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Alberta Commercial Property Insurance
If you own a business in Alberta, it’s important to have it insured. But are you certain at this moment that you have sufficient commercial property insurance to protect your business? Here is an example of someone that believed his insurance would cover all situations, but was wrong.
Bill S. owned a large art store that held monthly exhibits. His exhibitions had some very expensive paintings and works of art, and every month, many people attended these exhibits. They were excellent advertising and brought in a lot of new business. Bill knew he needed additional insurance for his exhibits so he took out an exhibition floater designed to protect the contents. One day, while setting up his exhibit heavy rains and flash flooding caused significant damage to his exhibit, but this is not the real tragedy.
Bill had “all perils” coverage but failed to read the fine print on the floater for his business property insurance. The policy did not cover floods. Naturally, this caused major damage to Bill’s business and it never was able to recover. This could have been avoided if Bill had checked closer or used an insurance professional that could give him a customized policy.
What is Commercial Property Coverage?
A commercial property policy is designed to protect a business and its property from all types of apparent risks. This includes damage to the property and legal liability on a number of issues related to the business. It is also designed to protect equipment that is business owned. Commercial property coverage is similar to homeowner insurance but this insurance concerns businesses instead of residences.
Who Needs to Take Out This Insurance?
If you have a business and own a shop, property, or building, you need to have it fully insured. This also includes businesses that lease the buildings they operate in. If your company owns equipment stored on site or off site, or when you own commercial real estate and lease it to businesses, you need this protection.
What is Standard with a Commercial Property Insurance Policy?
Most businesses need liability insurance in case someone is injured on the property. If you lease, you need insurance for the contents. Plus, you may need:
- Structural coverage that includes roof, interior, exterior, foundation, and such, from acts of nature
- Damage caused by vandalism or theft
- Inland marine insurance – covers cargo while in transit
- Machinery and boilers
- Glass breakage
- Debris removal after storms
- Fire damage and payment for fire department fees
- Office equipment
Additional Coverage or Options
There are a wide variety of extras that you may need to consider for your business property insurance. An experienced insurance professional will make sure that all risk factors that can be insured will be properly covered.
Extra protection may include:
- Newly acquired Coinsurance tents
- Coinsurance waiver – in some cases your coinsurance will be waived, saving you a lot of money.
- Contents of buildings not owned
- Property owned by employees
- Business interruption – pays you for downtime due to a covered loss.
- Consequential property damage (including pair or set) – If you only have “direct” damage coverage only what is damaged will be replaced. For example, part of your roof may be ruined by a storm. With direct coverage, only damaged shingles will be replaced. Consequential damage takes into account that the entire roof should be replaced, as the shingles are part of a matching set.
- Exhibition floater – covers special events like exhibits and shows.
- Flood insurance
The Importance of Hiring Insurance Professionals
When you get commercial property insurance you need more than just an agent, you should consider an insurance professional with years in the commercial insurance business. Once you choose insurance professionals like Leibel Insurance you are selecting an independent insurance brokerage with access to a large variety of insurance solutions for your business. We do not represent one company, as we are partnered with many top insurers in the business. This way, we can get you everything you need and at affordable rates. Plus, we have the ability to handle all of your insurance needs for maximum convenience.
Leibel Insurance has been in business since 1981 and if you add up all of the experience here, you get more than two and one-half centuries of serving insurance customers in Canada. Insurance broker services are available after hours and claims response is available 24 hours a day and 7 days a week.
As an experienced commercial insurance broker, our team can help you save money on your commercial property insurance. Our insurance team has access to multiple markets and can provide a variety of different discounts to you. Call now to find out what options and discounts are available to you on your business property insurance. The only way to be sure you are fully protected is to have an insurance professional in your corner. Don’t let your business go unprotected. Contact a professional at Leibel Insurance today. You are also welcome to complete the free no-obligation quote form.