As a business owner, you work hard to make your business a success. But all it can take is a single incident, such as a fire or a break-in, and you can find yourself struggling to keep your business in the black as you spend thousands attempting to repair or replace what you lost. That’s where our Ontario commercial property insurance brokers at Morison Insurance can help, finding you comprehensive policy options from leading insurance providers in Canada to ensure that your business property gets the coverage it needs to prevent one bad day from driving you out of business.
Commercial property insurance is an important type of insurance coverage to have to protect your business from the cost of repairing or replacing your commercial property. It protects the physical assets of your business, such as buildings, contents, equipment, inventory, and property in transit, against loss or damage from a range of causes. So should the unexpected occur, you can have peace of mind knowing that you have the protection of an Ontario commercial property insurance policy on your side.
You have multiple coverage options when you work with Morison Insurance. Our business insurance professionals will help you to identify and manage the many risks to which your business may be exposed. Let us help you get the Ontario commercial property insurance coverage you need at a reasonable cost.
Ontario commercial property insurance is an important part of a comprehensive business insurance package. Whether you and your employees perform your jobs in one or multiple commercial buildings or you typically travel to clients' properties to deliver goods and services, commercial property insurance is necessary to protect you from paying out of pocket for repair, replacement and restoration costs should your property be damaged or destroyed by an insured peril. It is essential protection against serious financial losses in the event that your commercial property or the belongings contained within are rendered unusable for a reason that is covered by your Ontario commercial property insurance policy.
No matter how careful you are, the unexpected can still happen, even if it’s not your fault. For example, a fire breaks out at the restaurant next door to you, and it spreads to your business space, causing immense damage and inventory loss. With Ontario commercial property insurance, you will have the financial compensation you need to repair your property and replace lost products. Speak to your Morison Insurance broker to learn more about how having Ontario commercial property insurance coverage can protect you and your business.
Like most types of business insurance, except for commercial auto insurance, Ontario commercial property insurance coverage is not legally required by the government. However, it's commonly listed as a requirement on a commercial lease agreement or lease contract or even on a real estate purchase contract. Without Ontario commercial property insurance, it's unlikely that you'll be able to lease or buy a commercial property that meets your business needs.
Even if you're not required by anyone to have an Ontario commercial property insurance policy, as a business owner, you can't afford to go without the financial protection it offers. There's no way to guard your property and its contents against everything that could happen—no matter how careful you are, you can't stop fire, extreme weather patterns and other perils that could cause severe destruction and bring your business grinding to a halt. Most business owners can't pay the costs associated with recovering from a disaster like that without experiencing devastating financial hardship that could bring their business to a premature end. Why put yourself through the stress and ruin of a major financial setback when you can get the Ontario commercial property insurance protection you need by calling the brokers at Morison Insurance?
When it comes to commercial property insurance, Ontario residents should understand that the types and amounts of coverage can vary significantly based on the business insurance needs of the policyholder. There's no one-size-fits-all solution for commercial property insurance coverage, as no two businesses have the exact same insurance needs, so it's important to know how your particular policy is written and what it covers.
That being said, there are some common inclusions found in most business property policies. Here are some key considerations for Ontario commercial property insurance.
Ontario commercial property insurance policies typically come in one of two coverage types: all-risk or named perils. All-risk coverage means that all perils are covered other than the ones that are specifically excluded from the policy. Named perils coverage, on the other hand, means the opposite in that all perils are excluded except for the ones that are specifically listed on your Ontario commercial property insurance policy—in other words, the "named perils."
All-risk commercial property insurance policies are the more commonly chosen option because they offer a more comprehensive form of insurance coverage that most business owners need. All-risk policies typically cover perils such as fire, natural disasters, theft and vandalism. It's worth noting that they often exclude water damage that occurs through various means, such as overland flooding or sewer backups, though this type of coverage can be added as an endorsement.
It is important that you understand whether or not your Ontario commercial property insurance policy contains all-risk or named perils coverage, as well as what is or isn’t included under it, as you don’t want to try to submit an insurance claim only to find that you aren’t covered for an event. If you are concerned about the type of coverage you have, reach out to our professional brokers to learn more about available options for your Ontario commercial property insurance.
Much like the name implies, commercial contents coverage provides protection against loss for any items in your commercial space should an insured event occur. If a fire sweeps through your commercial building, it doesn't just deliver serious damage to the building—it also destroys everything inside, from office furniture and computers to specialized equipment and stock inventory. You're faced with the burden of paying for both building restoration and replacement of everything inside the building unless you are able to access the insurance compensation afforded by Ontario commercial property insurance and contents coverage. Contents insurance is a part of an Ontario commercial property insurance policy.
No, it doesn't. Ontario commercial property insurance is a type of property coverage that provides protection against financial loss for expenses related to restoration and replacement following a destructive event.
For liability coverage, you will need to purchase various types of business liability insurance. Commercial general liability insurance (CGL) is a standard part of any commercial insurance package, and it provides coverage for liability costs related to third-party bodily injury or third-party property damage. Other types include cyber insurance coverage, professional liability insurance (also known as errors and omissions insurance), product liability insurance and more. If you are looking for a specific type of business insurance coverage or aren’t sure what is included in your Ontario commercial property insurance policy, reach out to your commercial insurance broker. They can best advise you on the types of coverage you may need.
Generally speaking, Ontario commercial property insurance does not cover items, merchandise or equipment that is not on your commercial property at the time that it is damaged, destroyed or stolen. Your personal belongings would need to be insured separately.
It also does not cover business vehicles, which require a separate commercial car insurance policy, or any perils that are either listed as exclusions on an all-risk policy or perils that are not listed as inclusions on a broad variety named perils policy. Deliberate damage or destruction and employee theft are not covered. Also, as mentioned above, Ontario commercial property insurance policies do not include coverage for liability issues.
It can be tricky to determine what is or isn’t covered by your commercial property insurance. Ontario insurance brokers at Morison Insurance, however, can be counted on not only to help you get the insurance coverage you need for your business but also to explain clearly what is or isn’t covered in your policy options and to provide recommendations on any additional coverage you may benefit from.
Depending on the type of business you have and how you choose to run it, you may need to consider additional coverage options for your Ontario commercial property insurance policy in order to have protection against the financial setbacks that are most likely to occur to your particular business.
Here are a few types of insurance endorsements that you may want to include with your commercial property insurance coverage:
As mentioned above, water damage is typically not automatically included in an Ontario commercial property insurance policy—but as anyone who has ever had to deal with major water damage restoration before will tell you, it's well worth having insurance protection so you don't have to pay those costs out of pocket. There are various types of water damage coverage available, so it makes sense to choose the ones that are most applicable to your location. For example, if your commercial property is located near a river or another body of water that is prone to flooding or has experienced severe flooding in the past, an overland flooding endorsement is a must-have for your commercial property coverage.
If your commercial building and its contents, including essential business equipment, are damaged or destroyed, you can rely on your Ontario commercial property insurance for financial assistance to recover—but replacement, repair and restoration work can take weeks or even months. While the process of restoration is underway, you can't run your business and that will most likely have a devastating negative impact on your bottom line. A long disruption could ruin a business that doesn't have business interruption insurance on its Ontario commercial property insurance policy.
Business interruption insurance is critical coverage that will provide financial help so you can recoup your loss of income and manage other expenses such as employee wages so you're able to get your business back to normal as quickly as possible and bring in revenue with assistance from commercial property insurance. Ontario business owners should note that business interruption coverage does not typically apply to government-mandated closures for infectious disease control.
If you rely on expensive, specialized equipment for the products you manufacture or the services you provide, it can be disastrous to have them break down because of factors such as mechanical failure or operator error. If your equipment suddenly grinds to a halt right when you're gearing up for a busy day of fulfilling a large order, it can be a major problem that could cause you to breach your contractual obligations or lose out on the income you would otherwise receive. That's when equipment breakdown insurance is necessary. Standard Ontario commercial property insurance won't typically cover mechanical failures, but when you've added equipment breakdown insurance to your policy, you can get the insurance compensation you need to get it repaired or replaced.
If you have ever had to deal with a sewer backup, you know that it is messy, expensive, and poses a significant health risk to you and anyone living on your property. However, because of the high-risk nature of these events, most home insurance and commercial property insurance policies don’t include sewage backup events as part of their standardized policies.
With many communities in Ontario having aging plumbing infrastructure, the chances of sewer backups are becoming more likely. Additionally, as the province is experiencing more frequent and severe storm events, the likelihood of these events occurring also increases. By having sewer backup coverage included in your Ontario commercial property insurance, you will be protected against the cost of repairs, damage, and clean-up resulting from sewer, septic tank, or storm drain backups, along with overflow from sumps and related equipment.
If you run a small business out of your home and you already have homeowners insurance, you may assume you're covered for anything that happens at your home workplace. However, it's important to understand that your home insurance coverage does not apply to the equipment, tools, materials, stock or products that you use or create for business purposes. Your home insurance policy would also not cover any liability or legal lawsuits with respect to your business operations.
For example, say you had a small business creating artisan products in your attached garage and shipping them out to customers. If there was a fire at your house caused by faulty electrical wiring that destroyed your equipment and products, your homeowners insurance would cover the cost of the building restoration, but you wouldn't receive any compensation to repair or replace your damaged equipment, tools, materials and inventory unless you also had a commercial property insurance policy. On the other hand, if the fire was accidentally started when you were working in your garage with flammable materials for business purposes, you would likely not receive any insurance compensation at all from your homeowners insurance carrier.
Depending on the size of your home-based business, you may be able to get an endorsement on your home insurance policy. But if you run a larger business, you will need to get home business insurance coverage.
This is a common misconception about commercial property insurance policies. If you rent or lease a commercial space and the landlord who owns the building has property insurance coverage on it, you still need your own Ontario commercial property insurance policy.
In fact, many property owners will refuse to lease a business space to you without proof that you have property insurance coverage. Keep in mind that your landlord's insurance policy benefits them because they are the policyholder. It doesn't include any type of coverage for your belongings, equipment, materials, products, furniture and everything else you bring into the space to operate your business, so even if the business building is completely covered by the building owner's insurance, your contents are not unless you have your own commercial property insurance policy. You would also need purchase coverage for any improvements or additions you make to the space you are leasing.
Unfortunately, our team can’t give you an accurate price for your Ontario commercial property insurance rates until we know more about you, your business, and the type of property you operate out of. That’s because there are a wide variety of factors that affect the calculation of insurance premiums.
Ontario commercial property insurance premiums vary based on the same basic factors that influence most types of business insurance rates. That includes:
The best way to learn more about how much you can expect to pay for Ontario commercial property insurance is to chat with an experienced Morison Insurance broker and give them some information on your business location, along with details on how you choose to operate your business. This information will allow them to hunt down the ideal coverage combination at competitive rates and ensure you have the right Ontario commercial property insurance coverage for your unique business needs.
As a business owner, you keep a watch on your expenses and are always looking for ways to save money in order to maximize profits. This includes saving money on your insurance plan. There are lots of ways to save money on your Ontario commercial property insurance, as well as with other types of insurance, such as:
Keep in mind the more expensive your business property is, the more insurance coverage we recommend that you get. This will help ensure that you are properly protected with the right commercial property insurance in the event of an insured peril. Ontario’s top brokers at Morison Insurance will do their utmost to not only help you get the comprehensive coverage you need with comprehensive policy options but also find you an affordable policy.
There are two ways you can get commercial property insurance in Ontario: either you do all the work yourself, or you call Morison Insurance and sit back while our brokers do the work for you. Are you ready to learn more about Ontario commercial property insurance or get started on a quote? Call Morison Insurance at 1-800-463-8074 to speak directly with a knowledgeable, experienced broker and get all your questions answered quickly and easily.
Because we work for our clients rather than for the insurance companies, our top priority is making sure your insurance needs are met with adequate Ontario commercial property insurance coverage that gives you the financial security you need.
