Several types of coverage are required when owning a business. Commercial property insurance is an investment that guarantees compensation for your buildings, equipment and goods in the event of a major incident.
Commercial property insurance allows companies to be compensated in the event of damage or loss to property that they own or rent. This protection is required by any creditor or landlord and is essential for any organization with commercial property. It will protect you in situations such as fires, theft, floods, breakdowns, etc.
Are all of my Assets Insurable?
When you purchase insurance for multiple businesses, your broker will analyze your needs. Buildings, furniture, equipment and merchandise are all assets that are insurable. The risks related to cars and equipment breakdowns, for example, require different types of protection.
Buildings and offices that are affected by disasters can be insured at new re-construction value or at depreciated value. The policy will generally include heating, plumbing, lighting systems, etc.
For equipment and furniture subject to trade, the policy covers what is necessary for your business to function properly. Computer and electronic equipment, office furniture and leasehold improvements that have been damaged are commonly included in the coverage.
The goods present on site at the time of the loss will also be covered by the insurance policy.
Depending on the type of business you operate, the specialized tools you use or your field of practice, a damage insurance broker can advise you on the best protection options that will be adapted to your situation.
What are the Consequences of not Being Insured?
The consequences of not purchasing insurance for businesses can be very costly to the organization in the event of a disaster.
In a situation where your business or company is caught in a fire or a flood, or has been vandalized and you have not purchased commercial property insurance, you will not be compensated for the damage you suffer.
In addition, in the event of a disaster, your company may be forced to close its doors for an indefinite period of time. This would result in an operating loss, which is why it is important to take out commercial property insurance.
A specialized broker can help you determine the right type of insurance for your business.
Would you like to take out commercial property insurance? Ask Lussier's experts for their opinion!
