Although we are not insurance professionals and do not offer insurance advice, we would like to outline some general insurance policies that Commercial Property owners deal with regularly, as well as business owners and tenants.
Property Insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space of building. You can purchase additional coverage for your business and property, including but not limited to:
Machinery and Equipment Insurance
This insurance, sometimes referred to as mechanical breakdown insurance, provides coverage for the accidental breakdown of key equipment such as boilers, machinery and equipment which your business relies upon. This insurance will usually reimburse you for property damage and business interruption losses.
Glass Insurance covers broker glass windows such as Store front windows and glass door glass panes.
Business Interruption Insurance
Business interruption insurance covers lost income and expenses resulting from property damage or loss. For Example, if a flood or fire forces you to close your doors for a month, this insurance would typically reimburse you for salaries, taxes, rents and net profits that would have been earned during the period which you were closed down.
Commercial Buildings with Lease contracts in place will often require tenants insurance. Tenant insurance covers damages to improvements you make to the rental space and damages to the building caused by the negligence of your employees (driving a piece of equipment through a wall for example).
This type off insurance covers property crimes such as theft, burglary and robbery of stock and fixtures from either inside or outside the property.
Perhaps one of the most common and most important types of insurance is liability insurance. This type of insurance covers injuries that you, your business or property causes to third parties. If someone sues you for personal injuries or property damage, the cost of defending and resolving the lawsuit would be covered by your liability insurance policy. There is a variety of liability insurance sub-categories such as errors & omissions insurance and malpractice insurance.
We are all familiar with automobile insurance, commercial Automobile insurance is similar in that it covers cars, vans, trucks and trailers used in your business.
Workers Compensation Insurance
Workers Compensation Insurance covers you for an employees on the job injury. Businesses with employees are typically required to carry Workers Compensation Insurance, however there are some specific industries that are exempt in the Province of Alberta.
As always, please trust in the professionals at KLRT Commercial for all of your commercial needs. If you have any questions about any of the information above, please contact us at the numbers below.