Property Insurance Quote- Get ALIGNED With More Options
Losses due to fire or lightning, including the cost of removing property as a way to protect it from further damage. Whether your business is just starting up or well-established, virtual, bricks and mortar or a combination of any of these, it is important to understand what can and should be included as part of your commercial property insurance. Keep in mind basic elements that can be covered generally include:
- Extended perils, such as floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions as well as vehicles that damage your property
- Vandalism and malicious mischief to your property
Property Insurance- 3 Terms To Know
Did you know that your property insurance policy will typically provide the replacement cost value for your building and the actual cash value for your business property? Here are three terms you should be aware of:
- Replacement cost value is the amount that is necessary to replace or rebuild your building or repair damages with similar materials, without considering depreciation.
- Actual cost value is the value of your property when it is damaged or destroyed. This amount is typically determined by subtracting the depreciation from the replacement cost value.
- The coinsurance clause requires you, the policyholder, to share the cost of covered services up to a moderate percentage of the actual cash value of the property. This will allow you to receive full coverage for your losses.
Property Insurance Quote – Types From A to Z
When assessing your property coverage needs, determining the value of your business is critical. Here’s a brief overview of types of business property to get you started:
- Buildings and other structures (leased or owned)
- Business contingency for suppliers
- Cargo
- Electronic data processing equipment (computers, etc.)
- Extra expenses as a result of loss
- Furniture, equipment and supplies
- Inventory
- Intangible property (goodwill, trademarks, etc.)
- Leasehold improvements and betterments you made to a rented premise
- Machinery/boiler
- Mobile property (construction equipment, etc.)
- Money and securities
- Ordinary payroll
- Property in transit
- Records of accounts receivable
- Satellite dishes
- Signs, fences and other outdoor property not directly attached to the building
- Valued documents, books and papers
- Plate Glass & Glass
Talk to us about your property insurance needs. Wherever you are located, we can help you get a property insurance quote that delivers more value and options to your Canadian business.
| ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours. |
Source: IRMI