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Commercial Insurance is far too complex to insure with just a few clicks.  Please contact insuranceman.ca directly, as one of our trusted commercial experts is standing by to tailor a policy to meet your company’s changing needs.

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How Does Progressive Commercial Insurance Work?

Commercial property insurance varies from one policy to another. Still, the coverage is classified by the type of event that leads to a loss and what is insured. Basic commercial property insurance will cover any loss caused by:

  • Fires
  • Explosions
  • Theft
  • Damage to airplanes or vehicles 
  • Vandalism 

You can have endorsements to provide added protection for damaged glass from earthquakes. 

Commercial property insurance covers the following essential items:

  • The building 
  • Outdoor items
  • Office equipment 
  • Inventory 

Take a complete business inventory before applying for your commercial property insurance. Doing this helps you determine what you want to insure and the overall replacement value that includes:

  • The building of your business 
  • Office equipment owned or leased
  • Company documents
  • Processing or manufacturing equipment
  • Landscaping and fencing 
  • Satellite dishes and signs 
  • Inventory 

How Are Things Covered in Commercial Property Insurance?

Commercial property insurance plans will pay for losses based on the replacement cost of items or the actual cash value. 

Replacement Cost

RC is the amount needed to rebuild or repair the property on the same premises. It includes comparable materials to quality without deducting the amount of depreciation.

Actual Cash Value

ACV is the cost to replace with a new property of the same quality minus depreciation.  

For policies covering an insured property on ACV, the premiums are lower as they include the depreciated value. Still, the amount is insufficient if you insure your property on an RC basis.

Benefits of Commercial Property Insurance

If you’re wondering why you need commercial property insurance, check out these great benefits:

  • Protects you when disaster strikes to help with the enormous losses you face. These can be from natural disasters to bounce back quickly. We recommend checking with your insurance broker to determine what they cover when disaster strikes. 
  • It covers repairs and replacements when you suffer a loss from a fire, need to repair a building, or need to replace your inventory and equipment. 
  • Helps with business interruptions when suffering property damages and being forced to close after an event. The funds you receive you can use to pay bills or your employees. 
  • It gives you financial security with major repairs and destruction of equipment/inventory to recover losses fast. 

Get Peace of Mind With an Online Commercial Property Quote Today!

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