Commercial Property Insurance covers a commercial building and its contents from losses such as fire and theft. It may also cover any resulting impact to business income or increase in expenses.

As a business owner, you have invested a lot of time and money into building your company. However, unexpected events such as natural disasters, theft, or vandalism can happen and cause significant damage to your property and assets. Without proper insurance coverage, these events can result in financial ruin for your business. That’s why it’s important to have commercial property insurance in place to protect your business from potential losses.

Commercial property insurance provides financial protection for your commercial building and contents, such as equipment, inventory and furniture, in case of damage or loss. This coverage can also provide protection for loss of income if your business is unable to operate due to a covered loss. In addition, it can also provide coverage for additional expenses like temporary relocation if your business needs to temporarily move to another location. Having commercial property insurance in place gives you peace of mind knowing that your business is protected and that you can focus on running and growing your business.

You need commercial property insurance whether you operate a small business from home, or you own (or rent) a commercial space. Commercial property insurance protects more than just a building, but also many of its contents such as equipment, furniture, computers and inventory. It also covers things outside of the building such as signage, fencing and even landscaping.

Commercial property insurance comes in many forms to suit your needs. Here is a partial list of types of property you may need to insure:

• Buildings and other structures (leased or owned)
  
• Furniture, equipment and supplies
  
• Inventory
  
• Money and securities
  
• Records of accounts receivable
  
• Leasehold improvements and betterments you made to the rented premise
  
• Machinery/boiler
  
• Electronic data processing equipment (computers, etc.)
  
• Valued documents, books and papers
  
• Mobile property (construction equipment, etc.)
  
• Property in transit
  
• Cargo
  
• Signs, fences and other outdoor property not directly attached to the building
  
• Intangible property (goodwill, trademarks, etc.)
  
• Business contingency for suppliers
  
• Ordinary payroll
  
• Extra expenses as a result of loss
  

Basic property insurance protects your property from damage caused by fire or lightning. It also covers the cost of removing property to prevent further damage. You can purchase additional coverage through a standard policy that includes protection against floods, windstorms, hail, earthquakes, acts of terrorism, explosions, riots, smoke, civil commotions, and damage from vehicles. Additionally, you can add coverage for vandalism and malicious mischief.

The cost of commercial property insurance varies greatly. You will need to talk to us to determine how much coverage you need and the suitable coverage options to protect your business.

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.

Property insurance policies usually have a coinsurance clause. This means that as the policyholder, you will be responsible for paying a portion of the cost for covered services. This percentage is usually moderate and is based on the actual cash value of your 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.