Commercial Property Insurance – British Columbia
Your livelihood is heavily dependent on the health of your business, which is why it’s essential to protect it from any threats that could disrupt your day-to-day. Threats, both big and small, can be detrimental to the business you’ve worked hard to build. Accidents out of your control, such as a burst pipe, can damage computers and other equipment and harm electronic documents you may store. On the other hand, if a fire started, there could be damage to your inventory and other important contents. As a business owner, we know that you wear a lot of hats. Let us look after protecting your business so you can focus on what’s most important.
As your local insurance experts for over 40 years, we know that each business in BC is unique in its own way. From small business boutiques in the heart of Vancouver to companies with locations spanning across the country and all other businesses in between, we’ve got you covered. With all it has to offer, it’s not hard to understand why so many people decide to set up shop in BC. And with 100 locations across the province, there’s sure to be a Westland location near you.
We understand it’s vital to protect what’s most important to you and your business. Our expert insurance advisors are here to ensure you’re protected and provide peace of mind so you can focus on nurturing your business for the future.
Why Choose Westland?
We know that your business insurance needs to match your goals, your business and your budget. Our expert business insurance advisors get to know you and your business, so that they can tailor a policy to your exact needs. We’ll work with you to build a risk management solution, ensuring coverages line up with your business needs.
Insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, click here.
Business Insurance Explained
Business property insurance provides business owners with protection for the most critical physical assets of their business and, in turn, peace of mind to keep their business running. Whether you’re a new small business, multi-location retail operation, professional services provider, or contractor, all business owners should carry business property coverage to ensure you’re able to get you back on your feet quickly in the event of a loss.
No matter the industry, our business insurance advisors can quickly determine the risks your business may face and the potential financial losses that could leave your business in a vulnerable position.
Take a moment to think how your business would continue to function if something were to happen to your physical assets, contents, and building. Would you be able to continue operating and look after your team? The unexpected can happen, and business property coverage looks after protecting your assets in the event of a loss. Coverage for not only the assets you own on the inside of your business but also those outside, such as signage, landscaping, and fencing are available.
Most business property insurance policies will provide coverage in the event of an insured loss on the following:
- Repair/Replacement Costs
A business property policy will help cover the financial impact of an insured loss on a business. If your property is damaged beyond repair, your policy will cover the replacement of those important elements.
Depending on the type of loss or severity, your inventory will be either repaired or replaced.
- Business Interruption
Would you be able to continue to pay your employees if you experience a loss that leaves you unable to run your business for two months? Business interruption coverage mitigates those worries. The likelihood that you can get back to regular business after a loss is unfortunately not always as quick as you may think. Business Interruption covers your income, expenses, and other important aspects to keeping your business running. To learn more about business interruption insurance, click here.
- Recovery Time
If your business experiences a loss and must close, you’ll want to open as soon as you can. It may take time to acquire essential contents for your business, ultimately adding to the downtime of your business. The right policy will help to ensure that your business suffers the least amount of downtime to get you back up and running.
We know that every business is different, which means your assets and location(s) will vary compared to neighboring companies. Factors such as the size of building you operate out of, inventory level, types of furnishings, will influence how much coverage you need.
Regardless of industry, business type, or earnings, all businesses are at risk of suffering a loss to their property and assets. With the right business property policy, you’ll be covered financially if you experience an insured loss and be back to normal as quick as possible.
How Much Does Business Insurance Cost in BC?
Just as businesses differ across British Columbia, so do the risks and exposures which impact the cost. The following factors will impact the cost of your business property coverage:
- Building Construction
- Value of Building
- Age of Building/Upgrades
- Value of Other Assets
Review Your Insurance and Get a Quote with Westland
Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique risks and operations, and find the perfect insurance policy for your business. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your business coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!
Fire is one of the most common claims we see when it comes to business property. For example, your property experiences a fire resulting in damage not only to the structure but to the stock and inventory stored as well. The right business insurance policy will help mitigate these risks and get you back to normal as quickly as possible.
Our goal is to find the best coverage for your business so you can focus on what’s important. To learn more about being a Westland client, click here.
10 BC Business Facts
- British Columbia has a solid small business sector, with 98% of all businesses in the province and over one million people employed.
- British Columbia is one of the top 3 producing regions of cranberries and blueberries in the world.
- BC ranks first in the country for small businesses (per capita), with 84.2 businesses per 1,000 people.
- Over 38% of self-employed BC residents are women, making BC the second-highest rate of women-led businesses in the country.
- The primary industry in BC is the service industry, accounting for more than 75% of the province’s GDP.
- In Vancouver alone, there are approximately 79,989 businesses.
- BC’s forest industry contributes about $12.9 billion to the provincial GDP every year.
- The film industry in BC employs over 70,000 people.
- Fan of seafood? BC is the place for you, exporting salmon, crab, shrimp, you name it!
- British Columbia is one of the most popular wine regions on the continent.