Commercial Property Insurance
Commercial Property Insurance in Ontario is different from regular home insurance or other personal insurance coverage. Commercial property insurance is an insurance policy you get for a property that’s owned or leased by your business and used for business purposes. This requires a specific kind of insurance because it operates differently than a personal home. You have customers, suppliers, and employees coming in and out all the time. This alone creates a level of risk. Any business is vulnerable to vandalism, theft, or other damage.
If the business you run is at all dangerous or risky in nature, this only increases the risk. Regardless of the type of business you run, though, a good commercial insurance policy is an excellent thing to have and is often mandatory to even run your business.
What is Commercial Property Insurance?
Whether you’re new to the business world or you’re looking to make a switch to another insurance company, it’s important to understand what your coverage options are and how the insurance works. Commercial property insurance is financial coverage pertaining to loss or damage to your property and its physical contents. This includes possessions of any employee of the company. This damage can come as a result of many things including fire, vandalism, and theft. Examples of covered damage can include company property getting stolen – such as laptops, office equipment, inventory – or a fire burning down part of all of the building. In the case of a fire, the building itself as well as the items inside would be covered. You’re also protected should vandalism occur and repair be costly. If you’re renting your commercial space you’ll also be covered for improvements you make to the property such as carpeting, flooring, paint jobs, new lighting, etc. If these things are damaged, your insurance covers it.
What it Doesn’t Cover
It’s also important to understand that commercial property insurance isn’t a be-all and end-all insurance policy and there are some things it won’t cover. For example, if items are worn out or damaged due to regular wear and tear, this isn’t covered. Most commercial property insurance policies also don’t cover water damage, so you should consider looking into separate insurance for this.
If any property is lost or damaged due to a faulty design, poor development, or improper usage, this also won’t be covered. Lastly, commercial property insurance doesn’t double as liability insurance. These insurance policies cover only the physical building and the physical items and personal effects inside. Should someone become injured on the property and decide to pursue legal action, you’ll want proper protection under a good liability insurance policy.
Get Protected Today
Running a business is stressful enough, you shouldn’t have to worry about the financial implications of devastating property damage or major theft.
Get in touch with us today and we’ll help you find the best commercial property insurance policy for you and your unique business.
Once this is in place, you’ll enjoy spectacular peace of mind that will allow you to run your business with uninterrupted focus and dedication.
