Calgary Commercial Property Insurance
Just like owning a home, your business property is subject to all sorts of risks, some of which are entirely beyond your control; a pipe may burst, a fire may start, or a thief may strike.
As a business owner, you have enough on your mind already—you don’t need to add property damage to the mix. Calgary commercial property insurance can help you protect your business. Here’s how:
What Is Commercial Property Owners Insurance?
Can you imagine running your company without your commercial property? You rely on your business assets to keep things running smoothly, from your inventory to your equipment.
After a loss, you want to get back on your feet quickly to resume your operations. With a commercial property insurance policy, you can minimize the financial impact of a loss.
What Does Commercial Property Insurance Cover?
Depending on which insurance company you decide to work with, your coverage will vary. However, you can choose from the following coverage options with your business insurance:
If your property has been seriously damaged, the replacement cost can set you back financially. A commercial insurance policy will cover these costs.
Depending on the extent of damage that you face, you may need to replace your inventory entirely. Get coverage for these expenses with commercial property insurance.
If your business is unable to operate, you’ll be stuck paying the same expenses but without your usual revenue stream. With this policy, you may receive financial reimbursement for employee wages, income, and expenses.
While your property is being repaired, downtime can be incredibly costly. Minimize your losses with this insurance policy.
How Much Property Coverage Does Your Business Require?
To protect your business, you need to make certain that you have the right amount of coverage. If the cost of damages goes beyond your policy limits, you’ll end up paying out of pocket for repair costs.
To estimate the coverage you need, we recommend considering factors like:
- How many employees do you have?
- What is the total value of your assets? These include furniture, inventory, equipment, etc.
- How much revenue does your business generate?
What Businesses Need Property Coverage?
Companies of all types, in all industries, can benefit from insurance. If you lose valuable business assets, you can cover repair/replacement costs with insurance coverage. Protect yourself against insured losses with coverage that suits your business.
Are you looking to add onto your existing coverage? If your property faces unique risks, you may be interested in sewer backup insurance or earthquake coverage. If you want more information about customizing your policy, contact a Westland Insurance advisor today!
How Much Does Commercial Property Insurance Cost in Calgary?
Commercial property insurance rates will vary based on factors like:
- Value of your business assets
- Age of the building & recent upgrades
- Value of the property
- Materials used to construct the building
Is Insurance Mandatory for Commercial Property?
Whether you run a small business or a large enterprise, we recommend considering insurance for your commercial property. Are you looking to rent a building? The landlord may not consider your application without it.
If you lease space, you might wonder if it’s still worthwhile to invest in property insurance. Even though you don’t own your commercial property, you’re still responsible for all the contents inside it, including your files, store inventory, and furniture.
Why Are Commercial Property Insurance Rates Increasing?
Insurance costs fluctuate based on a variety of factors. As your business changes, so do your insurance needs. For example, if you acquire more valuable assets, it will cost more to insure them; therefore, your rates will increase.
Is There a Way To Lower Your Commercial Property Insurance?
As a savvy business owner, you’re always looking for ways to stretch your dollar further. How can you pay less for insurance but still get the coverage you need? Depending on your business, you may be eligible for certain discounts. Our advisors can help—give us a call.
Where Do I Get Commercial Property Insurance in Calgary?
Perhaps you aren’t sure which insurance company to trust when it comes to property insurance. You’ve got enough on your plate running a business; when will you find the time to pick an insurance policy?
At Westland Insurance, that’s what we’re here for. We’ll compare rates to help you identify the perfect policy for your business.
Are You Seeking an Insurance Quote?
Protect your business with commercial insurance for your property. If you’re looking for more information about insurance in Calgary, our expert insurance advisors are here for you.
Ready to protect your business with a tailored insurance policy? At Westland Insurance, we offer our services across Calgary. Check out our locations in:
Let us help you choose an insurance policy that’s right for your property. To request a business insurance quote, contact us today!