Managing Your Risk

Life is full of risks. Some of these are risks we eagerly take on, as they are also opportunities to learn new skills, prosper financially and have fun. Others, such as the risk of loss from unforeseen events, can be devastating and costly.

Success is about managing your risk. There are two ways to do this:

Transfer your risk. When you buy an insurance policy, you're in effect transferring specific risks to the insurance company. If you suffer a loss due to fire, theft or other covered peril, the insurer will compensate you or restore the property to pre-loss condition. With this assurance, banks are more able to loan money for buying a home or growing a business. In this manner, insurance provides the foundation for a strong economy.
Reduce your risk. Many losses are preventable. Insurance doesn't cover things that wear out over time, or that can be prevented through proper maintenance. By taking mitigating measures, you and your family can stay safe and avoid many costly losses. Often a loss can extend to neighbours and others in the community. By protecting your own property and helping others do so as well, you're contributing to a safe, liveable community.

Insurance brokers are risk managers who can obtain the right insurance coverage for you and provide advice on mitigating risks. Follow these links for some basics and contact your insurance broker for more information. To find a broker near you click here.