New Years Resolutions

In One Year and Out the Other—Making 2019’s Resolutions Last

“New Year’s resolutions can be a great way to motivate yourself and make positive life changes. However, sticking to resolutions like new diets or spending habits can take some serious dedication.”
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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 reputation damages or long-term closures.

That’s where KRG commercial insurance in Canada can help. This form of coverage provides protection against a variety of common interruptions, including natural disasters, equipment damage and vandalism.

The following are some benefits of business interruption insurance: (more…)

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Driving during the holidays is even more dangerous than at other times of the year. Weather and road conditions can be hazardous – think snow, ice, fog and reduced visibility. In addition, there may be more than the usual number of impaired or fatigued drivers on the road as well as drivers who may be stressed by the holidays and thinking of things other than driving.



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Creating Pre-incident Fire Plans

Recent fires in British Columbia have contributed to one of the worst fire seasons on record, leading to more than 12,984 sq. km of damage and illustrating the importance of proper preparation. Not only can fires cause major property damage, but they can also endanger your employees, business operations and supply chains. However, you can prepare your business ahead of time by making a comprehensive fire plan. To help with the creation process, consider the following:

  • Consider how your business would be impacted following a fire. Conduct a risk assessment to understand potential exposures and plan accordingly. Contact a third party for help with your assessment if needed.
  • Contact your local first responders for help. Building a relationship with your local fire department can save valuable time in the event of a disaster. Moreover, you can exchange useful information like your building’s floor plans and fire escape routes to help create a fire plan. In fact, in some provinces, businesses are required to work with local fire departments when creating their plans.
  • Create a communication plan that accounts for your employees, clients, vendors and other stakeholders. In the face of a disaster, commercial insurance in Canada is key. As such, it’s important to establish protocols for communicating with employees and partners. At a minimum, you’ll need to know how you will provide status updates and next steps during and after a fire. Consider creating a crisis management team to keep you organized.
  • Consider your business continuity options. Any disruptions to your workplace, supply chains or vendors can cause costly delays. Work with a qualified commercial insurance broker In Canada to discuss policy options that help you recover quickly following a disaster.

Fires are an ongoing concern wherever there is dry, hot weather, making careful planning and dedicated insurance a must. Contact KRG Insurance Brokers today for coverage and loss prevention strategies.

Canada Ranks Third in Data Breaches: Re-evaluate Your Insurance Today

According to the Canadian Internet Registration Authority, Canada is one of the most wired countries in the world. However, this level of connectivity comes with a price, as Risk Based Security—a network security firm—recently reported that, as of mid-2018, Canada ranks third globally in terms of number of cyber incidents.

Of the 48 breaches reported in Canada this year, more than 12.5 million records were exposed, with an average of 261,491 records compromised per breach. Experts don’t believe cyber threats are going away any time soon, making it all the more important to re-evaluate your cyber insurance policies by asking yourself the following:

  • Does your policy cover the cost of retaining a forensic investigator to review data breaches?
  • Does your policy cover the cost of notifying your customers? Does your policy give your organization control over how customers are notified?
  • Does your policy cover the costs of providing credit monitoring, identity restoration and identity theft insurance services? Does your policy require your organization to use a certain company for credit monitoring-related services? Does this third party have a good track record?
  • Does your policy cover any regulatory proceedings that may occur as the result of a breach? Does your policy cover legal fees, fines or penalties that may incur as a result of a breach?
  • Does your policy exclude any types of contractual liability?
  • Are your limits and sublimits adequate enough and do they line up with your organization’s level of risk?
  • Does your coverage include a retroactive date that is earlier than the policy’s inception date?
  • Does your policy account for common exclusions, like outdated software, unencrypted mobile devices, acts of foreign governments and card issuer fines?
  • Does your policy include coverage for vendor acts and omissions?

To learn more about your commercial insurance policy, or to secure coverage customized to your needs, contact KRG Insurance Brokers today.

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Know Your Insurance – Life Insurance in Canada

Life insurance isn’t a pleasant thing to think about, and it may seem like an unnecessary expense. But if you have dependents who rely on you for financial support, then life insurance is really about protecting them in case something happens to you. With life insurance in Canada, you can keep paying off your mortgage and other debts, maintain your family’s current living situation and create funds for your family’s future. Securing a strong financial future begins with planning.

However, deciphering all of the parts of your life insurance policy can be difficult. Here, we’ve broken it down section by section so you can understand the information that is included in each part.

Declarations Page

The declarations page of your life insurance policy provides an overview of your contract. Included on the declarations page are the following:

  • Name of the insurance company
  • Your name and address
  • The policy number and type
  • Effective and expiration dates of the policy (for term life insurance)—your policy covers you between these two dates
  • Coverage information—the coverage amount you have selected should be listed here
  • Premiums—this is how much you will pay each month for coverage
  • Name of the beneficiary—this is the person or people named by you, the owner of the policy, who will receive the policy benefit
  • Any special conditions or changes made to the policy

When you receive a copy of your policy, it’s important to review all of the information on the declarations page for accuracy. Keep a copy of your declarations page in your files in case you find yourself with questions about your policy. If you change or revise your policy at any time, a new declarations page will be issued to you reflecting the changes. Make sure to review and keep this new declarations page as well.

The Insuring Agreement

The remaining pages of your policy document are called the insuring agreement. The insuring agreement section of your life insurance policy explains the risks you are covered for, the way payments will be administered and the amount of time the policy covers you for. The purpose of the insuring agreement is to state the terms of the policy explicitly and clearly, leaving no room for misunderstandings.


The insuring agreement always includes a definitions page. This is where the “fine print” of your policy is located. The definitions page defines vocabulary you will find in your policy to make it easier to understand. It also states your rights as the policy holder.


Your responsibilities and the responsibilities of the company insuring you are outlined here. Conditions include payment requirements, the proper steps for filing a claim and the process for resolving disagreements. If you have any questions about the conditions of your policy, make sure to contact KRG Insurance Brokers right away to prevent issues.


This section of the insuring agreement lists the events and circumstances which are not covered as part of your policy. The intent of the exclusions section is to make your policy as clear as possible and prevent any surprises in the event of a claim. A solid understanding of what your policy excludes is crucial in determining any additional coverage you may want to purchase. Contact KRG Insurance Brokers if you need any clarification on the items that are excluded from your policy.

How are life insurance premiums calculated?

When applying for life insurance, the insurer will determine your health status based on your age, gender and overall health. Since women statistically live longer than men, their premiums are lower. Plus, younger people have lower premiums because they typically have a longer period of time to pay their premiums and tend to have fewer health problems. These factors are not controllable. Your lifestyle, engaging in dangerous activities and having modifiable health issues (such as smoking-related asthma) will increase your premium.

Types of Life Insurance

Term: Your premiums are paid either annually or monthly and you and your family are covered for a specific amount of time, or “term.”

Permanent (or Whole): Your premiums are paid on a set schedule for your entire life and you are covered for your whole life, too.

Universal: You have a premium expense charge which is then deposited into an account. The account accrues interest, and money is deducted every month from this account to pay expenses such as your insurance premiums. Withdrawals can be taken from this account for certain needs. You are covered for life, as long as premium payments are still being made.

Make sure to set aside some time each year to review your policy and ensure that the limits and coverage you have selected are right for you. Evaluate your needs based on your provincial regulations, your health, your age, the money you have in savings and the amount of risk you feel comfortable taking. Then, make sure to read the entire insuring agreement—especially the exclusions—to guarantee that you are covered in every situation that is necessary for your lifestyle. If you have questions about your life insurance policy in Canada, contact KRG Insurance Brokers today!

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Life Insurance in Canada

Even if you already have life insurance through your employer, you may be underinsured. If you’d like the security of knowing that you have enough life insurance coverage in a place like Canada, we can work with you to ensure that there aren’t any gaps in your current coverage.

How Much Life Insurance Do You Need?

To find the right amount of coverage, it’s important to weigh your dependents’ current lifestyle and spending needs against their future sources of income and assets. Based on some basic financial information, such as your current annual gross salary, the number of years you have until retirement and your short-term and long-term expenses, we can help you figure out how much your family will need to replace this lost income should something happen to you.

Protection and Peace of Mind

If others depend on you for financial support, part of your financial plan should include how you’ll provide for them in the event of your death. Purchasing a life insurance policy in Canada is a safety net that ensures your loved ones’ future financial obligations are met, covering items such as funeral costs, outstanding debt, estate taxes and everyday living expenses.

There are two basic types of life insurance in Canada: term life insurance and permanent life insurance. The type of life insurance that best suits you will depend on your unique needs. To help you decide, we’ve covered the basics.

Option 1: Term Life Insurance 

Just as its name implies, term life insurance covers you for a specific period of time that you choose. Since it offers a death benefit but no cash value, term life insurance is an inexpensive way to protect your beneficiaries for a specified period of time.

This type of insurance is ideal for those who have a temporary need for life insurance protection, for those who need a large amount of insurance protection but have limited cash, and for those with specific business needs, such as additional coverage for a key employee.

Renewal term life insurance can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. It can also be converted, or exchanged for a permanent insurance policy, without evidence of insurability down the road.

With term life insurance, once the term expires, your coverage ceases and the policy has no further value. It’s important to note that rates generally increase along with the insured’s age.

Option 2: Permanent Life Insurance

Permanent life insurance is any form of life insurance other than term. These policies combine term life insurance with a long-term, tax-sheltered savings plan.

Whole life is the most basic type of permanent life insurance. It provides coverage that lasts a lifetime and also builds up a cash value that you can borrow against, withdraw or use to pay future premiums.

A life insurance policy with a cash value is ideal for those who have a lifetime need for insurance protection, prefer stable premiums over the life of the policy, want a policy that allows them to build tax-deferred values and value the high degree of coverage the policy affords.

While rates for a whole life insurance policy remain stable over the life of the policy, premiums are initially more costly than for term insurance.

Regardless of whether you choose a term or permanent life insurance policy in Canada, both can give you protection and peace of mind knowing you have coverage when you need it most. Call us today at 416-636-4544 to learn more.

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Personal Lines Perspective Newsletter


Cold and flu season is upon us, and many Canadians will begin experiencing symptoms like sore throats, runny noses, coughs, fevers or muscle aches. While a trip to the doctor is important and can help you recover quickly, there are a number of supplemental home care strategies that can help you further recuperate.

Personal Lines Perspectives Newsletter

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Auto Insights – Winter Tires

Auto and driver risk management tips provided by: KRG Insurance Brokers

Did You Know?

Wintery conditions can make roads difficult and even dangerous to traverse. In fact, winter driving can be so hazardous, some provinces like British Columbia have made winter tires mandatory on some roads. Prior to purchasing winter tires, it’s critical to understand your options and some general best practices.

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CYBERRisks & Liabilities – Understanding & Preventing Data Breaches

What do Kroger Co., Best Buy Canada, AbeBooks and major U.S. banks and credit card issuers like Barclays Bank and Capital One have in common? All these companies have been victims of a data breach in 2012, totalling millions of stolen records that include personal information such as social insurance numbers, credit card numbers and bank account numbers.
If your company handles critical assets such as customers’ personal data, intellectual property or proprietary corporate data, you are at risk of a data breach. It doesn’t matter if you are a Fortune 500 company or a small “ma and pa” shop, cyber thieves are always looking for their next score. It is often assumed that smaller businesses can escape attention from cyber crooks, but according to the Symantec SMB Threat Awareness Poll Global Results, 40 per cent of data breaches were at small to mid-sized businesses. No company of any size is completely safe from a data breach.

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Architects & Engineers: You Need Professional Liability Insurance

As an engineer or architect, you work in a highly skilled, detail-oriented industry and are expected to provide quality design services that are free of errors or omissions. Despite your expertise, knowledge and best intentions, the reality is that not all projects are error-free, and eventually a mistake or misjudgment is bound to occur. Even the smallest error can have serious consequences. If a client believes damages are due to a mistake on your part, he or she can sue your company. It is important to protect yourself against this potentially devastating liability. The cost of defending yourself in court can be huge, not to mention the restitution costs if you’re found at fault. A professional liability policy will cover these costs in the event of such a claim, which may otherwise financially cripple your business.


How Does the Policy Work?

A professional liability policy will cover the cost of defending you or your company in court, along with any monetary damages awarded to the claimant due to an error or omission on your part (up to the policy coverage limit). These policies are known as “claims-made” policies. This means that coverage is triggered when a claim is filed and you report it to the insurance company, since it is often hard to identify when the alleged error or omission originally occurred. Your work will be covered dating back to the earliest date of your continuous professional liability insurance. Policies typically have a one-year term, with an annual premium and deductibles on a per-claim basis.


What to Look for in a Policy

Though you may specialize in certain areas, you likely handle a variety of projects and services, and you’ll want your policy to reflect that. Depending on your needs, you may want to consider these components when choosing a policy:

  • Pollution liability that covers sudden, accidental and gradual pollution
  • Specific coverage for breach of a client contract
  • Full civil liability coverage (not just negligence)
  • Specific coverage for breach of intellectual property rights
  • Reimbursement of costs incurred to help reduce or avoid a claim
  • Punitive and exemplary damages coverage
  • Virus and hacking liability coverage


What is Not Covered?

The following items are generally excluded from a professional liability policy:

  • Unfair trade practices (you hire a competitor’s employee and subsequently take one of the competitor’s clients)
  • Failure to pay a fee or invoice
  • Wilful or dishonest acts


Contact KRG Insurance Brokers today to learn more about protecting yourself with professional liability insurance.

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