~ would remain in the city, as well 16 Terrace Review — Wednesday, April6, 1988 ‘Business Beat How to assess your need for insurance Appropriate insurance coverage for your business can make the difference between being able to operate after a 7 tragedy such as fire, accidents, or theft { 7 and having to close your doors per- Ck faa fee =manently. os Va One of the keys to being properly in- \ ae sured is finding a good agent to work on ices See your behalf, Unfortunately, there isno | by Phil Harti magic list of outstanding insurance agents Manager, Terrace to consult. You have to choose your , "“ agent as you would choose any other pro- Federal Business fessional advisor, . Development Bank . Find the Right Agent Your agent should learn as much as possible about you and your business to ensure the right policy is in place. He or she then should contact you regularly to determine whether there have been any changes in your operation that could dictate a dif- ferent type of policy. In addition, your agent should inform you about new products and legislation that might affect your coverage and review your existing policies with you well before their annual renewal date. If you’ve found a reliable agent, it's probably unwise to switch agents from year to year simply to take advantage of a slight price advantage. Instead, you can ask your agent for price quota- tions from a variety of insurance companies if you feel your cur- rent rates are too high. | Insurance Against Severe Risks The best way to get the most for your insurance dollars is to insure adequately against only those events that could deal your particular business a fatal blow. Among the most important types of plans are fire insurance on the full value of buildings and con- tents, business-interruption insurance, and adequate limits for public claims under your liability insurance. To protect against minor accidents, you may want to ‘‘self- insure’? — pay for damages yourself — or purchase policies with affordable deductibles. Boe Honest Whenever you deal with an insurance company, be sure to tell the whole story. Legislation requires you to divulge ali facts that could influence an insurance underwriter to accept or reject your policy or in setting your premium. Although you may have effective insurance policies, you should try to minimize claims. A good claims record is an impor- tant plus if you’re seeking a premium reduction. Once your insurance policies are in place, here are a few tips on how to keep your insurance picture under control: @ Maintain an up-to-date insurance summary. If necessary, ask your agent for help in preparing a list of all your types of in- surance, policy numbers, insurers, policy terms, amounts and items insured, and premiums. @ Store your policies in a safe, fireproof box or cabinet or safety-deposit box. If you need to consult your policies regularly, use photocopies. @ Review your policies frequently. Be sure to schedule regular meetings with your agent to discuss the changing insurance needs of your business. Take Charge Personally Because proper insurance coverage can be vital to the life of your owner-managed business, never delegate its responsibility to a junior employee. Someone very familiar with the workings of the business — preferably the owner-manager — should ensure that appropriate steps have been taken to protect all its assets and activities. ; If you’re lucky, you may never need to call on your insurance company. But if tragedy does strike, sound planning to meet your insurance needs just may ensure that your business can con- tinue to operate. IOOKS IiKE DIG Craw Joe Wideman of the Terrace club would need a plaque with Horseshoe Club has asked the the names of all the supporters city to help host the Provincial of the tournament. Finals in Terrace on the Labor Other areas where the city ‘Day weekend in September. could help, according to Wideman told council the Wideman, include granting per- club expects about 1,000 visitors mission for the club to use the ‘during the tournament, and Kermode bear logo on souvenier there are four things the city can pins to be sold during the tour- do to help. nament and having the mayor or ~~ He asked that the city donate his representative officiate dur- the first place trophy, which ing the closing ceremonies. Council has sent the request to as several smaller trophies to be the Community and Recreation given to the top entries. Also, Services Committee for con- Wideman told council that the. sideration. A Skeena Valley Rebekah Lodge holds regular meetings every second | & and fourth Wednesday of the month at 8 p.m. in the Oddfeliow’s Hall, _ 222 Munroe, Tarrace. 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