What Is Municipal Insurance?
As government units, towns and corporations in Canada are tasked with looking after the welfare of their residents; in the process, their operations are carried out as acts of corporate entities for which they face risks and liabilities. These happen when residents get hurt or suffer losses as a result of a town’s operations or services. For example, if municipal roads and sidewalks are not salted, and a resident suffers a slip and fall on the ice, they can sue the municipality.
Municipal insurance shields towns from the impact of liability claims and other risks that impact their ability to govern, provide services, and look after the well-being of their residents. This comprehensive coverage mitigates the risk of running a town and protects its local government from the high cost of legal claims. With enough financial cover, municipal governments can focus on providing essential services and promoting the growth of local industries, rather than accumulating deficits in claims that would otherwise be settled out of a limited operating budget.
What Does Municipal Insurance Cover?
Municipal insurance is a comprehensive liability insurance plan that secures a town’s resources in case of claims against it. This coverage includes property damage, liability, and the cost of legal defence and settlements.
Other coverage options include cyber risk monitoring, as databases and services move online and therefore need information security. As well, legislation monitoring to continuously update liability protection according to the latest laws and federal or provincial developments that affect the local community. These coverages secure a town’s assets in case of a claim and ensure continuity of programs and services that promote long-term growth.
Risk Management For Municipalities
The first step to reducing liabilities that impact effective municipal governance is managing the risks that towns are exposed to. By identifying service areas or programs in which a town’s local government units may face liability claims, it’s easier to secure assets and reduce exposure to claims. These also result in better governance and quality of life for residents, as well as industry growth.
Risk management for municipalities includes consultations with municipal workers, on-site inspections, and analysis of local policies to identify risks and modify practices early on. This early prevention is the difference between a huge liability claim that can affect programs and services and a small, but secure, investment in the quality of life in your local municipality.
Our brokers at BrokerLink believe in the potential of towns and municipalities in Canada. With the right municipal insurance plan, we can help you secure your town’s assets that fund local programs and services. Our brokers continuously work with you to identify necessary updates to your municipal insurance plan by studying new legislation that arises and consulting with municipal workers on a regular basis. Trust us to help you take care of your town and nurture long-term growth and quality of life.