Coverage for Bricks, Mortar and More
Commercial building property insurance protects a company's physical assets or business against damage or loss from various causes. Business owners need to think about how they can face unexpected natural disasters such as hurricanes and heavy ice storms, fires, earthquakes, and water damage.
Also, vandalism can be one possible threat to any business.
You can also insure a wide array of business properties, including, but not limited to:
- Office furniture and fixtures
- Inventory and stocks
- The personal property of employees while on-site
- Customer property at your business site
- PCs and electronics
- Tools and equipment in transit or used remotely for business purposes.
- Outdoor signs
- Lighting systems
- Fencing and landscaping
Improved coverage for commercial building insurance
Develop your commercial property insurance with custom extensions, such as the following:
Naturally, when your commercial building or any commercial property got damaged or destroyed because of a fire or another disaster, your business' operations and income could be affected and temporarily interrupted.
Business interruption coverage will reimburse you for income losses, including fixed and additional expenses you incurred during the time that your commercial property is undergoing repair or replacement following an insured loss as per provisions of your commercial property insurance.
Earthquake for commercial building
Coverage for your business premises due to earthquake damages is also possible.
In case you experience damages to your commercial buildings or properties caused by flood and tidal waves, tides, tsunamis and overflow of any body of water, may it be natural or manmade, your flood coverage can help you and your business.
You can count on sewer back-up coverage when damage occurs because of backing-up or overflowing of water from within the sumps, sewers, septic tanks or drains.
Did you know the types of commercial building insurance ?
There are two kinds of commercial building and property insurance policies: all risks and named perils.
All risk insurance includes coverage for incidents resulting from a covered risk that your insurance policy does not expressly prohibit, as opposed to named perils insurance, which only covers losses stipulated explicitly in the policy.
With the flexibility to determine the limits you need, you can customize your insurance policy to your business according to what you deem fit and necessary. By this, you can easily adjust your policy as your business grows.
Your business might not have a constant physical address or might typically relocate equipment across different areas. You may not have a fixed commercial building where you have installed your equipment. In this case, mobile property insurance grants coverage for property that you don't stock at an established location or for equipment routinely taken offsite anywhere within Canada and the U.S.
Simply put, mobile property insurance covers perils such as transportation and theft vulnerability that come from property not being put in a safe location, contrary to your typical commercial property insurance that can only cover property generally expected to be in a specific location.
From a humble retail store to a large manufacturing factory, whether you store them in a fixed commercial building or mobile, equipment breakdown exposure affects almost every business type and may lead to substantial income loss. Business owners would not want this kind of problem to arise, but it is unavoidable in some cases. To protect the equipment from the risks associated with an accidental stoppage or failure of its operations, equipment breakdown insurance may provide the answer.
Equipment breakdown insurance provides coverage for losses following the unexpected failure of machinery such as pressure containers, production machines, boiler vessels, refrigeration, heating, air conditioning units or electronic equipment expressly excluded from a commercial building or property insurance policy.
This insurance's scope involves repair and replacement of the insured equipment, available as a standalone policy or added to an Intact business package policy.
Crime insurance protects your business against different sorts of threats, causing unexpected expenses and wasted time. It includes Employee Dishonesty; Theft, Burglary or Robbery; Fraud and Expenses resulting from a Crime loss.
When you want to protect your business from loss of funds, securities or other property due to social engineering fraud administered by a person purporting to be a legitimate vendor, employee, or client, then you may add Social Engineering Fraud coverage to your policy.
Crime insurance can be customized and can be added to an Intact Insurance commercial building or property policy. Or, if you want a standalone policy for more specialized or customized coverage, you can also ask for one.
Something to consider
In 2018, 55% of Canadian companies experienced economic crime in the previous 24 months, compared to 37% in 2016, according to a report "Global Economic Crime and Fraud Survey 2018" by Pricewaterhouse Coopers,
Recently, drones are becoming a common business feature for purposes including aerial photography and videography, surveying, farming, inspection and more.
To keep up with the recent increasing utilization of drones in business, commercial drone insurance was born. It covers damages and loss of the drone, ground station facilities and drone-mounted devices such as cameras and the corresponding spare parts.
What Does Business Property Insurance Cover?
From commerical buildings and other property damage to bodily injury, business property insurance can help protect your business from different forms of claims, such as:
Fire damage to your property. Let's say a business's furniture gets destroyed after a fire. Insurance coverage can help pay your costs to replace it.
Customer injuries at your business, like trips and falls.
Theft, such as someone breaking into your business and stealing your equipment.
Lost income from not being able to run your business because of a covered loss.
An excellent way to protect your company is to identify risks early, so you can try to prevent them from happening. Risk engineering teams can help you find ways to start protecting your commercial properties, including structures like commercial buildings so that you can create a more secure work environment for your employees.
How much does commercial property insurance cost?
Deciding how you'll pay for commercial property insurance mainly depends on the value of all your company assets, including your building. Other factors that also define your premium are based on risk, including the following:
- Location. Are storms and other natural calamities prone to visit the location?
- Construction. Is your commercial building constructed with fireproof materials? Does it have an upgraded or new electrical wiring, plumbing and HVAC?
- Occupancy. What is your industrial to realtor's office generally carries less risk than a restaurant or repair shop?
- Fire and theft protection. How far is the nearest fire station? How about the nearest fire hydrant station?