Commercial property insurance is required when you own a business. Why? Commercial property insurance gets designed to safeguard the building where you are employed, in addition to its contents of it and any exterior property features.

Which is the best commercial property insurer? Who needs it? What are the advantages of commercial property coverage? These are just a few questions we plan to answer in this blog post.

What Is Commercial Property Insurance?

Commercial property insurance is what it sounds likes. This kind of commercial insurance helps to protect commercial property that is related to your company. It will protect your business’s premises and possessions from dangers like natural disasters, fire, or theft.

Commercial property insurance is put in place when your property is subject to an insured loss. It can aid your business in returning to its normal operations by helping offset the cost of repair and replacement in the shortest time possible. The coverage options are contingent upon the policy. If you need clarification on the details of your coverage for commercial property, get in touch with your insurance agent.

Who Requires Commercial Property Insurance?

Many different kinds of businesses need commercial property insurance. Anyone who has a building or equipment, or other items related to their work. Here are some examples:

Small-Sized Firms – That includes pet book and clothing stores, furniture stores, restaurants, florists, bakeries, and many others that fall under small-scale businesses.

Contractors – Painters, welders, home builders, electrical contractors, and construction companies require commercial property insurance.

Professional Services – Professional service providers must have commercial property insurance, too. That applies but gets restricted to marketing consultants, copywriters, photographers, graphic designers, and dietitians.

It is essential if your business gets located in any building, whether it’s your house, a property you’ve rented or leased, or even a building you own, it can get secured by commercial property insurance.

What Are the Benefits of Commercial Property Insurance?

Security in Case Disaster Strikes

You could make every preparation to protect your business from the dangers it might face. Still, ultimately it isn’t in our hands. Natural disasters can create a lot of havoc in your workplace and result in significant expenses. Storms that cause fires, extreme winter weather, vandalism, theft, cold snaps,

floods, and hail are just a few examples of insured dangers that could affect the commercial property you own. Fortunately, commercial property insurance is available to assist. Make sure to contact your insurance broker to determine what your commercial insurance policy covers for your property.

Repair and Replacement Costs

When you submit an insured claim and pay the deductible, the commercial property insurance policy will be in place to assist you with the repair costs or, when the damage is too severe, If, for instance, your business gets damaged by the ravages of a fire, your commercial property insurance may help with repairs to your property and the replacement of any destroyed or damaged equipment or inventory.

Business Interruption

Suppose your business gets forced to shut down due to an insured incident. In that case, you may receive funds to help keep your business running by obtaining business interruption insurance. Specific policies can even assist with temporary relocation for your business to be back in operation quicker. Pay the bills of your employees and not deplete reserves.

The coverage is typically an additional feature of the commercial property insurance policy. However, some insurers offer it in an overall business plan.

Financial Security

A significant breakdown or damage of essential equipment or inventory could cripple a business. Commercial property insurance will be able to recover. Your company’s financial security is protected, and you’ll be able to rest of mind knowing that you’ll endure a difficult time.

What Gets Covered Under Commercial Property Insurance?

What gets covered under an insurance policy for commercial properties will depend on your business and the insurance company. All will offer some amount of protection for the business’s property, which includes:

  • Your premise structure
  • Furniture
  • Equipment
  • Electronics and computers
  • Lighting and fixtures
  • Signage
  • Landscaping
  • Inventory
  • Tools
  • Office equipment

Insured Perils Often Include:

  • Fire
  • Theft
  • Vandalism
  • Storms, including the damage caused by hail and wind
  • Damage from water caused by burst pipes
  • Earthquakes
  • Sewers back up again
  • Water from the Overland

What Are the Factors That Affect My Commercial Property Insurance?

Like any other insurance policy, various variables can determine the premiums for commercial property insurance. Here are a few:

  • Age – The condition of your home is a sign of its potential to withstand destruction. The more recent the building you work in, the lower your costs will be. It can be beneficial if you work in an older structure and choose to upgrade your facility. Speak to your insurance agent!
  • Location – The location of the property you are renting and whether or not it’s susceptible to being hit by natural disasters, fires in cold weather, and other such events can impact the insurance rates for commercial properties. In addition, insurance companies will consider how close the emergency facilities, such as fire stations, are and the possibility of hazards like massive bodies of water.
  • Replacement Costs – This is the amount of money it would take to thoroughly replace your commercial space and its contents. That is directly related to the price of your insurance for commercial property.
  • Plumbing – Water damage is often a widespread reason for insurance claims; it’s not surprising that plumbing can be a factor in calculating the cost of insurance.
  • Insurance History – The length of time you’ve had insurance and the number of claims you’ve submitted will also affect the premium you pay.
  • Coverage Options –Your choices regarding insurance can affect your rates. Please discuss with your insurance agent the best ways to cut the cost of your insurance but remember that it often is at the expense of your insurance coverage.

You can take some actions to reduce the cost of commercial property insurance. If you have any questions regarding commercial property insurance, contact Commercial Insurance Ottawa at (613) 454-5640 or email us at We’ll be able to help answer your queries and provide you with helpful advice for your insurance needs.