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Commercial Liability
Commercial Property Insurance in Alberta
Equipment Breakdown Farm And Agriculture
Commercial property insurance helps businesses, including farms, pay to repair or replace buildings, associated structures, and contents that are damaged by fire, storms, theft, and other events outlined in the Commercial Policy.
Business owners who either own or lease their buildings may purchase commercial property insurance. It is important for a tenant business to understand that the building owner's insurance policy will generally only cover the building or structure, not the contents of the building belonging to the tenant. A tenant business should purchase their own insurance for their on-premises property, such as machinery, furniture, merchandise, & tenant's improvements.
A commercial property policy may pay based on either the "actual cash value" or "replacement value" of a loss. Actual cash value means the policy will pay what the property is worth at the time of a loss minus depreciation due to age and normal wear & tear. Replacement value means the policy will pay to purchase new property of like kind and quality after a loss.
Most policies have a deductible, which is the amount the business must pay out of pocket toward the cost of a claim before the insurance company will pay for the loss. Generally a higher deductible will produce a lower premium because the policyholder is accepting a greater share of the cost of any eventual claims. Commercial policies will usually include a "policy limit", which is the maximum amount the insurer will pay toward any covered loss.
Different types of commercial property policies protect against different risks, or "perils". It's important to understand which types of losses a policy does and does not cover, such as flood, windstorm, crime, or employee theft.
Commercial General Liability Insurance, or CGL, provides protection against third party bodily injury, libel, slander, and property damage claims for which a business becomes legally liable subject to exclusions.
The "named insured" in a commercial general liability insurance policy refers to the policy holder listed on the policies declarations page. If the "named insured" operates as:
Individual: he/she along with his/her spouse are covered by the policy while acting in a legal capacity for the business.
Joint Venture or Partnership: coverage extends to members and partners and the spouses of either, while acting in a legal capacity for the business.
Limited Company: the company along with its members and managers are covered while they are acting in a legal capacity for the business.
Corporation or Association: the organization itself along with its executive officers and directors are covered by the policy, while acting in a legal capacity for the business.
As CGL is the foundation of commercial liability, it is important to have a good understanding of your policy and its coverage's.
At Brown & Ward Insurance, we will make sure you understand what coverage's your business requires, so that you have peace of mind in knowing that you're insured in the event of a loss.
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Find out today why thousands of other customer's choose to insure with Brown & Ward Insurance – just click on "Get a Free Quote", call us toll free at 1-888-782-3757, or contact us by email at info@brownandward.com.
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