Commercial Property Insurance
Commercial Property Insurance in Nova Scotia
Your business in Nova Scotia is your livelihood and if anything happened to it, you could be in serious trouble. That is why it is of the utmost importance to have the right kind of Commercial Property Insurance. Maybe you think you have everything covered, and no matter what happens you are protected. However, this is not always the case.
James R was in the hardware business and his family owned the hardware store since the 1930s. Over the years, James made a lot of changes to keep up with the times and competition from the local home improvement centre. However, James concentrated on quality products, service, and advice, and was able to win a lot of new and loyal customers to his store.
One day James read an on online article about Business Property Insurance and he wondered if he had everything in his store covered. To be sure, he decided to talk to an insurance professional with many years in the Commercial Insurance industry. James and his insurance person went over all the aspects of his business and James realized that he was not covered for flooding. Years ago, he decided to drop the coverage because there had been no problems with flooding in the area for years. However, his insurance person reminded James that the coverage was not expensive and asked him what he would do if his store was flooded. This made James realize he was taking an unnecessary risk, so he opted for flood insurance.
Two years passed and James forgot about his Commercial Insurance policy and life was pretty good. However, one evening a large storm came up with flash flooding and it caused the sewers to back up and resulted in a great deal of damage to the store. James was covered for this problem and his business was able to survive, while several other local businesses went under.
Do I Need This Type of Insurance?
Do you own and operate a business? Is that business located in some kind of real estate or property? Then you need insurance. It doesn’t matter if you are renting your building or not, you still need to insure contents and protect your legal interests. This also includes those that rent commercial properties to businesses.
Can I Get by With a Standard Business Property Insurance Policy?
When it comes to commercial property, it is very difficult to define a “standard insurance policy”. There are just too many variables to consider. However, here are some common options:
- Commercial general liability – pays for settlements and legal costs if someone sues you for an injury. It’s also important to have this coverage if you are leasing your structure.
- Hazard insurance – covers damages from storms, tornadoes, and all kinds of weather. It is sometimes referred to as peril coverage and can be general (all peril) or specific (named peril coverage).
- Fire insurance – includes smoke damage and damage caused by the local fire department. It also can include fees from your fire department and local municipality.
- Building contents – can include equipment and machinery.
Do I Need Insurance Options?
You may need several options including raising the limits on your general liability coverage. You also may want to consider:
- Building contents owned by others – this is important for businesses like garages and body shops.
- Loss of income – pays when your business cannot operate due to a covered loss. It pays until you are back in business and repairs have been made.
- Flood Insurance
- Insurance for exhibits and expos
- Additional buildings – covers warehouses and storage structures.
These are only some of the options that you may need. You should talk to an experienced insurance professional to get the right kind of coverage.
Finding the Right Commercial Property Insurance
When you need to insure your business, come to professionals like Founders Insurance Group. We have people with many years of experience and we have been serving the insurance needs of Nova Scotia since 1982. Our insurance people do not represent a single company. They are independent brokers that can give you a wide variety of choices at the best rates. Let us do the insurance shopping for you, and make your job easier.
Whether you own a small business, large business, or operate out of your home, Founders Insurance Group can take care of your Business Property Insurance needs. Call us today at 1-877-798-5981, or visit our contact page to make an appointment outside of normal business hours.
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