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 and the suitable coverage options to protect your business.
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.
Property insurance policies usually have a coinsurance clause. This means that as the policyholder, you will be responsible for paying a portion of the cost for covered services. This percentage is usually moderate and is based on the actual cash value of your 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. Get an insurance quote today to learn more about our property insurance and loss control solutions to protect your Edmonton business.