Commercial Coverages

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Commercial Property Insurance

Do you own a business? Then you require Commercial Property Insurance. Just like you purchase home insurance to protect the biggest investment of your life, you should protect your business (your home away from home) in the same respect. In the event that any (or all) of your commercial property is damaged due to fire, theft or natural disaster, this type of insurance will cover you. Typically, this type of policy is bundled with other commercial insurance policies, ex. Commercial General Liability or Boiler & Machinery. Ask your isure broker which policy is best for you.

How is Commercial Property Insurance calculated?

Typically, a few general factors are used to calculate Commercial Property Insurance:

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Determining the value of the building
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Determining the value of its contents

What coverage types are available?

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Broad Form
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Named Perils

Depending on the market, property extensions are available.

Types of claims this will cover:

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Insurable physical damage or loss to tangible business assets
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i.e. fire, water damage, theft, vandalism

Who needs Commercial Property Insurance?

Any business that owns or has financial interest in
tangible property will require Commercial Property insurance.

Commercial General Liability (CGL)

What is Commercial General Liability Insurance?
This type of insurance is considered the “slip-and-fall” coverage type. In basic terms, you need General Liability Insurance to protect your business from financial loss in the event that someone experiences bodily or personal harm on your property. This type of coverage also includes advertising injury liability, tenant’s legal liability, and property damage to third parties caused by your products/business operations.
 

Types of claims this will cover:

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Upon entering your office building, a client slips on a wet floor and breaks their arm. The client then sues your company for bodily harm and your CGL policy covers your legal and their medical fees.
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You’re a contractor who is on-site at a client’s project and breaks a window while working. Your CGL policy covers the damages and cost of repair.

What does Commercial General Liability Insurance consist of?

1

Products and Completed Operations Insurance

Protects against financial losses resulting from claims of injury or property damage caused by you or your employees and your products or services, either during usage or after the completion of a project.
2

Tenants Legal Liability

Protects a business that is leasing either a building or partial space within a building, providing coverage for property damage due to a fire to the leased or rented premises as a result of the insured’s negligence.
3

Non-Owned Automobile Liability

Protects you and your business if an employee or acquaintance is involved in an accident while using their own vehicle on your behalf. This will apply when their own insurance is either inadequate or not in force.
4

Premises Liability Insurance

Protects the property owner from claims that a person, even a trespasser, was injured on the premises.
5

Employers Liability

Protects employers when an employee is injured while at work as a result of the employer’s negligence, not covered by worker’s compensation.
6

Personal Injury Liability

Protects against accusations of slander, libel, invasion of privacy, wrongful eviction, false arrest, detention/imprisonment or malicious prosecution.

Who needs CGL?

Any business, big or small, should have Commercial General Liability coverage. You will have many external people flowing in and out of your company doors, such as clients, service industry workers and vendors, where there are plenty of risk opportunities. It covers any type of non-professional negligent act, and with the day-to-day uncertainties of small-to-mid sized businesses, Commercial General Liability insurance is essential. Unlike many “big box” insurance companies, we work with you to build customized coverage for every stage, risk and need of your business.

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Product Liability Insurance

What is Product Liability Insurance?

This type of coverage protects you when your service or product damages someone’s property, makes someone become ill, or causes bodily injury and/or wrongful death. The difference between Product Liability Insurance and General Liability Insurance is that CGL provides a wider range of protection (if someone is injured on your property or you injure them while on their property) vs. Product Liability, which only covers damages caused by a product that you sold or manufactured. Possible scenarios may include product manufacturing/design defects, incorrect safety warnings or labeling, improper instructions or guidelines, and more!

Types of claims this will cover:

Any third-bodily injury a/o property damage claims arising from negligent functioning of product.

Who needs Product Liability Insurance?

Product Liability Insurance is recommended for any business that manufactures, distributes or sells a product.

Examples of business owners who require Product Liability Insurance:

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Manufacturer

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Distributer

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Retailer

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Wholesaler

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Boiler & Machinery Insurance (BM)

What is Boiler and Machinery (BM) Insurance?

Boiler and Machinery insurance (BM) provides coverage for physical damage to and financial loss from equipment breakdown. Also referred to as “Equipment Breakdown Insurance,” this type of insurance covers costs related to repairment or replacement of damaged equipment and business losses incurred from the equipment not being in use. This type of insurance goes beyond boilers or machinery – it can also include coverage for furnaces, office equipment and elevators.

Who needs Boiler & Machinery Insurance?

You purchase Commercial Liability Insurance to protect the exterior of your building, so why not purchase insurance that protects the important equipment inside? If you have expensive machinery, a furnace or office equipment, such as computers, telephones and more, then this is the insurance for you. BM Insurance can also protect you from business losses caused by the broken equipment, such as spoiled food or lost income from company downtime.

Types of claims this will cover

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Electrical failures and/or circuit issues
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Malfunction or breakdown of equipment i.e., machinery, generators, engines, water pumps, cash registers, etc.
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Technology failure i.e., phones, computers and other office equipment, as well as security systems and fire alarms
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Failure of heating or air conditioning systems
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Boilers and/or equipment
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