Commercial property insurance Protect your business assets today
In Canada's dynamic economic landscape, protecting your business assets is essential to your company's continuity and success.
Property insurance is your shield, providing comprehensive coverage against various risks that threaten your physical assets and operational capacity, ensuring you feel secure and protected.
At Covalen, we understand that every business has unique needs. Our expertise enables us to offer tailored insurance solutions adapted to your industry and risks.
What is commercial property insurance?
Commercial property insurance protects your company's physical assets against damage, destruction or loss. This coverage can include, among others:
- Buildings and structures
- Equipment, tools and machinery
- Inventory and merchandise
- Office furniture and electronic equipment
Covalen expertise at your service
We guide you in choosing the primary and supplementary coverages that best suit your situation, ensuring you understand what is and isn't included in your policy.
- Personalized assessment of your needs
- Solutions tailored to your industry
- Clear explanations of coverage and exclusions
- Support in the event of a claim
Don't leave the future of your business to chance.
Get a quote now.
What is the co-insurance clause?
The co-insurance clause is a crucial insurance concept that can have a significant impact on your claim's settlement :
- It requires you to insure your property for a minimum percentage of its actual value.
- If you under-insure, your compensation will be reduced proportionally.
How does the co-insurance clause work ?
Indemnity = (Amount of insurance underwritten / Amount of insurance required) x Amount of damage
Does your insurance contract contain a co-insurance clause ?
Contact your broker to discuss it. We're here to help. Key points to remember :
- Accurate appraisal : You determine the insurance limit. Your broker is not a certified appraiser.
- Recommended appraisal : We strongly encourage you to have professional appraisals carried out on all your commercial properties.
- Regular updating : Contact your Covalen broker to update your insurance policy and avoid any risk of underinsurance.
Covalen advice
In these uncertain economic times, regularly reviewing your insurance coverage is essential to protect your business effectively. Contact us for a personalized assessment of your needs.
It's important to review your coverage regularly with your broker. If the value of your assets increases significantly (e.g., through the purchase of new equipment or an increase in inventory), contact your broker to adjust your policy and avoid underinsurance.
Commercial property insurance generally covers buildings, equipment, furniture, inventory, and sometimes even third-party property in your custody. The exact coverage depends on your specific policy.
Most standard policies do not automatically include flood or earthquake coverage. However, depending on your risk assessment and the insurer's acceptance, these coverages can often be added as an option.
Standard home insurance generally does not cover commercial activities. It's important to talk to your broker about obtaining adequate coverage, whether through an extension to your home insurance or a separate commercial property policy.
The cost of your premium depends on many factors, including the value and type of property insured, the location of your business, the security measures in place, your claims history, and the coverage options you choose.