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Commercial Property
4 min read

Is your Company Well Protected?

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1. Have your Property Appraised by a Professional

When you purchase insurance for your business, your insurer undertakes to pay the amount stated on the contract in the event of an unforeseen circumstance. Therefore, it is important to seek the advice of a professional appraiser to ensure that this amount is representative of your property. During his visit, the evaluator will pay attention to several factors such as:

  • The dimensions, materials and structure of your building;
  • The standards of the Régie du bâtiment du Québec;
  • The purpose of the building;
  • Landscaping and parking areas.

After a complete evaluation, do not hesitate to turn to a broker recognized for its expertise with contractors, who will be able to provide you with quotes and answer your questions in depth.

2.Review your Coverage Regularly

Valuation of your assets is required every 3 to 5 years to take into account inflation and additions to your building over the years. However, the best time to review the value of your assets is when it is time to renew your insurance contract. At that time, you can review your coverage for your inventory, annual purchases and sales. More specifically, you should be interested in a few types of insurance, including: 

  • Office Expense Insurance: Allows you to continue to pay your fixed expenses during a disability, so company operations can continue during this time.
  • Property and Liability Insurance: These two types of insurance are combined in one to protect the company’s assets, but also to cover injuries and property damage caused by business negligence or consumer damage caused by a product.
  • Business Interruption Insurance: If a disaster forces you to stop business operations, the loss of income will be covered.
  • Life and Disability Insurance: They are essential to the safety of your family or business in the event of death or disability that prevents you from working.
3. Avoid Under-insuring your Business

It is important to not neglect your company’s insurance needs. If you suffer a loss and your property has been undervalued and as a result under-insured, you could suffer considerable financial losses. It is important to consider the different parties involved in your business activities, such as your family and consumers, and to obtain adequate protection.

For all other questions regarding your business, contact an advisor today!