Why Get Commercial Property Insurance?
Commercial Property insurance protects your business from unexpected losses to your property or contents.
Commercial Property Claims Examples
Theft
Incident: While on a jobsite, your contractors tools and equipment were inexplicably stolen out of your trailer. As a result you needed to repurchase the equipment in a rush which cost $45,000.
Result: Your commercial property policy reimburses you for the cost of the tools and equipment so you can quickly get back to work.
Property Damage
Incident: A fire breaks out at your retail store and causes significant damage to your place of business totaling $500,000 in equipment and stock.
Result: The commercial property policy pays for the repairs to the property as well as the replacement of the stock and equipment cost.
Water Damage
Incident: A pipe suddenly bursts in your warehouse. The resulting water causes damage to your equipment and goods stored in the warehouse resulting in $800,000 in damages.
Result: The commercial property policy covers the remediation of the property as well as reimbursement to replace the equipment and goods.
Commercial Property Insurance, Explained
What is commercial property insurance?
Commercial property insurance:
- provides first party coverage for damages to your property (building, equipment, stock, etc.)
- covers the replacement cost or actual cash value of the goods insured
- protects you for certain limited named perils that will be listed on the policy or for more comprehensive “all risks” coverage that mainly covers risks that are not specifically excluded.
What does commercial property insurance cover?
- Equipment – any equipment, office furniture, appliances/permanent machinery owned by the business. The limit and coverage is determined by the cost to replace the equipment as new.
- Stock – any stock carried by the business. Coverage is usually based on the actual cash value (replacement cost minus depreciation) of the stock.
- Building – any buildings owned by the business, coverage limits are determined by an estimated building replacement cost value.
Who needs commercial property insurance?
- Any and all businesses that carry or own any property
- Retail stores, offices, warehouses, manufacturing facilities, rental home owners, contractors, hospitality
What is not covered by commercial property insurance?
- Third party liability
- Intentional/criminal acts
- Loss or damage to automobiles
- Auto liability
Full List of Industry Insurance Types
Why Choose Pacific Insurance?
Our staff are trained Registered Insurance Brokers of Ontario (RIBO) which is the self-regulatory body for insurance brokers in Ontario.
We have been regularly featured in the media as insurance experts and asked to speak at events like the ‘CRV Radio International’.
1 on 1 Service
Speak directly with an expert instead of dealing with a faceless call centre.
40+ Years in Business
We provide the results of a large agency while giving you the agility and service level of a boutique agency
Fluent in Many Languages
Speak to our brokers in English, Cantonese, Mandarin, French, Korean, or Hebrew.
