Commercial Building Insurance
Coverage Uniquely Designed for Commercial Building Insurance
Commercial Building Insurance Ontario
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What is commercial building insurance?
- Structure: Prevents out-of-pocket payments for any loss of damage to your business structure caused by fires, equipment malfunctions, accidental breakage, natural hazards, and other insured perils.
- Contents: Covers the cost of damages and replacements due to theft for all contents and belongings that are kept on the premises of your commercial business property.
- Interruption of business: In the event that your business is forced to shut down for an extended period of time due to unforeseen circumstances, this policy coverage will cover financial losses and provide you with assistance in getting your business back open.
- Property in transit: Property in transit provides your business property, including products, against losses when it is being transported on your business property and while it is in transit to a secondary location.
- Equipment: In the event that your business relies on heavy machinery or equipment, this insurance coverage will cover the cost of breakdowns or complete failures that result from an insured cause.
Additional Coverage Options
Beyond basic commercial building insurance coverage, business owners are also able to add additional coverage options to their insurance portfolio that provide their commercial property with further protection. This includes:
- Damages caused by sewage back
- Damages caused by flooding and other related water damage
- Damage caused by earthquakes or other natural disasters
Is commercial property insurance still needed if most of my operations are done online?
In addition, you may also wish to purchase professional liability insurance that protects your actions against allegations that claim negligence, misconduct, errors, omissions, and the failure to deliver promised services to your online customers. Therefore, while insurance is not mandatory, it is highly suggested in order to protect your interests and assets while covering the costs of potential legal fees that may arise from a lawsuit.
What is the difference between landlord insurance and commercial building insurance?
On the other hand, if you rent a property from a landlord who has landlord insurance, you as the renter will not be covered under the insurance policy. Therefore, as a business owner, you would be required to purchase commercial building insurance to ensure that you also have legal liability against damages and losses.
How does commercial property coverage work?
On the other hand, you may also wish to purchase the following business insurance policies on top of your commercial property insurance, including:
- Commercial general insurance
- Errors and omissions insurance
- Cyber liability insurance
- Directors and officers insurance
Why is commercial building insurance important?
Therefore, if you want to learn more about commercial building insurance in Ontario and how Bevan Insurance can assist you, get a free quote online with us today!
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