Owning commercial property puts you in a place of responsibility, and all responsibilities come with risk. This is why Commercial Property Insurance is key.
At The Standard Insurance, we work with Canadian companies across Ontario, Manitoba, and Saskatchewan to customize insurance products to fit your organization’s unique needs and budget. We understand that no two properties are exactly alike, and therefore your commercial property needs an insurance policy that’s tailored.
What Does Commercial Property Insurance Cover?
Your commercial property may include various structures, outbuildings, contents, equipment, stock, and more. To ensure your investments are safe from damage, vandalism, and loss, it is crucial to purchase the right Commercial Property Insurance policy.
Policies vary from provider to provider. The most basic Commercial Property Insurance products may cover:
- The main building structure
- Attached and unattached structures (garages, sheds, fences, signage, etc.)
- Equipment (both leased and owned)
- Belongings inside the buildings
- Electronics and business inventory
- Gardens, driveway, trees, and property
- Business interruption
When determining a Commercial Property Insurance quote, your broker will look at factors such as:
- Age of property
- Number of buildings and attached/unattached structures on-site
- Heat source and age of unit
- Electrical upgrades
- Age of the roof on buildings
- Plumbing upgrades
- Claims history
The types of risks covered in your policy also vary. It ranges from vandalism and theft to fire, explosion, and weather damage.
Types of Commercial Property Insurance Coverage and Extended Policy Options
Commercial properties can be profitable investments, but they also have hidden risks attached to them. Your Commercial Property Insurance is there to ensure these risks don’t hurt you financially. The Standard Insurance has products available to recover lost property and lost revenue from an insured cause of loss (peril).
Commercial properties come in all shapes and sizes, from warehouses to office buildings to mobile workspaces. As you purchase an insurance policy for your property, consider the major areas of coverage you require.
The main types of insurance featured in a basic commercial property policy generally include:
Physical Damage (Property)
Property coverage protects against financial loss due to damages to your building and attached/unattached structures. It may also extend to cover some of your major belongings such as electronics, appliances, machinery, and work equipment.
The main types of damage covered by this type of protection are fire, wind, lightning storm, explosion, theft, and vandalism. You may opt for additional risk coverage such as flood, sewer backup, and weather damage from rain or snow.
Liability insurance is the part of your policy that protects your business from financial loss. If a third party alleges that bodily injury or property damage happened on the premises of your business, Liability Coverage would pay for the cost of the claim up to the limits in your policy. This could include a mechanical fire that spreads into a neighbouring property or a slip and fall incident on your commercial premise.
Liability protection pays for defense and potential settlement costs for an alleged action within the provisions of your policy.
Within the scope of Commercial Property Insurance, you can also get extended coverage to protect against additional exposure, including:
Loss of Income/Business Interruption
Owning a commercial property means managing a business. If your business is disrupted or you lose income because your property is damaged, under repair, being renovated, or has had important equipment damaged or stolen, this insurance extension will keep you covered.
Boiler and Machinery Coverage
Boiler and Machinery Insurance covers physical damage to equipment as well as financial losses resulting from its failure. This coverage – also known as Equipment Breakdown Insurance – often pays for the cost of repairing or replacing damaged equipment as well as any business losses sustained as a result of the equipment’s failure.
As businesses become more digitized, the risk of a cyber-attack that causes a significant interruption in operations is increased. There are many threats that businesses need to be aware of such as social engineering, phishing, ransomware, malware, and fraud.
Cyber Insurance coverage will respond to your business’ cyber incident first-party costs such as legal expenses, IT forensics, data restoration, and public relations expenses. Additionally, Cyber Insurance coverage will respond to third-party costs such as those relating to any liability exposure from storing private information.
Most businesses, especially those with information or privacy risks, should have privacy liability coverage. Customer and employee data might be sensitive, and breaches or violations that reveal such data not only endangers the security of people affected, but also puts your company at risk.
The specific coverages and response will depend on the Cyber Insurance policy you purchase. For some businesses, a standalone Cyber Insurance policy may be necessary due to the complexity of the operations. For example, a medical office has an increased risk of exposure due to the nature of the private health data it stores.
Contact The Standard Insurance for a Commercial Property Insurance Quote Today
Our experienced insurance brokers are constantly watching for new policy changes and options available in the market. We partner with some of the best insurance providers in the country to create insurance packages tailored to our clients’ needs. A detailed conversation with a broker allows our team to match your coverage needs accurately to your business exposure.
Give us a call at 1-844-969-8199 to discuss your situation and one of our friendly advisors will be happy to find a policy that best suits you.
Commercial Property Insurance FAQs
Since commercial properties may include various structures and be used for a variety of purposes, it’s important to discuss your situation with an experienced broker at The Standard. Our advisors will help find the right policy for your needs and budget.
Here are some of the most common questions we’re asked when it comes to Commercial Property Insurance:
At The Standard Insurance, we pride ourselves for our long-lasting commitment to act as an advocate for every single one of our clients. Our success is measured by their experience and satisfaction:
I had a wonderful experience with Nicolle, I had some issues with my Insurance policy and Nicolle straightened them up immediately. THANKS AGAIN NICOLLE !”
“Callie stepped up and provided a very professional service and responded to all our questions in a timely manner. We highly recommend Standard Insurance Brokers.”
“The agent, Celeste, was very prompt with her responses. She was able to source a favorable and economical premium compared to what I had. Very good service so far.”
“The ladies that work here are great! So sweet and kind! Thank you for the A+ customer service”