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Commercial Property Insurance
Commercial Property Insurance Covers Your Building Inside and Out
If a fire, theft, or severe weather damages your property or inventory, your coverage can help pay for repairs, replacements, and lost assets, so you can recover quickly and keep your business moving without major financial setbacks.
Western Financial Group is an award-winning brokerage. Our business insurance experts will get you customized commercial property insurance for your building and the equipment inside.
Our insurance expertise will benefit your business
We are skilled insurance shoppers. We work with Canada’s leading insurance partners to get you customized commercial property coverage at the right value for your business.
Why You Need Commercial Property Insurance
Whether you own, rent, or lease the space where you run your business, you need to protect it with commercial property insurance from unfortunate events like fire, vandalism, and theft.
Commercial property insurance protects the building and also provides coverage for your equipment, inventory, furniture, computers, and other electronics. You might also hear it called business property insurance.
If you suffer a loss, Western’s Commercial Property Insurance will help take care of your repair and recovery costs to ensure that your business gets back up and running.
What kinds of businesses need commercial property insurance?
- Manufacturers and suppliers
- Contractors
- Retailers and wholesalers
- Business services
- Camps and daycares
- Educational institutions
- Tech/IT businesses
- Communications and telecommunications
- Religious institutions
- Restaurants and food services businesses
- And more
How much will I pay for commercial property insurance?
The cost and amount of commercial property insurance you need will depend on your business and the type of space you are in. It will also depend on:
- Age and condition of property: Older properties that haven’t been well maintained may cost more to insure because they often have outdated electrical, plumbing, or structural components that increase the risk of damage or loss.
- Property Location: Areas prone to natural disasters, higher crime rates, or limited access to emergency services like fire stations may result in higher insurance costs.
- Previous Insurance Claims: If you’ve made multiple claims in the past, insurers may view your business as higher risk.
Does commercial property insurance cover vacant business properties?
When your business property is unoccupied for 30 days or more it’s seen as high-risk. Your insurer may remove some key coverages, such as vandalism, after 30 days of being vacant. You’ll typically need to add a vacancy permit or switch to a vacant commercial property policy when your building is unoccupied. This specialized coverage is designed for empty properties and helps restore important protections that may otherwise be excluded, such as vandalism, theft, and water damage.
Commercial property coverage extensions you can add
Business interruption: If you experience a covered loss, your business may not be able to operate. This type of insurance coverage helps to cover your ongoing expenses and loss of income until your business is back up and running.
Repair costs: Building vandalized? Water pipes burst? Commercial Property Insurance policy can help with the repair costs to get you back in business quickly.
Crime: Crime insurance will protect against losses caused by fraudulent or dishonest acts committed by an employee. Protection covers theft of money, securities, and other property such as your merchandise and equipment.
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FAQ's
Why You Need Commercial Property Insurance in Canada?
Whether you own, rent, or lease the space where you run your business, you need to protect it with commercial property insurance from unfortunate events like fire, vandalism, and theft.
How much will I pay for commercial property insurance?
The cost and amount of commercial property insurance you need will depend on your business and the type of space you are in.
Does commercial property insurance cover vacant business properties?
When your business property is unoccupied for 30 days or more it’s seen as high-risk. Your insurer may remove some key coverages, such as vandalism, after 30 days of being vacant.
What’s the difference between commercial property and general liability insurance?
Property insurance protects your stuff (buildings, inventory, equipment). General liability protects your business from lawsuits related to injury or property damage caused to others.
What is replacement cost vs. actual cash value?
Replacement Cost (RC): Pays to replace the damaged item with a new one of similar kind and quality. Actual Cash Value (ACV): Pays what the item is worth today, minus depreciation. Replacement cost is more expensive but provides better protection.
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