Video: What is a Premium? What is a Deductible?

Posted by Grant Patten on Apr 28, 2020 7:54:34 AM

What is a Premium? What is a Deductible?

Disclaimer: the deductible amounts disclosed in this video are current to April 2020 and are subject to change.

What is an insurance premium?

An insurance premium is the amount of money an individual or business pays for an insurance policy. Premiums are collected and kept in reserve in order to pay out claims as they arise. The insurance company must anticipate how much premium they will need to collect in order to have the funds available to pay out losses when they occur. In layman’s terms, they have to make an educated guess.

Wondering why your premium has changed? Well, the changes in premiums this year are a reflection of the overall loss ratio on the insurance program. In order for an insurance program to remain viable, the amount paid out in losses cannot exceed the amount collected in premiums.

What is an insurance deductible?

A deductible is the amount of the loss that you are responsible for covering before the insurance policy will respond. Say you have a USB drive stolen. Replacing it would cost $60, but your deductible is $350. Although, “technically” the claim would be covered, it is below your deductible, so the insurance company wouldn’t be responsible for paying any part of the claim.

Another example: you drop your camera, but it only costs $200 to fix. Although it is the kind of damage that would be covered under the policy, you are responsible for the first $350 of the loss. In this case, again, the insurer would not have any responsibility to pay the claim, because the expense was not more than the $350 deductible.

If you damage a $500 lens, though, you would pay for the first $350 (your deductible), then the insurance company would cover the next $150.

A review of the Front Row online insurance program deductibles (in Canadian dollars):

Photography insurance (photographer.frontrowinsurance.com) deductibles:

  • Equipment deductible: $350 per occurrence
  • Photographer’s Enhancement Pack deductible: $500 per occurrence
  • Theft from an Unattended Vehicle deductible: $2,500 per occurrence
  • Outside Canada and United States of America (“Out of Country”) deductible: $750
  • General Liability deductible: $500 per occurrence

The deductible applies to any one incident, not per item. Only one deductible, whichever is highest, would apply per claim.

DigiGear insurance (digigearinsure.frontrowinsurance.com) deductibles:

  • Owned Mobile Equipment  - $1,000
  • Owned Fixed Equipment - $1,000
  • Rented Equipment - $1,000
  • Lessors' Contingency Coverage - $1,000
  • Commercial General Liability - $1,000

Short Shoot insurance (shortshoot.frontrowinsurance.com) deductibles:

The rented equipment deductible is $1,000 per event. This applies to any one incident, not per item.

Musical instrument insurance (musicians.frontrowinsurance.com) deductibles:

The equipment deductible is $250 per claim. Again: This applies to any one incident, not per item.

SOLO Theatrical Insurance (stagelive.frontrowinsurance.com) deductibles:

The deductible for Each Occurrence is $500.

Event insurance (events.frontrowinsurance.com) deductibles:

  • Rented Equipment Coverage: $500 Per Claim
  • Rented Tents/Marquees: $250 Per Claim
  • Wedding Enhancement Package Coverages: $250 Per Claim
  • Birthday Party / Bar/Bat Mitzvah / Anniversary Package Coverages: $250 Per Claim
  • Cancellation Coverage: None
  • General Liability, Each Occurrence: $500 for claims of Bodily Injury / Property Damage
  • Tenant Legal Liability: $500 Per Claim

Workplace Office insurance (workplaceinsure.frontrowinsurance.com) deductibles:

There are various deductibles under the Workplace policy. The deductible will depend on the coverage. For example, the deductible for theft of office property is $500.

Cyber Hack insurance (hackinsure.frontrowinsurance.com) deductibles:

A basic cyber insurance policy would generally come along with a $1,000 deductible.

Get Insurance with Front Row

Whether you’re interested in film insurance, photography insurance, event insurance or another insurance product, consider Front Row Insurance for your insurance needs.


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Topics: musical instrument insurance, Short Film Insurance, Entertainment Insurance, film insurance premium, Office Contents Insurance, Theatre Insurance, event insurance, photography insurance, DigiGear, Cyber Insurance

Front Row Insurance Brokers Launches Online Business Insurance Program

Posted by David Hamilton on Aug 31, 2017 5:44:01 PM

Online SMALL Business / Office / Workplace Insurance

Office contents insurance

Front Row Insurance Brokers Inc. is excited to announce the launch of their new online business liability insurance and business contents insurance program. This unique offering provides commercial renters insurance for businesses that rent or lease their office space. Get a free business insurance quote in less than five minutes, 365 days a year, 24/7.

Visitors to the site that purchase a policy can sleep easy knowing their Workplace business renters insurance covers them all year with coverage to satisfy their landlord. Landlord certificates are no cost and are provided immediately upon purchasing a policy.

“Office equipment is covered in addition to liability insurance for small businesses. Earthquake and flood insurance are offered at no extra cost.“ said David Hamilton, CEO of Front Row Insurance Brokers. “This is a disruptive product for entrepreneurs looking for a reduction in small business insurance costs and an ability to purchase a policy in minutes without having to speak to a broker. The expected savings should average 20% and the time saving is significant for a business owner.”

Available to Canadian small business insurance buyers: workplaceinsure.frontrowinsurance.com

The policy term is for 12 months. All office equipment is covered for: theft, damage and fire. Business interruption insurance is also provided.

The online link ensures small business insurance- low prices:

  • $10,000 office contents insurance coverage: $25, plus a fee
  • $2,000,000 business liability coverage: $400
  • $500 deductible

The online program for business renters insurance follows Front Row’s lead over the past two years into online offerings for: short term filmmakers, photographers and musicians. “We wanted to make the insurance process easier, faster and cheaper for business liability insurance and office renters insurance,” said Hamilton, “Given that there is no need to speak to a broker and an insurance company underwriter is not involved, the cost to process a small business liability insurance policy is much less online and we have passed the savings on in the form of a less expensive small business insurance policy. Although the Workplace office insurance policy is online, we are still available to answer questions by e mail or over the phone if required.”

The site can be accessed by clicking this link: workplaceinsure.frontrowinsurance.com

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides office renters insurance for the lowest possible cost. Should a claim occur, Front Row ensures that all clients receive the money they are owed per the office insurance policy, as quickly as possible. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.

Topics: Film production offices, Office Contents Insurance

Business Insurance that Protects You when Your Database Host is Hacked

Posted by David Hamilton on Aug 13, 2014 12:01:00 PM

BUSINESS INSURANCE THAT PROTECTS YOU WHEN YOUR DATABASE HOST IS HACKED

BUSINESS INSURANCEDatabase hosts and online security companies cannot prevent cyber attacks: your office insurance should include cyber insurance to protect you. Even with reminders to back up information, change passwords or purchase additional security measures, online hosts cannot guarantee full information protection from hackers. The biggest issue with hacking in today's business environment is the unpredictability and daily evolvement. Without a particular business target, hackers are in search for easily accessible information that can generate money or sales illegally.

In an article by Ernst and Young, the mining and metals industries are listing information hacking as one of their top threats as a business. “Consumer and financial organizations were thought to be at most risk. However, the list of cyber adversaries has grown to include criminals, national governments and hacktivists, and their target list has likewise grown.”

Businesses can be held personally responsible for their client’s credit card and personal information and are reminded that the rising threat of cyber attacks translate to a need for more security and protection to address these issues. For example, Target is facing lawsuits filed by customers and banks for negligence and compensatory damages after its cyber attack last year. This is not including other costs resulting from the breach. Target has reportedly spent over $61 million responding to the breach, and has experienced a profit drop compared to last year’s holiday shopping profit.

Although both Target and the mining industry are greater examples of cyber attacks, small business can fall victim to these breaches. Front Row Insurance can provide you with a quote for business insurance that includes cyber coverage.

Make sure your business office insurance protects you for the most current threats. 

Topics: Office Contents Insurance, Cyber Insurance

Office Contents Insurance and the Need for Cyber Insurance

Posted by David Hamilton on Aug 13, 2014 11:26:00 AM

CYBER INSURANCE CANADA

Cyber insurance protects your business from revenue loss and lawsuits sparked by a breach of cyber security and computer crimes. Every business office insurance policy should include cyber insurance.

Office contents insuranceWith an ever growing movement towards technology and new media, businesses need protection against online hackers. Data breach can include document spillage, client information exposure and unwelcome access to sensitive information. Cyber hacks are unpredictable and untraceable, but they are growing in occurrence and stealth. Businesses with an online presence are recommended to calculate the risk of losing revenue due to cyber attacks and whether the business can afford to lose money, clients, shareholders and even reputation. 

Big corporations and small businesses alike are all vulnerable to these attacks. Citigroup, for example, faced a $2.7 million loss in revenue when sensitive information of over 200,000 of their customers was accessed in 2011. Despite this being on the larger scale of hacks in history, any business with documents online face the risk of exposing important information that may lead to lawsuits down the road.

ALSO: WORKPLACE OFFICE INSURANCE (WITH CYBER)

At Front Row Insurance our commercial office insurance package has the option to include Cyber Insurance, a coverage which lessens and protects your business from the aftermath of a cyber attack. Most of these breaches can take months to undo and thousands of dollars to compensate, but cyber insurance can reduce these setbacks. Visit our website for more information about our office contents insurance package.

For further assistance please do not hesitate to contact us directly or see more office contents information here.

Topics: Office Contents Insurance, Cyber Insurance