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Commercial Property Insurance in Alberta
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.
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 case there's a loss.
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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