Basics of Commercial Insurance

Finding a broker who provides commercial insurance Chestermere is not a difficult task – all you need to do is search the Internet or the local yellow pages. However, before you decide on the broker or the company from where to procure insurance, you must understand the specific type of commercial insurance your business needs.


Commercial Property Insurance

When you run a business in Canada, you choose from a wide range of commercial insurance policies. The most common one is commercial property insurance that provides cover for your building, equipment, the inventory you carry, and losses caused by human-made or natural disasters – vandalism, fire, or windstorms. However, if you want coverage of your property against floods, you will most probably require to purchase a separate policy because this is not covered under the general commercial property insurance.

The equipment, inventory, fixtures, and furniture are covered under the business’s property insurance policy. However, if the nature of your business requires the frequent transportation of these materials to sites other than your office, it is advisable also to procure an inland marine policy.


Business Interruption Coverage

Sometimes, a disaster may cause your business to be closed for some time during which you seek to restore the premises to their previous status. It naturally follows that you have to meet these expenses even though you are suffering a loss because of the temporary closure of business operations. Having business interruption coverage means you get reimbursed for these expenses and the profits you lost during this time. Some policies also include reimbursement for losses that arise because your business is located in an area that is declared as being out of bounds by civil authorities following a major disaster.


Commercial Insurance for Home Businesses

If you have a small home business, it is vital to understand that you need separate coverage for those tools, equipment, computers, and other machines that are related to your area of work. These items that are not a part of your home but somewhat necessary for your business are not likely to be covered under any homeowner’s insurance policy you already own. Therefore, it is required to obtain a separate system from any firm or broker selling commercial insurance in Chestermere.

When it comes to commercial insurance, the premium you need to pay may be high, but these are inevitable expenses, and no business can ignore them. Although you may spend a lot on these insurance policies, it is worth noting that this is your protection from the loss from unexpected accidents that can happen to anyone at any time.


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