Commercial Insurance has its own complexities in that we have to consider loss to the physical portion of your business but also to the loss of profit and earnings should a claim occur. When considering commercial insurance there are many questions that you need to consider.

These can include but are not limited to the following:

Do you have sufficient coverage on your business building, business belongings and/or equipment?

Are there any By-laws which could restrict or prohibit partial or complete rebuilding?
Additional costs to rebuild as a result of by-laws need to be included in your policy. We can add a by-law Endorsement to your policy.

Does your policy have a co-insurance clause?
Often times your policy can be subject to a Co-Insurance Clause, this is typically part of the building, contents, stock and/or equipment limit but can be found on other coverages as well. Co-insurance percentages can be 80%, 90% or 100%. If you fail to insure to within the stated percentage of the actual value or replacement cost of the property, you will be penalized in the event of a claim. This is why it is vital to maintain insurance limits to the full value of the item being insured.

Do you maintain current computer back-up information and retain a copy off-site?
It is vital to make sure that you keep computer back-ups off-site to protect them.

Do you lease or rent anything that you are under obligation to insure as part of a rental agreement? Does your lease require you to insure any part of the building?
Sometimes you can be required as a tenant to include something specific in your policy as a tenant as part of your lease agreement with your landlord. Also if you have done any improvements as a tenant we need to consider this in the insurance as well.

Every business is different and so there can be many more questions to consider in the commercial property insurance. Call or e-mail us for more information.