Most Commonly Stolen Cars Canada

When buying a new vehicle, you may want to think about what cars are most commonly stolen in Canada. The most commonly stolen cars in Canada change regularly as trends and security risks change. The reason you may want to know what the most commonly stolen cars in Canada are before buying your next vehicle is so that you can reduce your risk, and potentially reduce your insurance costs. The annual list of the top 10 stolen vehicles in Canada is published by the Insurance Bureau of Canada to highlight vehicles that are most at risk.  This year, newer SUVs dominate the list. 

For the past several years, older vehicles — particularly Ford F-series trucks — were the most targeted. That’s because before 2007, many vehicles lacked anti-theft devices that became government-mandated in 2008. Now, however, thieves are exploiting recent technological advances to steal newer cars. Electronic devices are being compromised, and as the technology in our vehicles is advancing rapidly and continues to evolve, so too do sophisticated auto thieves. 

In the last few years, it has been noticed that vehicle thieves are able to bypass sophisticated anti-theft systems, which we weren’t typically seeing a lot of in North America. One of the methods of theft is the capturing of key fob signals through the door of a house, which can then be used to unlock and start a car. Experts recommend that people keep their fobs in protective boxes while in their homes to block the signal.

In Alberta, Ford F-series and Dodge Ram trucks are the most popular vehicles to steal. These trucks are attractive to thieves, and oil and gas companies have used them almost exclusively.

Topping the the 2020 List of the top 10 stolen vehicles in Canada are the 2018 Honda CR-V SUV, the 2017 Lexus RX350/RX450 SUV, the 2017 Honda CR-V SUV, the 2018 Lexus RX350 / RX350L / RX450h / RX450hL SUV and the 2018 Ford F150 pickup truck.

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If you’re thinking about purchasing a new vehicle, consider some anti-theft measures if one of these most commonly stolen cars in Canada is on your list. Devices like protective boxes for key fobs, dash cams, steering wheel locks, and more can protect your vehicle and potentially influence your insurance costs. Talk to an insurance broker today to learn how you can protect your vehicle and yourself!

Sadler Insurance is your trusted, locally-owned Edmonton insurance broker, proudly serving Edmonton for over 80+ years. Learn more about our Auto Insurance policies or get a quick  & easy quote on auto insurance today!

Do I Need Business Interruption Insurance? What Does Business Interruption Insurance Cover?

There are many different coverages in commercial insurance and business interruption insurance is one coverage that can often be overlooked. What is business interruption insurance? What does business interruption insurance cover? Do you actually need business interruption insurance, or is it something you can just forego? The short answer is you need business interruption insurance! In the event of a direct damage insurance claim that results in your business not being able to operate, business interruption insurance provides coverage for loss of income and associated expenses incurred to resume operations.

What, exactly, does business interruption insurance cover?

Business interruption insurance, like most kinds of insurance, varies based on your needs. The main forms of business interruption insurance are:

  • Earning
  • Profits
  • Rental Income
  • Extra Expenses

These could also include costs associated with new training that becomes necessary due to the closure/repairs, and the costs associated with opening temporary locations while your existing premises is being repaired.

Earnings

One common form of Business Interruption coverage is Gross Earnings insurance. This type of coverage insures the loss of revenue and the continuing expenses resulting from direct damage to your business property.  The insurer will continue to pay until operations resume, subject to the limit of insurance and the period of indemnity.

Profits

This type of business interruption insurance provides coverage for the loss of revenue and continuing expenses resulting from direct damage to your insured property. Profits coverage continues from your insurer until your business returns to the pre-loss level of profit, subject to the limit of insurance and the period of indemnity. This is a broader form of coverage than Earnings. Coverage can be tailored to increase the length of the period of indemnity as well as respond to seasonal fluctuations (peak season).

Rental Income

Rental Income coverages responds to the loss in revenue directly from what you would be earning in rent payments. If you own property that you rent or lease, and that property is damaged such that it cannot be tenant occupied, Loss of Rental Income coverage will replace the lost income you would otherwise receive from tenants.

Extra Expenses

This insurance protection covers the reasonable expenses you may incur from having to operate from a temporary location while you cannot operate from your normal location. This could be in the form of leasing temporary space, re-routing phone lines or purchasing laptops to send your employees to work from home while your space is being repaired.

Fixed Costs

Fixed costs protection covers the expenses that are still being incurred by the property, including operating expenses. This is based on your historical overhead costs. Costs like rent payments, leases on equipment, subscriptions to digital platforms that you need to use for your business, etc.

Plans for business interruption insurance can be customized for your business’ unique needs. Our commercial insurance brokers will be able to you with the proper coverage based on your needs that will give you peace of mind should something were to happen to cause your business to shut down. We will also help you understand what your policy covers, and what is and is not included as part of your policy.

Talk to a commercial insurance broker at Sadler Insurance today to learn how we can create a customized business interruption insurance plan for your business!

What Does Commercial Property Insurance Cover?

Understanding your commercial property insurance can be tricky, and you may find yourself asking what does commercial property insurance really cover? Commercial property insurance can be modified to fit your needs, every policy is different. It’s important to know the basics of commercial property insurance, so you can determine what your needs are and what changes you need to make to give you peace of mind. 

What Is Protected

Commercial property insurance protects your place of business from many things. It provides protection from fire, flooding, water damage, theft, vandalism, to name a few. There’s always a risk for these kinds of property damage to occur, and without a comprehensive insurance policy, damage from fire or flood could completely derail your business. Protection from theft comes from many different sources today. It is no longer just a physical loss from outside sources or theft from an employee. Todays’ business owner is also exposed to theft from cyber sources. Does your policy protect from cyber losses?

Your commercial property insurance can also protect your business from occurrences such as equipment breakdowns (such as forklifts, freezers or computers).

Commercial property insurance policies can also cover business interruption losses. If you have to close down for several weeks or months due to damage from a fire or flood, business interruption insurance will cover the lost revenue so you don’t have to worry about covering those continuing expenses.

What Isn’t Protected

All insurance policies have limitations and exclusions. Some types of losses are not covered. The nature of how the loss or damage occurred may not be covered. You will often see that insurance policies have limitations, such as “cash up to $5,000”. This means that if you had $6,000 in cash that was destroyed, you would only receive $5,000 back as part of your insurance coverage. It’s important to know what your policy covers and what the limitations are, so you can protect yourself fully. 

Commercial property insurance can be easily modified to fit your business’ unique needs. Talk to one of our experienced commercial insurance brokers to start planning your specialized commercial insurance policy, today!

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Sadler Insurance is your trusted, locally-owned Edmonton insurance broker, proudly serving Edmonton for over 80+ years. Learn more about our Auto Insurance policies or get a quick  & easy quote on auto insurance today!

Are Dashcams Worth It? 5+ Important Benefits of Dashcams

Why should you own a dashcam? There are many benefits of dashcams when it comes to insurance claims. If you’re on the fence about getting a dashcam, read on to discover all the reasons a dashcam can benefit you.

What, exactly, is a dashcam?

A dashcam, or dashboard camera, is an audio/visual recording device that you attach to your windshield.

It continuously records through your front windshield, and you can sometimes see a second device that records through your back window.

The device never stops recording, so anything that happens to your vehicle, whether you are driving or not, is recorded and stored.

1. Dashcams make insurance claims easier

This is one of the top benefits to dashcams.

Not only does having a record of any collisions ensure that there is proof as to who was at fault (such as proof that you were legally stopped when another vehicle hit you), but it also proves that the event happened at all.

Sometimes you need to prove that a collision occurred in order to get someone’s insurance to pay for it, and having a dashcam gives you clear evidence that the event occurred.

2. Dashcams help with criminal cases

Things like hit and runs are not as uncommon as they should be, especially if your car was parked when the collision occurred.

Having a dashcam will give you the exact time the event happened, and it will usually give you the licence plate of the perpetrator, letting you both prove that it was a hit and run and find the person who needs to be charged.

Related: Demerit Points in Alberta: 9 Things You Absolutely Need To Know

3. Dashcams prove your innocence

If you were unfairly given a ticket for a traffic violation you didn’t commit, your dashcam can offer evidence to prove your innocence.

For items such as a ticket that you didn’t come to a full stop at a stop sign or turning at a red light, your dashcam can prove that you did in fact some to a full stop (but be sure you actually did come to a full stop before using footage to prove your innocence).

Other things two-way dashcams can be offered as proof against are distracted driving charges, or potentially, speeding. Dashcams provide undeniable proof of what happens inside and outside of your vehicle.

4. With dashcams, someone is always watching

There’s a different kind of benefit that comes from dashcams in the sense that they hold drivers accountable.

If you know that there is constant recording of every time you are in a vehicle, not only will it potentially make you more cognizant of your driving (such as obeying all traffic laws, speeding less, being less aggressive) but it also allows you to review anything that happens when you are in fact not driving.

No one is going to borrow your car without permission or drive irresponsibly if they know their every move is being recorded.

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5. Dashcams can potentially lower your insurance premiums

This is a big maybe, and it depends entirely on the individual insurance broker. However, having a dashcam will sometimes lower your insurance premium if it’s disclosed from the beginning.

Undeniable proof of all occurrences with the vehicle being insured is a huge load off any insurance broker’s back, so installing a dashcam can sometimes be a way to negotiate a lower premium.

Related: Distracted Driving in Alberta: Everything You Really Need to Know [2020]

6. Dashcams allow you to store your memories

Another reason a dashcam is beneficial is a little lighter, it’s the fact that you have a record of all your road trips.

Anyone who’s driven through Drumheller has likely thought to themselves that they wish they had a video, but because you can’t pull out your phone, you don’t have one. Insert the dashcam, recording everything you see without any of the distracted driving.

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Sadler Insurance is your trusted, locally-owned Edmonton insurance broker, proudly serving Edmonton for over 80+ years. Learn more about our Auto Insurance policies or get a quick  & easy quote on auto insurance today!

How Much Does Home Insurance Cost in Alberta?

Why does home insurance go up? The cost of home insurance can be elusive and confusing at times.

How much does home insurance cost in Alberta on average, and why does it cost what it costs?

There are many factors that affect home insurance, and today, we’ll look at a few of the most important elements that affect your home insurance premiums.

First of All, What is Home Insurance?

Home insurance is a policy that protects homeowners from losses and damages related to their property and belongings.

Home insurance also covers owners for any liability they may be facing with accidents that occur on their property.

Unlike car insurance, you aren’t required to have home insurance in order to own and live in a home; however, as you can see, home insurance is a very valuable thing to have — it literally covers the cost of your valuables. 

Home insurance costs are as variable as the homes they cover, and as such it’s important to know what has an impact on your home insurance policy, and what does not.

So, which factors affect the cost of house insurance the most in Alberta?

1. Your Neighbourhood & Location

The first and arguably most important factor that impacts your home insurance costs is your neighbourhood. Where in the city you live has a huge impact on your home insurance.

Things like the crime rate in your neighbourhood, as well as the claim rate, change how much your insurance will cost. Did you know? The Edmonton Police Service has actually build an interactive tool, Neighborhood Crime Map, that maps out recent crimes in every neighbourhood in Edmonton. 

Other factors related to your neighbourhood that affect your insurance costs are things like how close/far you are to a fire station and police station, distance from a fire hydrant, and if you’re close to a body of water.

Being close to a fire station with a fire hydrant nearby can significantly reduce your home insurance costs. That’s because you’re less likely to have as significant damage in the case of fire, as firefighters will be able to get to you quicker and start helping sooner.

Factors that affect your home insurance premiums:

  • The address of your property
  • Fire protection (hydrant, fire hall, or none)
  • Whether the homeowner has other lines of business with the same insurance provider (ie: discounts are given to individuals who have all their insurance with the same provider)
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2. Your House

The house itself changes how much you pay for house insurance, more particularly, how much it would cost to re-build your home. The fancier the building, the more your home insurance costs.

It’s not just size (although square footage does matter), it’s also the materials used to build the house. If your siding is brick interlay compared to simple vinyl, you’re likely paying more.

The same goes for what’s inside the house — hardwood floors, top-of-the-line appliances, and granite countertops are all things that can increase your home insurance.

Luxuries like having a pool or hot tub can also increase your home insurance, as home insurance covers liabilities if someone is injured or killed on your property. Pools are more dangerous than grass, thus increasing your home insurance.

Factors that affect your home insurance premiums:

  • The home’s year of construction
  • How recently the hot water tank and roof last replaced (for homes over 25+ years old)
  • The existence of a sump pump and/or mainline backwater valve
  • Number of units in dwelling (ie: is there a rented basement suite)

3. Your Belongings

Contrary to what you might believe, home insurance isn’t just about the home. Home insurance also covers everything inside your home.

Your collection of antiques will require better and more insurance than the IKEA furniture in the basement, just as all your jewelry, electronics, books, and much more.

It’s important to properly appraise your belongings even though it can cost you more month-to-month, in the case of an emergency, you want to ensure your insurance covers you completely.  

4. Security Features

Considering having a home alarm system installed? Besides offering peace of mind to you, the homeowner, security systems can also reduce your home insurance premiums.

Not only do home security systems come with badges or stickers to include on the exterior of your home which work to deter criminals, but the local authorities will also be dispatched should a Break & Enter ever occur.

Both of these benefits aid in reducing what you pay for home insurance in Alberta.

a girl looking for the cost of home insurance

5. Natural Disasters

Just like your neighbourhood can impact your house insurance, so can your city. Home insurance is impacted greatly by how greatly affected your city is by natural disasters.

Places that have a tendency to flood or get damaged by storms are more expensive to ensure than places that are not. It just so happens that homes in cities by the ocean cost more to ensure than homes on the prairies, because being near the ocean can put you more at risk for earthquakes, hurricanes, and tidal waves.

The people of Pompeii chose a risky place to live, right next to an active volcano, even though the farming was so great. It would cost a lot more to insure a home in Pompeii than in Edmonton, due to the risk discrepancies of the two cities.

6. Who You Are

Demographics play a key role in determining all kinds of insurance, home and car insurance being the most common.

It’s pretty common knowledge that in Alberta, car insurance rates significantly drop after an individual turns 25.

Demographics also impact home insurance. Demographics can be used to understand the statistical risk associated with an individual or family, and how likely property damage is to occur.

Younger, single people tend to have more risk associated with them than older, attached people, statistically speaking.

The movie Along Came Polly features a risk analyst who determines how much risk is associated with someone based on their demographics — although the story is completely fictional, his occupation is completely real.

Factors that affect your home insurance premiums:

  • The homeowner’s age
  • The homeowner’s insurance history, including claims in the past
  • The homeowner’s occupation
  • The number of years at current location

7. Your History

Credit score impacts more than just ability to get a loan. Your credit score is actually one of the larger factors that can impact the cost of home insurance.

If you have a poor credit score, you will likely end up paying more for insurance.

 It all comes down to associated risk with the people being insured, regular payments are required for the insurance industry, so an individual with a poor credit rating would be counted as higher risk.

Further, your insurance history is another factor that is taken into accounting for how much your home insurance premiums will be in Alberta.

Factors that affect your home insurance premiums:

  • The homeowner’s insurance policy payment history
  • The homeowner’s insurance history (ie: insurance claims made in the past)
  • The homeowner’s credit history

Home Insurance in Edmonton

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Important Notice Concerning COVID-19

During these unprecedented times and the global concerns with COVID-19, Sadler Insurance is doing its part in taking precautionary measures to protect the health of our staff and clients.

Effective August 3rd, 2021. We are seeing clients by Appointment Only

We still encourage our clients to conduct their transactions with us over the phone and via email as much as possible. However if you prefer to meet with your broker in person, please call our office to set up and appointment.

Please contact our office at (587) 805-0087or by email at sadlerin@sadlerin.com.

Thank you for your understanding.

What Does Professional Liability Insurance Cover and Who Needs It?

professional woman looking at cost of insurance

What is professional liability insurance?

Professional liability insurance provides coverage for legal liability claims arising out of the rendering or failure to render professional services. It is also commonly referred to as Errors and Omissions Liability.

Professional Liability was designed to respond to losses resulting from the errors and omissions of individuals or firms providing professional services for a fee. Examples are architects, engineers, environmental consultants, lawyers, medical professionals, accountants and insurance brokers.

Professional Liability Insurance vs. Malpractice Insurance

Professional liability insurance is also referred to as malpractice insurance. These policies provide first dollar defence costs when allegations of malpractice are brought forward. Malpractice insurance is commonly used by medical and legal professions to help cover loss of earnings when requested to attend discoveries, mediation and/ or trial as part of the defence of a claim.

Who needs professional liability insurance?

All professional service providers should carry one form or another of professional liability insurance. Mistakes happen, so it is important to arm your business with a specifically tailored liability insurance policy.

The following service professionals most commonly need professional liability insurance:

  • Doctors
  • Nurses
  • Dentists
  • Lawyers
  • Realtors
  • Engineers
  • Architects
  • Property managers
  • Athletic trainers
  • Bookkeepers
  • Consultants

What does professional liability insurance cover?

Professional liability insurance provides coverage for the alleged financial loss (up to policy limits) suffered by a third party arising out of the rendering or failure to render professional services, as well as defence costs incurred to defend the allegations.

A few examples of what professional liability insurance covers include claims of:

  • professional negligence
  • misrepresentation
  • failure to meet industry standards
  • mistakes or omissions

Benefits of Professional Liability Insurance

Professional liability insurance can be considered the most important form of insurance purchased by professionals. Losses of this nature are generally excluded from commercial general liability. As such, professional liability is critical to the ongoing operation of any business rendering professional services or advice. Coverage includes legal defence costs, which can be considerable in these situations.

How much professional liability insurance do I need?

While there is no general rule of thumb, professional liability insurance policy should generally protect for at least $ 2,000,000. The amount and type of coverage will depend on the nature of your business and the scope of operations that you are involved in.

For example, if your business is one that comes with a low risk of accusations of malpractice, such as a retail environment, you may decide you need less professional liability coverage.

On the other hand, professionals such as dentists or doctors, who deal with more critical subject matter such as physical therapy or medicine, would be best served with more coverage.

How much does professional liability insurance cost?

The cost of Professional Liability policies can vary considerably, depending on a number of factors. To obtain accurate costs, you need to speak with one of our brokers.

In general, the cost of a professional liability insurance policy is affected by: 

  • industry risks
  • business size
  • coverage limits
  • deductibles
  • claims history

How To Get Professional Liability Insurance

For those rendering professional services and advice, Professional Liability insurance should form part of your business insurance program. Simply give one of our Edmonton-based insurance agents a call today.

Professional Liability Insurance: The Bottom Line

Professional Liability insurance doesn’t speak negatively to your business practices. It doesn’t mean that you are expecting to commit malpractice, that you’re avoiding responsibility for a misconduct suit, or admitting guilt when you’ve done no wrong. It simply means that you’re preparing for the worst-case scenario. As a business owner, it is prudent to protect yourself so that you can continue to operate your business in the event of a malpractice suit. Looking for a quote on Professional Liability Insurance? Call one of our brokers today for a quote.

More on Commercial Insurance

Why Do I Need Equipment Breakdown Coverage?

Surety Bonds: Does Your Business Need Them?