 Business Cybersecurity Risks to Know
Cyber breaches can result in financial losses, regulatory penalties and reputational damage, significantly impacting an organization’s ability to do business. Fortunately, developing a comprehensive cybersecurity strategy can help businesses better prepare for and respond to threats to minimize the risks that cyber breaches pose. As part of this strategy, organizations should keep up-to-date with the…
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Securing Your Future: The Power of Corporate Insured Retirement Plans
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. In the dynamic business world, securing the future is as crucial as managing the present. For Alberta’s business owners and managers, navigating the complexities of financial planning and retirement strategies is paramount. Corporate Insured Retirement Plans emerge as a…
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Benefits and Risks of Rooftop Solar Panels for Commercial Properties
Although solar panels can provide significant financial, environmental and reputational benefits, they can present various risks and be susceptible to damage from several sources. Installing solar panels on commercial rooftops can offer organizations several benefits, including electricity bill savings, tax incentives and improved sustainability credentials. They are also an alternative energy solution during power grid…
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A Spate of Cyberattacks Across Canada Underscores the Need for Robust Cyber Defences
Several British Columbia (BC) libraries have been targeted by a ransomware attack, underscoring the importance of cyber hygiene measures for all types of organizations. On April 19, 2024, the BC Library Cooperative (the co-op) received an email from a hacker claiming to have stolen sensitive data and demanding a ransom for its release. Following an…
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Factors That Affect Your Car Insurance Premium
If you’ve ever wondered why your auto insurance premium differs from what your family and friends pay, it’s because auto insurance policies are not one-size-fits-all. Factors like your driving history, how often you drive and where you live can all affect the cost of your auto policy. Below are some main factors that can impact…
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Protecting Businesses From Vandalism
Vandalism poses a risk to nearly every business and its properties. Vandalism is the intentional marking, defacement or destruction of property. Vandalism of a business can cause physical and financial stress. However, with the right risk management strategies and commercial property insurance, business owners can significantly reduce the risk of vandalism. This article outlines several…
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Distracted Driving Prevention Tips
If your job requires you to operate a company vehicle—whether a car, passenger van, large truck or bus—it’s crucial to stay focused behind the wheel and prioritize safe driving practices by avoiding distracted driving. The Centers for Disease Control and Prevention defines distracted driving as engaging in any activity that takes your attention off the…
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Navigating Benefit Changes
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. The Need for Change In the rapidly evolving business landscape, staying ahead means continuously adapting—not just in how we do business but also in how we support our employees. At Finuity Wealth, we recognize that your team is your…
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Creating a Cyber Incident Response Plan
How organizations respond to cyber incidents can make or break their financial and reputational stability. In the event of a poor response, organizations may encounter various consequences—including the exposure of sensitive data, compromised technology, widespread business disruptions, disgruntled stakeholders, lost customers and reputational damage. Fortunately, organizations can mitigate many of these losses through proper cyber…
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Is it better to go with an insurance broker or insurance company?
The world of insurance can be complex and confusing, especially for newcomers. When it comes to purchasing insurance, you have two main options: buying directly from an insurance company or going through an insurance broker. Which option is better? Let’s explore the benefits of each to help you make an informed decision. Understanding Insurance Brokers…
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Understanding First-aid Provision
When workplace accidents occur, administering first aid swiftly can improve an injured person’s recovery time and may even be the difference between life and death. Not only is first-aid provision necessary morally, but it’s also a legal requirement. Specifically, employers are responsible for ensuring employees’ health and safety, including providing first-aid facilities under the Canada…
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Fire Prevention Tips
Fires can devastate small businesses, causing property damage, loss of inventory, disruptions in operations, and even endangering the lives of customers and employees. However, many of these fires can be prevented through proactive measures. To prevent fires and ensure the safety of employees and customers, small business owners should consider the following best practices: Preventing…
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Preventing Cargo Theft
Product scarcity and inflationary pressures are just two factors contributing to increased cargo theft. Fraudsters often target specific commodities—particularly metals, electronics and equipment—to sell on the black market. Transport company CargoNet recorded 692 cargo theft events in the third quarter of 2023, a 59% year-on-year increase. According to the Insurance Bureau, cargo theft costs the…
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Celebrating Success: A Trip to Cancun with the Insurance Growth Network (IGN)
The hardworking teams from CMB Insurance Brokers, Mango Insurance, and Progress Insurance, together known as the Insurance Growth Network (IGN), achieved our 2023 growth targets. As a reward, we enjoyed a company-wide trip to the beautiful Sandos Cancun resort in Mexico. This trip was both a celebration of our collective success and an opportunity to…
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Preventing a Toxic Workplace Culture
Fostering a positive workplace culture is vital for the success of any business. Employees who feel appreciated and supported at work tend to exceed expectations, thus enhancing overall workforce productivity. In contrast, a toxic workplace culture can significantly damage employee morale and impede productivity. High absenteeism, employee turnover and worker burnout are just a few…
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Understanding Suspension Trauma
The risk of severe injury or death doesn’t end after a construction worker’s fall has been arrested. Although personal protective equipment (PPE) may prevent ground impacts, it may leave workers vulnerable to suspension trauma—also known as orthostatic intolerance—which can lead to severe injury or death. Those in the construction industry must be familiar with the…
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5 Steps to Control Combustible Hazards
Many everyday materials used in manufacturing processes create dust that, under certain conditions, could result in a catastrophic explosion. Combustible dusts include sugar, flour, wood, cotton, and metals. Even materials not usually considered combustible could burn or explode if dust particles reach a specific concentration. Consequently, organizations must investigate any activities that create dust to…
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Water Damage Prevention Checklist
Organizations need to have effective protocols to help minimize the likelihood of water damage affecting their assets and operations. Water damage can stem from various sources and cause impacted organizations and their properties to incur significant losses, including destroyed equipment and inventory, prolonged business disruptions, and—in severe cases—structural ruin. The following checklist outlines key water damage prevention…
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Understanding and Preventing Shoulder Surfing
Complex and high-tech hacking methods often attract significant attention. However, businesses must also remain vigilant against older, more straightforward tactics like shoulder surfing. This attack involves malicious actors stealing sensitive information through observation techniques like looking over someone’s shoulder. When this happens, organizations’ data can be compromised, leading to considerable financial and reputational damage. This…
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Main Takeaways From the Federal Budget 2024
On Tuesday, April 16, Finance Minister and Deputy Prime Minister Chrystia Freeland delivered her 2024 federal budget to the House of Commons. Entitled “Fairness for Every Generation,” the government’s budget seeks to build more homes, address living costs and bolster economic growth in ways that aid every generation. Measures for Individuals The announced federal budget…
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Mitigating the Risks of Formjacking
Formjacking is a cyberattack in which a threat actor injects malicious JavaScript into a website, often one that contains an online payment form. Once the targeted page has been compromised, the added code permits the hacker to collect sensitive data, such as credit card numbers, addresses and phone numbers. Malicious actors can use the stolen…
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Retail Business Insurance: Safeguarding Your Investment
Retail Business Insurance is essential to protect your products and investment in the fast-paced retail industry. It is not just a precaution but a necessary measure. This type of insurance is critical to defending your business from common risks and potential financial setbacks due to accidents, theft, or other unexpected events. It’s an essential piece…
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The Necessity of Safety Orientations During New Employee Onboarding
Employers in all industries need to take steps to make the workplace a safe environment. Conducting safety orientations during onboarding for new employees can help accomplish this. According to research, employees who are new to their jobs may be more at risk of occupational injuries. There are several reasons why this may be the case,…
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Employee Benefits Trends
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. Evolving Benefits: Shaping the Future of Workplace Wellness Alberta’s business owners and managers are at the forefront of redefining employee benefits in a landscape marked by economic uncertainties and evolving workplace dynamics. This transformation is not just about adapting…
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5 Ways to Reduce Workplace Stress
In today’s fast-paced world, it’s common to feel overwhelmed, and a demanding work schedule is one factor that may significantly increase stress levels. According to Statistics Canada, almost a quarter of employees experience high or very high work-related stress. Unfortunately, stress that persists for a long time can negatively impact physical and mental health. April…
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Debunking 5 Common Cybersecurity Myths
Also known as IT security, cybersecurity refers to safeguarding internet-connected systems, critical data, and other digital assets from potential cyberthreats. These threats may exploit sensitive information, steal funds, or disrupt normal business operations. In other words, cybersecurity consists of the strategies implemented to help protect people, processes and technology from cyberattacks and related losses. Cybersecurity…
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Protecting Unoccupied and Vacant Buildings
Unoccupied and vacant buildings present several unique exposures, including elevated concerns related to criminal activities, water and fire damage, maintenance issues, and damage to inventory and equipment. Thus, property owners must understand the potential risks their buildings may face, regardless of how long they are empty. If a building is unoccupied or vacant, it is…
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The Impact of AI on the Cyberthreat Landscape
The rapid growth of artificial intelligence (AI) is reshaping industries and revolutionizing how people live and work. Its potential to propel scientific advances and bolster economic growth is apparent, but its implementation is not without significant risk. What’s more, the security risks associated with AI use are not yet fully understood, so the cyberthreat landscape…
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Ensuring Ladder Safety
March is National Ladder Safety Month. This annual campaign aims to raise awareness of the importance of ladder safety and encourage individuals and organizations to minimize ladder-related hazards and injuries. According to the Canadian Centre for Occupational Health and Safety, falls from elevated surfaces, including ladders, are the second largest cause of accidental death in…
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Asset Utilization and Fixed Costs in Transportation
*This post is from CMB partner Essex Lease. Visit them for flexible lending solutions. The transportation industry covers many areas, including trucking, the movement of goods, logistics, warehousing, infrastructure development, and public transportation. As such a big industry, operational efficiency is key to solid market performance and maintaining a competitive advantage. Efficiency reduces costs, improves the…
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What are Surety Bonds? An Essential Overview
Navigating Surety Obligations Understanding sureties is crucial for navigating financial agreements and obligations within the Canadian construction industry. A surety provides a formal assurance that a contractor will meet their obligations or else a guarantor will cover the costs. This safeguard is typically established through surety bonds, which are legal contracts binding one party to…
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Maximizing Retirement Savings with Individual Pension Plans
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. For entrepreneurs and corporate executives in Canada, the landscape of retirement planning is evolving. Traditional income splitting and passive investment strategies have become less effective under the current tax regime, compelling a shift towards more innovative solutions. Enter the…