Canadian Commercial Property Insurance Simplified
Your livelihood is dependent on the survival of your business, so it is imperative that you protect it against any potential threat – big or small. For instance, a fire could destroy your business’s warehouse and the contents inside, or a burst frozen pipe could damage important documents and valuable papers. Worse, you could have trouble paying your employees during a loss because your funds are devoted to repairing damage and your insurance didn’t cover this.
If self-insuring your property is not an option to combat these risks of loss, it is wise to obtain property insurance. Business or commercial property insurance coverage comes in many forms to suit your specific needs. Before purchasing coverage, take a complete inventory of all your business property to determine how much you need to insure. This important step ensures you will have adequate coverage to continue your business in the event of a covered loss.
Types of Property Insurance Policies
Most property insurance policies cover losses due to fire or lightning, flood, earthquake etc, including business interruption insurance to cover lost revenue and the cost of removing property as a way to protect it from further damage. Should you want to purchase more coverage, you can buy a an All Risk Property Insurance policy that provides coverage for extended perils to your property including coverage for vandalism and malicious mischief etc.
Know your Property Insurance?
One of the most important aspects of purchasing Property Insurance is making sure that you have purchased enough coverage to be adequately protected. A typical policy will provide the replacement cost value for your building and the actual cash value for your business property
Most property insurance policies also include a coinsurance clause, which requires you, the policyholder, to share the cost of covered services up to a moderate percentage of the value of the property. However, it should be noted that in some cases this provision can be removed as a way of improving coverage.
For Canadian Commercial Property Insurance Simplified or to learn more about property insurance for your business speak to an ALIGNED Insurance broker or connect with us today at www.alignedinsurance.com