Most business insurance policies for SMEs are issued with a MULTIRISK formula that includes basic coverage. Several additional forms of coverage are available on the market as well, such as Floating Insurance – Off-Site Property, Cyber-risk, and Construction Site Insurance.
It is important to properly analyze your needs in order to protect your business.
On the Insured Premises
Generally speaking, a guarantee on the property covers (subject to certain exclusions and possible limitations):
- The building
- Its contents, including equipment for professional use & merchandise
- Operating losses
- Machinery breakdown
- Civil Liability — Personal Injury and Property Damage to third parties: For example, if an accident causes damage to commercial spaces adjacent to your premises, you could be held responsible for the damage as a tenant or owner.
Leasehold Improvements
Commercial spaces are often delivered “raw,” and the tenant or owner often makes certain additions or changes at their own expense. These additions have the effect of increasing the value of the leased premises compared to its initial value. These improvements become an integral part of the building:
- Outdoor Terrace
- Fixed Extinguishing System (Restaurant Sector)
- Fixed Shelving or Storage
Off-site Property
To protect property located outside the insured premises and receive full compensation, it’s often necessary to include “Floating Insurance” coverage. This protection provides coverage for the “value on the date of the loss” of property that may be mobile and that is not already covered by your insurance policy. This coverage applies both on and off the premises, everywhere in Canada and the continental United States:
- Mobile Phones
- Tools
- Contractor Equipment (Belonging to the Insured or Rented)
- Professional Equipment (Cameras, Sound Equipment, Drones)
- Paintings, Sculptures, or Antique Furniture
For more information on your commercial spaces, contact us today!
