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Commercial Property Insurance Edmonton

Commercial Property Insurance covers a commercial building and its contents from losses such as fire and theft. It may also cover any resulting impact to business income or increase in expenses.

Your livelihood is dependent on the survival of your business, so it is imperative that you protect it against any potential threat – big or small. For instance, a fire could destroy your business’s warehouse and the contents inside, or a burst frozen pipe could damage important documents and valuable papers. Worse, you could have trouble paying your employees during a loss because your funds are devoted to repairing damage.

Do I need Commercial Property Insurance?

You need commercial property insurance whether you operate a small business from home, or you own (or rent) a commercial space. Commercial property insurance protects more than just a building, but also many of its contents such as equipment, furniture, computers and inventory. It also covers things outside of the building such as signage, fencing and even landscaping.

What does Commercial Property Insurance cover?

Commercial property insurance comes in many forms to suit your needs. Here is a partial list of types of property you may need to insure:

  • Buildings and other structures (leased or owned)
  • Furniture, equipment and supplies
  • Inventory
  • Money and securities
  • Records of accounts receivable
  • Leasehold improvements and betterments you made to the rented premise
  • Machinery/boiler
  • Electronic data processing equipment (computers, etc.)
  • Valued documents, books and papers
  • Mobile property (construction equipment, etc.)
  • Property in transit
  • Cargo
  • Signs, fences and other outdoor property not directly attached to the building
  • Intangible property (goodwill, trademarks, etc.)
  • Business contingency for suppliers
  • Ordinary payroll
  • Extra expenses as a result of loss

Basic Property Insurance covers losses due to fire or lightning, including the cost of removing property as a way to protect it from further damage. Should you want to purchase more than basic coverage, you can buy a standard policy that provides coverage for extended perils, such as floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions and vehicles that damage your property. Beyond that, coverage for vandalism and malicious mischief can also be included.

How much does Commercial Property Insurance cost?

The cost of commercial property insurance varies greatly. You will need to talk to us to determine how much coverage you need.

A typical policy will provide the replacement cost value for your building and the actual cash value for your business property. Replacement cost value is the amount that is necessary to replace or rebuild your building or repair damages with similar materials, without considering depreciation. Actual cost value, on the other hand, is the value of your property when it is damaged or destroyed. This amount is typically determined by subtracting the depreciation from the replacement cost value.

Most property insurance policies include a coinsurance clause, which requires you, the policyholder, to share the cost of covered services up to a moderate percentage of the actual cash value of the property. This will allow you to receive full coverage for your losses. Should you decide to purchase inadequate coverage for your property, you may be obligated to pay a percentage of all losses, even if they are listed in the policy.

CMB Insurance Brokers understands that determining your business’s value is critical, so we’re here to help. Contact us today to learn more about our Property Insurance and loss control solutions to protect your business.

What types of Business Insurance do I need?

There are many types of insurance policies that our experts can advise you on and package to meet your specific needs, such as:

  • Commercial General Liability
  • Commercial Property Insurance
  • Business Interruption Insurance
  • Pollution Liability Insurance
  • Professional Liability Insurance
  • Product Liability Insurance
  • Equipment Breakdown Insurance
  • Commercial Auto Insurance
  • Cyber Insurance