One of the most significant advantages of having commercial property coverage is that your business can quickly recover from damages and accidents. Instead of using your own funds to pay for expenses, the insurance company will step in and help you pay and replace things like stolen laptops, your printing equipment, and even your lost income if you have business interruption coverage.

Now, suppose your commercial property happens to be damaged or destroyed. Think about the time, effort, and cost of renovating the space, purchasing furniture, and all your electronics. Regardless of how profitable you are currently, losses to your property can be disastrous and easily lead to bankruptcy if you don’t have an insurance policy. It may seem farfetched, but it’s especially likely if you have to cover the repair or replacement costs of the building, equipment, documents, employees’ possessions, and even lawsuits. Having a Commercial Property Insurance policy with the appropriate coverage can help cover all of those things plus the replacement or repair costs, so you don’t have to pay out-of-pocket.

Regardless of your sector or whether you are a large or a small operator, any business that operates from and uses a physical location for the purpose of earning revenue can benefit from Commercial Property Insurance.

The following are businesses in different industries that need commercial property coverage:

• Small retail businesses
  • Patisseries and bakeries
  • Cafes and tea shops
  • Restaurants
  • Florists
  • Pharmacy
  • Clothing stores
• Professionals 
  • Accountants
  • Designers (graphics, web, fashion)
  • Consultants (business, marketing, engineers, website)
• Contractors and tradespeople
  • Carpenters 
  • Construction
  • Roofers
  • Electricians
  • Plumbers

If you don’t see your business on the list, that’s no problem. We can devise a tailored business solution just for you with some basic information. Contact us to find out more about what Novinger Insurance can do for you at 416.528.8305, or fill out the contact form below.

Here are some common coverages that you can find in a Commercial Property Insurance policy:

• Tenant improvements
• Building coverage
• Inventory
• Electronics
• Business interruption
• Flood and earthquake
• Sewer backup
• Property damage
• Equipment and tools
• Furniture and fixtures
• Areas around your property, including exterior signs, fence, and landscaping

You may want to also consider these coverages in extension to the Commercial Building policy:

• Professional liability
• Commercial general liability (CGL) insurance
• Cyber insurance
• Commercial auto
• Equipment breakdown

While the Commercial Building policy offers a multitude of coverages, there are some things that the insurance company doesn’t cover (but may be possible with additional insurance), including:

• Regular wear and tear
• Mysterious disappearance
• More than 30 consecutive days where property is vacant or unoccupied
• Pest or vermin damage
• Precious metals, cash, securities stored on the premise

All policies can be customized according to your commercial building needs. Get in touch with our commercial property specialists to inquire about which coverages are best suited for your business.

The Commercial Property policy premium depends on many business-related variables from your policy terms to the services you provide. The following factors help calculate how much premium you can expect to pay for your policy:

• Past insurance claims/loss history
• Your location
• Type of business
• Property age and condition
• Building construction
• Years and experience in the industry
• Services provided
• Deductibles
• Annual and projected revenue
• Policy limits and terms
• and more

Every Commercial Property business is exposed to different levels and types of risks. To find out which coverages are ideal for your business, simply get in touch with us today!

Commercial Property risk exposures that your business comes into contact with daily are numerous. Here are some examples of commercial property risks that your business may face:

• Asbestos
• Tenant vandalism
• Property maintenance and aging infrastructure
• Contractor fleet
• Legionella bacteria
• Water (damage, escape, flooding)
• Vacant buildings
• Lightning and power surges
• Electrical installation
• Fire (detection, alarms, controls, safety)
• External storage and arson
• Heating
• Cyber threats
• Site security
• Vehicles
• and more

Every Commercial Property business is exposed to different levels and types of risks. To find out which coverages are ideal for your business, simply get in touch with us today!