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. Get an insurance quote today to learn more about our property insurance and loss control solutions to protect your Edmonton business.