Many business owners are starting to explore alternative commercial real estate options for their businesses from shared work space like Regus, WeWork and other alternatives to commercial leasing like purchasing and converting space to meet specific needs to purchasing a commercial condominium unit from which they can operate their business and build equity at the same time. Whether you are on the board of directors for a commercial condominium corporation or a own a unit it’s important to be informed about some of the important differences between commercial condominiums and commercial properties. One area of important difference is how insurance for a commercial condominium corporation or unit in Canada works.
What You Need To Know About Insurance For A Commercial Condominium Corporation Or Unit In Canada
There are some thing to know about insurance for a commercial condo corp in Canada including:
- The commercial condo corp and commercial condominium unit owners buy insurance separately.
- Directors insurance is strongly encouraged for the board of directors of the commercial condominium corporation to protect them from claims from unit holders and others.
- Insurance for a commercial condominium corporation is a specialized product within the commercial insurance marketplace
- Common elements and the building itself are covered by the insurance for a commercial condominium corporation and unit owners just buy insurance on their contents
- A big part of pricing insurance for a commercial condominium corporation or unit in Canada is based on the financial stability of the condo corp.
To Find Out More About How Much Is Insurance For A Commercial Condominium Corporation Or Unit In Canada Or To Get Insurance For A Commercial Condo In Canada Connect With One Of Our Canadian Business Insurance Brokers Today at 1-866-287-0448 of CLICK HERE!
Other Posts Related To How Much Is Insurance For A Commercial Condominium In Canada?
- Commercial Property Insurance for Small Business Quotes + Brokers
- Commercial General Liability Insurance
It’s time to get insurance value and choice aligned. Want Canadian business insurance that aligns with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448 or click to Get a Quote!
We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. Our industry peers consistently recognize us as one of Canada’s best insurance teams. 100% Canadian-owned, we are super proud to be one of the fastest-growing insurance brokerages in the country.
We deliver e-news you can use. Get practical business insurance insights in your inbox every month. 19,000+ people subscribe to our free ALIGNMENT Matters e-news. Just click the JOIN OUR DISTRIBUTION LIST button – at the bottom of our homepage – to get connected.
365 | Get ALIGNED. Every day, Canadian business leaders read our insurance insights. Find us on LinkedIn, Twitter, Facebook, Instagram and YouTube.