Your Insurance Questions, Answered

Fall is a lot of a fun! Regardless of chilly nights and darker days, October is the host to myriad of fun activities that enable you to enjoy time with friends and family.

And, this October, we want to help you embrace autumn by addressing some common concerns about insurance, such as updating your life insurance policy, to help you conquer those lingering doubts about your policy, coverage and future! As an insurance brokerage in Hamilton, Acumen is committed to providing you with the knowledge and support they need to make this season memorable and enjoyable. We’re sharing some common insurance questions, and their answers, to help both business owners and homeowners combat their insurance fears!

Treat Yourself with These Insurance “Tricks!”

Are you being haunted by your lack of insurance knowledge? Did you know that regularly reviewing your insurance policy can help assuage feelings of self-doubt and give you greater confidence in your commercial or personal coverage? Taking the time to understand what type of policy you have, and the potential limitations that exist, will enable you to face those not-so-pleasant surprises.

Here are just a few of the common insurance questions that business and personal lines clients have about insurance coverage in Ontario:

  1. How Do I Read My Policy?

If you’re having a tough time recognizing your insurance policy, searching for various sections and key words can help you determine which policy you have. Luckily, the defining features of an insurance policy are consistent, which means that each should include a declaration statement, agreements section, specific policy conditions and an outline of exclusions and limitations, too.

According to the Insurance Bureau of Canada, here are a few of the details that are covered in your policy:

  • The declaration statement provides an overview of the policy that you’ve purchase, its inclusions and exclusions, premiums, and more;
  • An agreement will articulate the coverages that are received for specific items/circumstances;
  • Your policy holder conditions outline your eligibility for coverage and the manner in which coverage can be obtained.
  • Exclusions will notify you of your policy’s limits for coverage.


  1. Do I Need Permanent Life Insurance?

Although “permanent” life insurance may sound more enticing than term life insurance, most individuals do not require the level of coverage that is included in a permanent policy. An article by Newswire reported that, even though the COVID-19 pandemic has had more Canadians thinking about life insurance, most people are unsure about which type of life insurance to buy.

So, what’s the difference between term and permanent life insurance? Well, as their names suggest, term life insurance is viable for a set “term,” while a permanent life insurance policy will be with you always. Permanent life insurance can also be borrowed, which makes it a favorable long-term option for some policy holders. We recommend contacting your broker to discuss which option is best for you based on your age, income and lifestyle.

  1. Is All Liability Coverage the Same?

While every business, homeowner, property owner and independent contractor requires some sort of liability insurance to protect themselves against lawsuits, not all liability insurance is the same. For example, the liability insurance needs of a salon and spa owner will differ from the kind of insurance that you’d buy for a vacation property: the insurance that protects the salon from an upset customer is different from the liability coverage you’d need if a neighbor falls on your property.

As a business owner, the industry that you’re in has its own unique set of risks that will not be covered by the same liability insurance that you use for your home. Speaking to a professional insurance broker in Ontario will ensure that all you have access to great insurance providers, preferred rates, and customizable insights for your commercial and personal needs.

Discover the Broker Difference!

Our insurance brokers are on your side: Discover the broker difference today by connecting with our team of professional insurance advisors today. We’ll use our expertise and insight to advocate for you.