Why B.C. Businesses Need Commercial Property Insurance
Is your B.C. business protected against risks like theft, fire, and vandalism? Whether you own or rent the space that your business operates in, commercial property insurance covers your business inside and out and helps protect it from risks.
Commercial property insurance isn’t legally required, but it’s strongly recommended for British Columbia businesses of all sizes. It provides financial protection to your business and its contents in case of unexpected events that may cause damage or loss.
Wherever your business is located in B.C. -- Vancouver, Victoria, Kelowna, Prince George or elsewhere in the province -- your Western Financial Group business insurance expert will give you top-notch commercial insurance advice. We’ll get your business the right commercial insurance that tailored to its needs at the right value for you.
What is commercial property insurance?
Commercial property insurance helps provide your B.C. business with financial coverage for physical loss or damage to your building, property, and contents.
Commercial property insurance can also be called business property insurance or commercial building insurance.
What British Columbia businesses need commercial property insurance?
Ideally, all B.C. businesses should have commercial property insurance, but here’s a list of business for which it’s highly recommended:
- Construction companies
- Contractors
- Electricians, Plumbers, Carpenters, Welders
- Landscapers
- Retailers, including clothing stores
- Auto garages
- Bakers
- Restaurants and cafes
- Dry cleaners
- Florists
Why do I need commercial property insurance?
As a B.C. small business owner, you need commercial property insurance coverage to protect your business’s physical location and its contents inside.
Commercial property insurance can help cover repair or replacement costs if your B.C. business’s property is damaged or destroyed due to a covered loss, such fire, theft, storms including wind and hail, or vandalism.
Commercial Property insurance helps cover the cost of repairing or rebuilding your B.C. business.
Commercial property insurance typically covers:
- Your premises, including signage and other physical structures such as a fence
- Equipment
- Machinery
- Computer systems
- Hardware
- Inventory/Stock
What’s not included:
- Equipment wear-and-tear
- An unexplained loss
- Deliberate damage to your business
- Theft at a vacant location (more than 30 days)
- Cash/securities
How much does commercial property insurance cost?
The cost of commercial property insurance for British Columbia businesses will depend on factors such as:
- What sector your B.C. business operates in
- Annual revenue
- Location
- Type of property
- Square footage
- Number of employees
- Any past claims
- Any security measures
Here are 3 examples of how commercial property insurance can help your B.C. business:
- A windstorm damages the roof of your B.C. business. Commercial property insurance helps cover the repairs to your roof.
- Thieves break into your business and steal some merchandise and computers. Commercial property insurance helps cover stolen goods and computers.
- A small kitchen fire in your B.C. restaurant leaves it damaged and there’s also some smoke damage in the cafe. Your commercial property insurance covers the cost to repair the kitchen, replace the damaged insured contents, and clean up the smoke damage.
Coverages you may want to add as extensions to your commercial property insurance:
Flood Sewer backup coverage: This add-on coverage helps protect your B.C. business against water damage from floods and sewer backups.
Business interruption insurance: This coverage supports you when your B.C. business can’t operate due to a covered loss.
There are a number of losses that can force your B.C. business to shut down. Some examples include:
- Damage to your equipment from fire or vandalism
- A major reduction in revenue due to a client/supplier facing losses of their own
- A disruption in your supply chain
Business interruption insurance can help with expenses such as:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Business interruption insurance can be the difference between recovering from a loss and closing permanently.
Here’s an insurance checklist for B.C. businesses:
- Do you have the best business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
