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How Much Is Liability Insurance For Oil and Gas Contractors?
In today’s volatile industry landscape, insurance for oil and gas contractors has never been more critical. As a contractor, you might often wonder, ‘how much will my liability insurance cost?’ Well, the answer isn’t a fixed figure; it is derived from a complex blend of variables. Determining Factors of Insurance Cost There is no one-size-fits-all…
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The Importance of Travel Insurance: Protecting Your Journey
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. Planning a trip is an exciting experience filled with anticipation and dreams of exploring new destinations. While you focus on creating memorable moments, it’s crucial not to overlook an essential aspect of travel: insurance. Travel insurance offers peace of…
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Strategies for Effective Supply Chain Management
The lockdowns during the COVID-19 pandemic and the recent economic uncertainty demonstrate that business supply and demand can change at a moment’s notice. Furthermore, poor supply chain management can result in the underproduction or overproduction of products. According to a report by manufacturing company Avery Dennison Corp, approximately $221 billion worth of inventory is discarded…
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Cost Control: How Re-Thinking Your Lending Relationships Can Help You Deal With Rising Costs
*This post is from CMB partner Essex Lease. Visit them for flexible lending solutions. Are rising costs changing how you think about debt? You’re not alone. The Canadian Federation of Independent Business recently found that a third of small business owners reported borrowing costs were a significant concern, up from just 16% last year, with 62%…
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Embracing Neurodiversity in the Workplace
The concept of neurodiversity isn’t new, but it’s been gaining mainstream traction in recent years. In 1998, Australian sociologist Judy Singer coined the term “neurodiversity” to recognize that everyone’s brain develops uniquely. Neurodiversity refers to diversity in the human brain and cognition, such as sociability, learning, attention, mood and other mental functions. Despite increased diversity,…
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Edmonton Stingers and CMB Partner to Support Community and Empower Youth Through Basketball
We are proud and excited to announce that together with Finuity Wealth, CMB is a Partner of the Edmonton Stingers Basketball team for the 2023 season! The Edmonton Stingers are part of the Canadian Elite Basketball League (CEBL), which was founded in 2017 and began play in 2019. The CEBL is “a league created by…
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Identifying and Retaining Key Employees
Identifying and retaining key employees is always important, especially in a tight labour market when holding onto employees becomes increasingly difficult and replacing them even more challenging. Key employees are vital in any workplace. These employees possess skills, knowledge and performance abilities that can be linked to their organization’s overall success. Often, these employees have…
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Top 10 Reasons for D&O Insurance
Directors’ & Officers’ Liability Insurance (D&O) protects corporate managers at all levels if they are personally sued—often in addition to the company being sued—by shareholders, employees, vendors, competitors, customers, government bodies, and creditors, among other parties. D&O coverage can provide a team of experts to help you navigate the process. D&O covers legal fees, settlements,…
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Protect Your Construction Business with Surety Insurance
As a business owner in the construction industry, you know that securing your projects is critical to your success. One way to do this is through surety bond insurance, which provides financial protection and assurance to project owners, contractors, and suppliers in the event of non-performance or default by a contractor. Understanding Surety Bonds Surety…
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Why Customized Financing Matters in an Uncertain Economy
*This post is from CMB partner Essex Lease. Visit them for flexible lending solutions. “Unprecedented” is a word that’s been thrown around a lot in the last couple of years – and nowhere is that clearer than in an economy that hasn’t behaved the way any experts would have predicted. For business owners navigating unpredictable times,…
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How EPL Insurance Can Save Your Business
Protect your business from costly employment-related lawsuits with Employment Practices Liability Insurance. Each of your decisions uniquely affects employees, from hiring new workers to assigning duties. Although these actions are critical to running your business, they also create exposures that could lead to costly claims by employees or governmental regulators. Even if not warranted, claims…
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Meet Strategic HSE
Our trusted strategic partner for transportation safety and compliance. CMB Insurance offers a reliable, one-stop source for insurance and safety solutions. We have teamed up with Strategic HSE Systems Inc. (HSE) to provide compliance and safety solutions for your business. Complying with legislative requirements and government regulations can be a challenge for trucking businesses,…
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4 Reasons Why Cybersecurity Training Fails
Allianz’s 2023 risk barometer reported that cyber incidents topped the list of risks facing businesses worldwide in 2023 for the second year, making thorough staff training and a strong cybersecurity culture more important than ever. Cybercriminals continue to adapt their tactics to exploit victims, and new technologies like ChatGPT could make cyberattacks harder to spot….
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Strategies for Improving Job Site Security
When construction sites close at night or over the weekends, they pose an attractive prospect for criminals. In fact, $46 million in construction equipment is stolen annually, according to a report by Aviva Canada. Specifically, Aviva’s survey found that the average construction company experienced two thefts annually, with average losses of $25,900 related to licensed…
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Key Person Insurance: Protect Your Business from Financial Loss
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. Key Person Insurance is a type of business insurance that offers financial protection to a company in case of the death or disability of a key employee. It’s also known as “key man insurance” or “key employee insurance,” and…
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Using Safety Data Sheets
When working with chemicals, you must become familiar with these substances’ key characteristics to take the proper safety precautions and avoid serious incidents. That’s where safety data sheets (SDSs) can help. An SDS provides information about a substance’s unique properties, precautions for safe handling, tips for adequate use and storage, potential health hazards and first-aid…
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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 mis-click from an employee might be all a cybercriminal needs to breach an organization’s cyber defences. Organizations may suffer financial, reputational and intellectual property loss…
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Protecting Against Noise Hazards
Noise is present in many workplaces, but regular noise exposure can be hazardous to health. Everyday work activities could put employees at risk of irreversible, noise-induced hearing loss if noise levels aren’t properly controlled. That’s why it’s vital for employees like you to have a clear understanding of potential noise hazards in the workplace. Is…
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The Top 5 Myths About Independent Lending
*This post is from CMB partner Essex Lease. Visit them for flexible lending solutions. Many Canadian businesses have come to learn a hard lesson over the past few years — when economic times are tough, banks are often missing in action. As companies struggle with unpredictable cash flow and sudden revenue drops — only to be…
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Commercial Building Spring Maintenance Tips
Dirty and unsafe commercial premises can be hazardous to health and bad for business. Dirty surfaces are a breeding ground for bacteria and viruses that could cause illness among staff and customers, and cluttered workspaces can result in employee injuries. More than 42,000 workers get injured annually due to slip, trip and fall incidents, according…
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Help Drivers Prioritize Their Well-being With These Tips
According to industry experts, truck drivers face more health and well-being challenges than the average worker. Several physical and psychological stress factors—including erratic schedules, deadline pressures, low amounts of physical activity, disrupted sleep patterns and poor dietary habits—contribute to these challenges. Employers have a duty to keep their workers healthy and safe. With this in…
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Mitigating Springtime Hazards for Outdoor Workers
Employers have a duty to prevent workplace accidents and promote safe and healthy workplaces. Unfortunately, this duty can be challenging when employees work outdoors, particularly as the season changes and there are new conditions to contend with. Although spring is often warmer, extreme weather events—such as tornados, flooding and late snowstorms—are not unheard of. Worse…
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Cyber Risks: Managing End-of-Life Software
At some point, all software will reach the end of its life. This means manufacturers will no longer develop or service the product, discontinuing all technical support, upgrades, bug fixes and security fixes. As a result, end-of-life (EOL) software will have known vulnerabilities that cybercriminals can easily exploit. This article discusses the risks of continuing…
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Taking the Confusion out of Insurance – Part 2
Be sure to read part 1 of this 2-part series here. “Am I doing this right?” “I don’t have time for this.” “I hate dealing with insurance!” Business owners have enough to manage without worrying about their insurance. CMB understands that buying insurance for your company can be complicated, costly and confusing. We aim to…
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Taking the Confusion out of Insurance – Part 1
“Am I doing this right?” “I don’t have time for this.” “I hate dealing with insurance!” Business owners have enough to manage without worrying about their insurance. CMB understands that buying insurance for your company can be complicated, costly and confusing. We aim to simplify your insurance experience. We hope our insight into a sometimes…
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5 Small Business Tips for Preparing for a Recession
There’s growing anxiety that the Canadian economy is heading into a recession. In fact, two-thirds of businesses anticipate a recession in 2023, according to Bank of Canada surveys. While economic downturns affect organizations of all sizes, small-to-medium enterprises (SMEs) may find it harder to navigate tough conditions due to limited resources. For this reason, it’s…
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The Zero-trust Model Explained
Traditional cyber-security protocols often can’t keep up with the rapidly evolving nature of modern workplaces. In particular, the complexity of hybrid work arrangements, the rising number of fully remote employees and the dramatic increase in the use of cloud-based systems may make traditional perimeter security ineffective. Fortunately, a new security model, known as “zero trust,”…
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Considerations for Using ChatGPT and Other AI Tools in the Workplace
Artificial intelligence (AI) chatbot ChatGPT has recently made waves for producing human-like text and communications from user inputs. Accessible to anyone with a computer and internet connection, ChatGPT produces usable written material on a wide range of topics and helps make decisions. These functions are leading many employers to consider incorporating this technology into their…
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Tips for Avoiding Underinsurance
While businesses may be all too aware of the impact of economic pressures on operations, many fail to appreciate the knock-on effect such economic burden is having on insurance coverage. Specifically, high inflation is increasing the cost of products, materials and labour, making it more expensive to rebuild, repair or replace insured items. This could…
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Snowmelt Prevention Tips
As harsh cold warms to above-freezing temperatures, the accumulating water from melting snow and ice—also known as snowmelt—can lead to significant property damage. Review the following guidance for snowmelt prevention at your home. Need a quote on your home insurance? Contact CMB Insurance Brokers today and learn all about your options. Call CMB at 780.424.2727
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Preparing Construction Sites for Severe Weather
While extreme winter weather is common in Canada, catastrophic weather can occur in all seasons. Severe weather events may be more likely year-round due to the effects of climate change. Indeed, floods, droughts and major storms could cost Canada’s economy $139 billion over the next 30 years, according to a report by global engineering and…
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Pallet Racking Safety Tips
Pallet racking systems facilitate the storage and handling of goods in busy warehouses, but these towering structures can present several hazards. Accidents can occur from poor installation, overloaded racks or forklift damage, to name a few factors. Unfortunately, warehouse accidents can be catastrophic in terms of product loss, time loss and employee injuries, making it…
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Understanding Cyberespionage
Cyberespionage is a type of cyberattack that involves an unauthorized user (or multiple users) accessing a victim’s sensitive information in order to secure economic benefits, competitive advantages or political gain. Also known as cyberspying, the primary targets of such cyberattacks include government entities, large corporations and other competitive organizations. Cybercriminals may leverage cyberespionage to gather…
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Supporting Employee Mental Health During a Recession
Economic instability is becoming widespread amid record inflation, and many Canadians fear a recession. Recessions can cause job layoffs and increases in unemployment overall. Furthermore, the uncertainty that a recession brings can have adverse effects on employees’ mental health and, consequently, organizations. Thus, it’s critical that employers prepare to help support their employees’ well-being during…
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5 Tips to Help Avoid Common Financial Mistakes in Business
*This post is from CMB partner Essex Lease. Visit them for flexible lending solutions. “The only real mistake is the one from which we learn nothing.” – Henry Ford There is no road map when it comes to owning a business. It’s a process of trial and error; you will make mistakes along the way….
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5 Agriculture Trends to Watch in 2023
Food consumption reaches new heights as agricultural sectors face challenges The agricultural industry is facing a vital challenge to keep up with the increasing demand for food. As the world’s food consumption reached 2.5 billion metric tonnes in 2021, according to data from Statista, it is imperative for the industry to stay ahead of current…
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How CMB Embraces a Culture of Flexibility
By Ben McDonald, as told to Tara Hogue Harris Is building an environment where employees want to come back to the office possible? Ben McDonald, president and CEO of CMB Insurance, and a member of the Professional Young Insurance Brokers, thinks it is. He explains why he’s working to give his employees options at…
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Mango Insurance opens new Edmonton Office
Mango Insurance is a division of CMB Insurance Brokers, a leading provider of insurance solutions. With the grand opening of its new office in Edmonton, Alberta, Mango Insurance is expanding its reach and bringing its unique brand of insurance services closer to its customers in the region and beyond. The Grand Opening of Mango Insurance’s…
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2023 Commercial Property Insurance Market Outlook
The commercial property insurance market has continued to harden in recent years. In fact, global property insurance prices rose 6% in Q3 of 2022, according to insurance broking and risk management company Marsh. This trend may persist as both insurers and policyholders grapple with rising inflation and economic pressures in 2023. Additionally, climate change will…
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Cyber Is No. 1 Risk for Businesses in 2023
Cyber incidents topped the list of risks facing businesses around the world in 2023 for the second year in a row, according to Allianz’s 2023 Risk Barometer. In addition to ranking as the number one risk globally, cyber events like IT outages, ransomware attacks and data breaches captured the top spot in 19 different countries,…