Commercial Building Insurance
Commercial building insurance and business property insurance is essential for all businesses. Your assets – your building, inventory, and equipment can all be replaced, but at what cost? When you’re wondering if you need commercial property insurance, this is the question you must answer.
Businesses have evolved from just bricks and mortar to virtual too. Nowadays, companies can own, lease or work from anywhere, but one thing hasn’t changed, your need for a commercial property insurance policy that will protect you from a loss caused by fire, theft, vandalism, and more.
Business property insurance comes with a range of options – so you can customize an insurance solution that works for your business. What do you need to be insured?
WHAT CAN YOU INSURE:
- Building
- Equipment
- Inventory and supplies
- Office furniture and fixtures
- Computers and electronics
- The personal property of employees while on-site
- Customer property at your business site
- Lighting systems
- Windows
- Outdoor signs
- Fencing and landscaping
- Tools and equipment in transit or used off-site for business purposes.
As a Merit client, you will be able to deal directly with one person from start to finish. You’ll always speak with a real person when you call us. Insuring your business makes good business sense. Speak with one of our Business & Commercial Merit Insurance Brokers to discuss the many options you should consider to enhance your commercial property insurance policy.
ENHANCE YOUR COMMERCIAL BUILDING COVERAGE
Build up your commercial property insurance for custom protection. See enhanced coverage options:
LANDLORD INSURANCE
Whether you’re renting out a house, condo or AirBNB apartment you are a landlord and you need Landlord insurance to protect your risks.
While being a landlord can be a profitable way to make the most of properties you own, it can also be challenging, time-consuming, and financially risky so you want to ensure you’re properly protected with the right kind of insurance.
So, what exactly is landlord insurance?
While policy specifics can differ depending on what your exact needs are, landlord insurance is essential protection that covers property owners from financial losses at their rental properties. It usually includes coverage for the building, contents that you own on the property, liability arising from ownership of the property, and loss of rental income.
A Landlord Insurance Policy covers you from the following:
- Damage to your property, such as walls, floors, fixtures, heating, and cooling systems and furniture (if furnished), subject to the terms of the policy in the event of a fire, explosions, wind damage, etc, up to your coverage amount.
- Lost rental income if your tenants need to vacate the premises in the event of a covered loss.
- Legally liable for injuries or property damage to a third party arising from your ownership of the property.
What isn’t covered is damage to your tenants’ belongings, such as their furniture, electronics, and other property. For their stuff, they’ll need to buy their own tenant insurance.
Do your tenants need their own insurance?
Tenants are not required by law to have renter’s insurance, but many landlords are now asking their tenants to carry insurance as a condition of their lease. Their insurance will cover their own belongings and provide them with liability coverage that could protect them financially if they unintentionally damaged your property.
Click here to get a Commercial Building Insurance quote or contact Merit Insurance Brokers to learn more.
FREQUENTLY ASKED QUESTIONS
What types of insurance do I need to know about for my business?
As a business owner in Ontario, you should consider obtaining insurance coverage for general liability, property damage, business interruption, and professional liability (if applicable). Depending on your industry and specific risks, you may also need to consider additional policies such as product liability, cyber liability, and directors and officers (D&O) liability insurance. It’s important to consult with an experienced insurance agent or broker to determine the appropriate coverage for your business needs.
What is co-insurance?
The co-insurance clause is a common and often misunderstood part of property insurance policies.
Co-Insurance is an agreement between YOU and the Insurance Company, whereby you agree to maintain coverage up to a stated percentage of the value of the property you wish to insure (usually 80%, 90% or 100%).
In the event of a loss, the amount of payout from the insurance company is calculated on a formula.
How to calculate co-insurance?
The simple formula for calculating the coinsurance penalty is: amount of insurance in place / Amount of insurance that should have been in place x the loss, less any deductible is the amount actually paid.
What is a certificate of insurance?
A certificate of insurance is a document that verifies the existence of an insurance policy. In Ontario, it is typically issued by an insurance company and provided to a third party as proof of insurance coverage. The certificate will include information about the insurance policy, such as the type of coverage, policy limits, and the effective dates of coverage.
What is Cyber Insurance?
Cyber insurance is a type of insurance coverage that provides protection against losses related to cyberattacks and data breaches. This insurance policy can cover costs related to notifying affected individuals, legal expenses, and costs associated with investigating and repairing damages caused by cyber incidents. Cyber insurance can also provide resources to help businesses prevent future attacks and mitigate risks. It is an important consideration for any business that handles sensitive customer or employee data or relies on technology for daily operations.
What is Identity Theft Coverage?
Identity theft coverage is a type of insurance policy that can help protect individuals from the financial and legal consequences of identity theft. It typically provides assistance with the costs associated with restoring credit and resolving fraudulent accounts, as well as reimbursement for stolen funds or expenses incurred during the recovery process.
What is a deductible?
This is the part that you pay in the event of a claim. The insurance company covers the rest, up to the $ amount of loss, or your policy’s limits whichever is less. The higher the deductible, the lower your insurance premium and vice versa.
If I cancel my policy, I won’t owe the last month’s insurance right?
If the policy is canceled by you, the calculation of the cancellation is Short Rate. The Short Rate Penalty is based on the days the policy has been in force. Depending on your payment schedule and withdrawal date, there may be an outstanding premium, which is collected after cancellation is processed. If you need to cancel it is always best to cancel the policy on the anniversary date to avoid cancellation fees.
When it comes to business insurance, what is the difference between commercial general liability and professional liability coverage?
The main difference between professional liability and commercial general liability (CGL) insurance is the type of risks that they cover. CGL covers the cost of legal and medical expenses associated with claims declaring third-party property damage or bodily injury because of your business routine.
Professional liability insurance (often referred to as errors and omissions), provides coverage for claims resulting from negligence or failure to deliver a professional service as promised, which could have led to a financial loss on your client’s behalf.
Toronto Office
111 Gordon Baker Rd. Ste 100
North York, ON M2H 3R1
Tel: (416) 497-5556
Fax: (416) 497-9212
Toll Free: 1 (800) 563-3383
welcome@merit-insurance.com
Waterdown Office
20 Main St. N, Unit 7, P.O. Box 879
Waterdown, ON L0R 2H0
Tel: (905) 690-6888
Fax: (905) 690-4229
Toll Free: 1 (800) 563-3383
welcome@merit-insurance.com