Your business is growing. You need financial protection on your business income, accounts receivable, assets, expenses, stocks, and profits. You can transfer the financial risk to insurance. You can also protect your business from crime including employee fraud. We are good at finding the most suitable coverage for your business anywhere in BC and Ontario.
Commercial property insurance is a very important contract to protect your tangible business assets. When you own or lease lands, buildings, a part of building space, equipment, furniture, valuable documents, stocks (inventory) and whatever you have interests on require protection against fire, theft, smoke, water and vandalism.
Commercial property insurance provides protection for a wide range of properties, such as vacant lands, equipment, supplies, fixture, betterments and improvements, outdoor signs, fencing, landscaping and anything that business owns or leases.
Property is insured mainly in 2 ways.
A. All Risks
B. Named Perils
Here are details;
All risks policy, as its name implies, covers all the causes of loss not specifically excluded in the policy. Common exclusions are earthquakes, floods, wear and tear, nuclear incidents, acts of terrorism and war. However adding various riders and endorsements could cover some of exclusions. In general, earthquakes, floods and sewer-back ups could be covered with additional costs.
Named perils policy, as it says, requires the actual perils that have caused loss to be listed in the policy. The common perils included in this policy would be fire, lightning, explosion and sometimes theft. You need to check the list of perils. Yet, cost of insurance would be lower than all risks due to limited number of perils.
By Replacement Cost: it is amount to be taken to replace or rebuild the damage to your business property with materials of similar kind and quality, without deduction for any depreciation.
By Actual Cash Value: it is amount to be taken to repair or rebuild the damage to your property after deduction for depreciation. It would be also the fair market value of property taking into account factors that might augment or reduce the value of the property in question. Depreciation usually means reduction in value of property through use, ageing, deterioration and obsolescence.
We are specialized in risk management for business in Greater Toronto Area, Ontario and anywhere in BC. Whether your business is operating in an office, store, salon, restaurant, factory, warehouse or any buildings, we are here to transfer financial risk away from you. Please call us for consultation. You can also simply e-mail us.