Commercial Property Insurance Coverage
Commercial Property Insurance, also known as Business Property Insurance, offers broad coverage that financially protects the building from which you run your business—and for realtors, your business itself. Whether you own or lease the building, commercial insurance can provide coverage for upgrades, extensions, and any modifications you make to the building, and can also cover the loss of its contents (machinery, inventory and furniture, for example) due to theft, weather-related calamity, fire, and even sewage back-up.
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Common Commercial Property Insurance Endorsements
Here are some of the more common endorsements and floaters that may provide additional protection for your business, if needed:
- Truck/Vehicle Cargo Floater: Covers items transported by you that belong to someone else provided you are paid to transport the items. This floater also pays for damage to your items that you are transporting in vehicles you own and drive.
- Tool Floater: All equipment and tools are covered by a tool floater add-on. This includes everything from ladders and drop cloths to saws, drills and brushes used off or on premises. Tool floater coverage applies in Canada as well as the continental U.S. and includes a locked vehicle warranty.
- Building By-Laws: If you need to rebuild or repair damaged property to remain compliant with zoning/by-laws, this endorsement pays for additional costs associated with by-laws compliance.
- Replacement Cost: This modifies the settlement basis to cover losses according to replacement/repair expenses that does not include depreciation deductions. Exceptions may apply with a replacement cost endorsement.
- Flood Endorsement: Covers damage caused by flooding and the overflow of man-made or natural bodies of water. Water damaged caused by underground moisture that leaks into your building is not included in a flood endorsement.
- Miscellaneous Property Floater: Gives building owners actual cash value coverage for possibly mobile items or for items not covered by an existing commercial insurance policy. Limits are placed on each item but coverage is applicable on or off the building’s premises at all locations in Canada and the continental U. S. Miscellaneous property floaters include locked vehicle warranties as well.
- Consequential Loss Endorsement: This endorsement is essential if your building contains stock that that can spoil due to off-premise power failure and ensuing temperature changes.
- Sewer Backup Endorsement: Water escaping from a malfunctioning sump pump or broken sewer system can cause just as much damage as a flood. Sewer backup endorsements do not include leakage from natural water sources.
Protect Your Business
To find out more about options to strengthen your business property insurance, call Sean McNamara at Mitchell and Whale Insurance Brokers today at 1-800-731-2228 or email me at email@example.com. I’d be happy to help you with any type of commercial insurance you may need.