Commercial Property Insurance – Newfoundland and Labrador
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.
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.
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 Business facts about Newfoundland and Labrador
- Rich Fishing Tradition: Newfoundland and Labrador have a deep-rooted history in the fishing industry. The province is renowned for its high-quality seafood, including cod and snow crab, making it a significant contributor to Canada’s fishing sector.
- Offshore Oil and Gas: The province is a major player in the offshore oil and gas industry. With significant reserves, Newfoundland and Labrador contribute substantially to Canada’s energy production, fostering economic growth and employment opportunities.
- Vibrant Arts and Culture: Newfoundland and Labrador have a unique cultural heritage, celebrated through music, literature, and the arts. The province’s vibrant cultural scene provides opportunities for businesses in the creative and tourism sectors.
- Historical Sites and Tourism: The province is home to UNESCO World Heritage Sites, such as L’Anse aux Meadows, showcasing its rich history. Tourism is a growing industry, with visitors attracted to the stunning landscapes, historical sites, and vibrant communities.
- Aquaculture Growth: Newfoundland and Labrador are actively involved in the aquaculture industry. Salmon farming, in particular, has seen significant growth, contributing to the province’s economic development and creating employment opportunities.
- Educational Excellence: The province hosts reputable educational institutions, contributing to a skilled workforce. Memorial University of Newfoundland, in particular, is a hub for research and innovation, supporting the growth of knowledge-based industries.
- Renewable Energy Potential: With its coastal geography and strong winds, Newfoundland and Labrador have untapped potential in renewable energy, particularly wind power. The province is exploring opportunities to expand its renewable energy sector.
- Cultural Festivals: Newfoundland and Labrador are known for their lively festivals, including the famous St. John’s Regatta and the George Street Festival. These events attract locals and tourists alike, providing a platform for businesses in the hospitality and entertainment sectors.
- Traditional Craftsmanship: The province has a strong tradition of craftsmanship, with artisans producing unique handmade products. From handmade quilts to wooden crafts, Newfoundland and Labrador’s artisanal products contribute to the local economy.
- Supportive Business Climate: The provincial government actively supports economic development, offering programs and incentives for businesses. The supportive business climate, coupled with natural resources and a skilled workforce, makes Newfoundland and Labrador an attractive location for various industries.