Commercial Property Insurance

In business and insurance, one size does NOT fit all!

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

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:

  • 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.
  • 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 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 while using their own vehicle on your behalf is involved in an accident where 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, or 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 business, 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.

Business Interruption Insurance

What is Business Interruption Insurance (BII)?

We understand even a day’s worth of revenue is a big deal for your business and employees. A business that needs property insurance also needs business interruption insurance. BII pays for income lost because of the interruption of business or the extra expense necessary to keep the business going after a loss. When disasters happen, small-to-mid-sized businesses have the toughest time recovering, and many close after a loss has occurred without coverage. That is where Business Interruption Insurance steps in.
Business Interruption coverage provides the last line of defense against natural and manmade physical disruption to your business, covering maintenance and recovery as fast as possible. BII covers your lost income and earnings and day-to-day operating expenses from an insured event resulting in an inability to perform as a business.

Who needs Business Interruption Insurance?

Any business that needs property insurance also needs Business Interruption Insurance. BII pays for income lost because of the interruption of business (for any reason) or the extra expense necessary to keep the business going after a loss.

Types of BII

Extra Expense Insurance

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Cover things like outsourcing work or a temporary move to another location.

Non-Damage Business Interruption Insurance

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Coverage of the consequences of losses when there is no damage to the actual property.

Payroll Expense Insurance

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Continues the ability to meet payroll needs despite business interruption.

Contingent Properties Extensions

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Covers your business interruption based on the interruption of a customer or a supplier.

Types of Policies

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Profits
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Gross Earnings
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Extra Expense
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Contingent BI

FAQS About BII

What is Professional Liability Insurance?

Sometimes referred to as Errors or Omissions, this coverage protects an organization against legal liabilities imposed from the wrongful rendering of professional services

The cost of claims against your business

  • Damage to professional reputation
  • Disruption of internal productivity
  • Absorption of deductibles
  • Future premium and deductible increases
  • Avoidance of Cancellation or Non-renewal
  • Exclusion of coverage for certain types of claims
  • Cost of potential insurer insolvency
  • Inability to offer competitively-priced services
  • Reduced coverage availability

Examples of business owners that require Professional Liability Insurance

  • Accountants

  • Ad agencies

  • Architects

  • The beauty industry (barbers, cosmetologists and estheticians)

  • Funeral directors

  • Commercial printers

  • The health industry (doctors, chiropractors, therapists, alternative health)

  • IT consultants

  • Lawyers

  • Optometrists & opticians

  • Veterinarians

  • Wedding planners

Professional Liability Insurance

What is Professional Liability Insurance?

Sometimes referred to as Errors or Omissions, this coverage protects an organization against legal liabilities imposed from the wrongful rendering of professional services

The cost of claims against your business

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Damage to professional reputation
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Disruption of internal productivity
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Absorption of deductibles
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Future premium and deductible increases
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Avoidance of Cancellation or Non-renewal
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Exclusion of coverage for certain types of claims
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Cost of potential insurer insolvency
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Inability to offer competitively-priced services
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Reduced coverage availability

Examples of business owners that require Professional Liability Insurance

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Accountants
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Ad agencies
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Architects
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The beauty industry (barbers, cosmetologists and estheticians)
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Funeral directors
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Commercial printers
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The health industry (doctors, chiropractors, therapists, alternative health)
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IT consultants
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Lawyers
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Optometrists & opticians
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Veterinarians
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Wedding planners

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

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

Who needs Product Liability Insurance?

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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

Corporate & Commercial Bonds

What are Corporate & Commercial Bonds?

In today’s expect-the-unexpected environment, some of your customers may require the guarantee of a corporate bond or a commercial bond. These are sometimes called surety bonds and help put the finishing touches on contracts. When it comes to Corporate and Commercial Bonds, our brokers will provide a customized proposal for coverage, whether you are a general contractor, project manager, supplier, manufacturer or exporter.

Who needs Corporate & Commercial Bonds?

These types of bonds are commonly applied in the construction business, when dealing across borders and with government entities.

Types of Bonds

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Bid Bonds

These guarantee that the winning bidder will enter into a valid contract and will provide the required performance security.
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Court Bonds

These are required by the courts from persons who will administer the estate of persons who are unable to tend to their own affairs or who are deceased.
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Performance Bonds

These are required to provide a financial assurance that the contractor will complete all the terms and conditions of the contract.
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Labour and Material Bonds

These are required to provide a financial assurance that the contractor will pay parties who have worked on or supplied to a bonded contract.
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Maintenance, Supply and Lien bonds

These are required so that the contractor will comply with the maintenance and upkeep provisions of a contract.
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Licence and Permit Bonds

These are required by various government entities or licensing bodies to obtain a license to conduct a business.

Bond Options:

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Agreement to Prequalification/Bond Letters

Commits to providing performance and payment bonds if the principal/contractor is awarded the contract.
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Custom Bonds for Unique Projects

For those projects and situations with unique risks, timings and costs.

Examples of business owners that may require Corporate & Commercial Bonds

Construction workers
General contractors
Project managers
Suppliers
Manufacturers
Exporters

Directors & Officers Insurance (D&O)

What is Directors & Officers Insurance?

This liability insurance provides personal protection for D&O’s , reimburses the corporation for indemnifying D&O’s, and lastly, can protect the organization from allegations made against D&O for failure to manage the affairs of business.

Duties owed:

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Loyalty
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Obedience
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Due diligence

Duties owed to:

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Shareholders
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Employees
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Creditors
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Competitors
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Government agencies

Who needs Directors & Officers Insurance?

The term “Director” or “Officer” does not refer to a specific job title, but rather, someone who is legally responsible for managing the affairs of an organization. Typical duties of this type of occupation range from fiduciary to legal and are accountable for their own actions.

Environmental Liability Insurance

What is Environmental Liability Insurance?

In simplified terms, Environmental Liability Insurance protects you and the environment from potential pollution exposures that could shut your business down. These types of environmental exposures could cause potential damage to your business or third parties, resulting in costly or time-consuming cleanup costs. These claims are typically excluded from a CGL policy.

Who needs Environmental Liability Insurance?

If you are a builder/contractor or in a construction work environment, these policies will work to protect you against pollution exposures at your location, at adjacent third-party locations or anywhere you conduct business. These types of environmental exposures are usually surprising and can cause catastrophic damages, resulting in costly expenses if you are not insured properly.

Types of claims this will cover:

There is a site leak underground of where you are currently building and it also leaks onto the neighbouring property.

Examples of business owners that require Environmental Liability Insurance

Corporations
Lending Institutions
Previous Land Owners
Contractors
Construction builders

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