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Commercial Property Insurance helps protect your business assets such as computers, furniture and inventory. The insurance pays for repairs and/or replacement of your assets so that your business can continue to operate at full speed. Without this coverage, most startups and small businesses would be challenged to replace any expensive equipment critical to the operations.

Your Business Needs Commercial Property Insurance—Here’s Why

A startup business needs commercial property insurance to cover equipment theft or damage.
A startup business needs commercial property insurance to cover equipment theft or damage.

You likely own home, auto or life insurance policies because they all serve different purposes. If you’re running a business, you’ll need to consider many different types of coverage—one of them being commercial property insurance.

Here are some examples of the benefits of this coverage:

  • An office has computers, laptops, printers and expensive office supplies that a costly to replace.
  • A contractor working with large and expensive equipment that is left overnight, commercial property insurance will cover costs associated with damage or theft.
  • An architectural firm that owns very expensive rendering software on your computers that is required to draft blueprints for your clients.
  • You are a tech start-up that created a prototype that is damaged.

Who Needs Commercial Property Insurance For Their Business?

Regardless of whether you own or rent your office, Commercial Property is likely required. If you’re leasing or renting out a workspace, your landlords want to ensure that all tenants have some basic level of coverage. Furthermore, any business that has expensive assets (e.g., specialized computers, machinery) should consider buying insurance. A rule of thumb is that losses that jeopardize the existence of business should be insured. For example, if a flood-damaged all your equipment, could you afford to replace all of them immediately? If not, consider buying Commercial Property Insurance.

Think you may need Commercial Property Insurance for your business? Call us toll-free at +1-888-654-6030 or request your free quote online


What Is Covered Under Commercial Property Insurance

Commercial Property Insurance is meant to help businesses replace lost, damaged or stolen equipment.

Typical property covered includes

  • Equipment
  • Inventory and supplies
  • Office furniture and fixtures
  • Computers and electronics
  • Tools and equipment in transit or used off-site for business purposes

Often, the following are not covered

  1. Accounts, bills & currency
  2. Data and electronic records
  3. Automobiles

As you consider a policy, pay careful attention to the exclusions to ensure you understand the true coverage you are receiving. Also, watch out for the replacement value versus cash value clause. “Cash value” is a bit cheaper, but only pays the depreciated value of your asset. This is a good option if you can quickly find second-hand replacements of your assets. “Replacement cost” is a bit more expensive, but pays the full cost to replace the asset.

Our team is happy to help you identify the appropriate Commercial Property Insurance for your business. Call us toll-free at +1-888-654-6030 or request your free quote online.


Unpredictable Weather Conditions Put A Halt To Business

You’re a contractor the current project you’re working on is replacing the siding of a house. Let’s say there is an unpredicted rain storm which causes a halt, putting you out of business for a few days. Then the materials that you’ve left out are damaged. You’re out a couple of days, costing you. This is a case where Commerical Property Insurance may cover the damage to the equipment but not any loss of wages. Then you would need to consider Business Interruption insurance. It helps protect you against the loss of income in the event of a claim.

You may also want to consider getting a Business Interruption add-on (“endorsement”). This covers the loss of revenue or profits due to a claim. For instance, if a flood causes your call centre to shut down, the corresponding loss of sales could be covered by your business interruption insurance.

A team of construction contractors are working on a site with expensive equipment and materials. Commercial property insurance covers the theft, loss or damage of this business-related equipment.
A team of construction contractors are working on a site with expensive equipment and materials. Commercial property insurance covers the theft, loss or damage of this business-related equipment.

Your Business Needs Commercial Property Insurance 

  • Commercial Property Insurance helps protect your business assets such as computers, furniture and inventory. This protection policy pays for repairs and/or the replacement of your assets so that your business can continue to operate at full speed. Without this coverage, most businesses (especially start-ups and small businesses) would be challenged in replacing any expensive equipment critical to the business operations.
  • Businesses that have expensive assets (e.g., specialized computers, machinery) should consider buying insurance.
  • If you’re leasing or renting out a workspace, your landlords want to ensure that all tenants have some basic level of coverage.
  • A rule of thumb is that losses that jeopardize the existence of business should be insured. For example, if a flood-damaged all your equipment, could you afford to replace all of them immediately? If not, then you should consider buying Commercial Property Insurance for your business.
  • Typical property covered includes equipment, inventory & supplies, office furniture & fixtures, computers & electronics and tools & equipment in transit/used off-site for the purpose of business.
  • If you aren’t sure about what is covered, the next step is for you to list any possible risks that your business could face. This will make it easier for you to identify any potential protection policies to consider. You can always reach out to our team of experienced and helpful brokers who are happy to talk to you about your options.

    Call us toll-free at +1-888-654-6030 or request your free quote online.

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