Commercial property insurance policies typically don’t cover property damage caused by hurricanes and other extreme weather conditions. To safeguard your home from storm damage, follow these five tips for insurance.

Although commercial building or commercial property insurance can cost repairing or replacing damaged buildings, they have limitations. In the first place, when you’re carrying an ordinary business building insurance plan, it’s unlikely to help when a storm floods your home and its contents. If your business is close to the coast, it could be in trouble should the weather is severe.

Let’s look at five essential commercial building insurance aspects to ensure you prepare adequately for the unpredictable months ahead.

1: Commercial Building Insurance Comes with a Few Typical Exclusions

However extensive your coverage is, each policy comes with exclusions (events or situations it doesn’t get covered for). If you want security, it’s best to let yourself know what your policy can and cannot do.

Building insurance for commercial buildings can usually protect against damages or losses that are caused by

  • Fires
  • Theft
  • Vandalism
  • Windstorms

However, standard insurance policies usually do not cover hurricanes or earthquake damage unless appropriate riders back them. We’ll discuss some pertinent riders more in the future.

The standard coverage for building and construction insurance in commercial is vital to protect your business’s property; however, it will not guarantee protection from hurricane damage.

2: Insurance for Commercial Buildings Is Required Regardless of Whether You Own or Rent the Business Premises

If you are the property’s owner, you must make sure it (and your mortgage might require insurance for commercial buildings). If you lease your property to a landlord, they will probably have an insurance requirement in the lease. However, I don’t see the obligation as an obligation. Commercial building insurance may provide:

  • Your business’s office building
  • Furnishings
  • Fixtures
  • Equipment
  • Inventory
  • Supplies

The most expensive or highly skilled equipment may require to get scheduled separately. However, your insurance provider can help you with that.

The significant difference between a commercial property insurance policy for renters and owners is that, instead of covering the structure itself. The renter’s insurance policy will require you to protect that the building’s contents are the things you depend on daily to accomplish your job.

3: Owners of Home Businesses Shouldn’t Rely on Their Homeowner’s or Renter’s Insurance

The homeowner’s insurance policies can be a bit iffy regarding equipment insurance for business use. Some policies exclude coverage for a commercial property unless you have the appropriate riders.

Suppose the entire area of your house gets devoted to your company. In that case, buying an individual business building insurance could be more beneficial. But, homeowners’ riders typically do not provide as much protection as commercial property policies.

4: It Counts If You Have an Actual Cash Value or Replacement Value Coverage

It is possible to ensure your commercial property for replacement or its actual cash value. The distinction is that replacement coverage will aid in replacing your property at current market costs. Replacement value coverage is more expensive; however, it will also pay more in the case of an eventual claim. In contrast, the primary cash value coverage will consider depreciation.

5: To Deal with the Hurricane Issues for Commercial Buildings, You Require Insurance Coverage

If the business is close to the ocean, speak to your agent about including hurricane insurance or flood insurance riders on the insurance for commercial buildings. The rider could assist in paying for the damages or losses caused by water that enters the building.

For additional protection as a precaution, you might consider an insurance rider for business interruption that will cover ongoing costs when an event like a hurricane stops your business from functioning. It’s possible to obtain this protection if you buy your building insurance for commercial buildings by way of a business owner’s plan. The insurance package usually bundles property, general liability, and business interruption insurance with a discounted rate for companies that meet the requirements.

Contact Commercial Insurance Ottawa today for a quote on your commercial or business insurance at (613) 454-5640 or email at