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Your commercial buildings, equipment, and other property need the right coverage to make sure your business is protected if the unexpected happens.
Commercial property insurance deals with two main types of risk; hazards and liability.
Hazards is coverage for events that can cause damage to your building or property.
Liability is coverage for injuries sustained on your premises or damage caused to your building or property by a person.
Business property coverage plays an important role in your overall commercial insurance plan. Commercial building insurance protects your business property from potential perils such as fire, theft, and natural disasters. We all know the weather can get a little wild here!
Commercial property insurance includes coverage for buildings and their contents, as well as special provisions for specific situations that would be outlined in your policy. Every commercial property policy is different so you require a plan that is unique to your business.
Commercial insurance often has additional or supplemental protections called "endorsements" which are added on when necessary. These endorsements to provide coverage for property or incidents that may not have been covered with the basic Commercial property policy.
All business owners concerned with protecting their Building, Stock and Equipment should purchase commercial property insurance coverage.
Commercial property insurance can also protect business owners against loss of income, Equipment Breakdown, Employee Theft, and many other coverages. Third Party Liability coverage also needs to be purchased.
You can discuss which plan is most suitable for you with one of our account executives before determining which type and how much coverage you require for your business.
Commercial Property coverages and General Liability Coverage should be bought together.
Commercial insurance coverage in Saskatchewan depends on the type of business you are in and what coverage you purchase. However, under most policies you can expect to gain protection against wind, fire, lightning, and physical damage to your equipment, tools, and buildings. In those instances, your insurance will help you to rebuild or repair damages.
Some policies may reimburse you for lost income and provide compensation for any additional expenses incurred when you are not able to occupy your property due to a loss. Insurance can also assist you with legal costs in the event you’re liable as a business owner due to an accident on your commercial property like a slip and fall on the premises.
With all commercial property insurance policies there will be exclusions or exceptions that won’t be covered, and there is also opportunity to add additional coverage to your policy.
The following are examples of perils where you are required to purchase additional coverage or add an endorsement in order to be covered
As you can see, it’s possible to get coverage for most potential losses that you want to insure. However, it’s a matter of customizing your policy or adding additional coverage to meet all your needs.
That’s why we encourage you to contact us at Knight Archer Insurance Brokers. We’ll take the time to explain all options and make sure you have the correct coverage in place for your business needs.
The cost of commercial property insurance in Saskatchewan varies because many factors are considered when determining your building insurance cost, as well as the coverage that is purchased and the type of business operation you are in.
Many additional factors affect the cost of commercial property insurance. When pricing business property insurance the following is most often considered:
We encourage you to get a free quote with us. We’ll help advise you to make ensure you’re purchasing the right insurance based on the coverage required by needed for your business.
There are many factors that can impact the cost of your Commercial Property Insurance. The size of your building as well as the type of construction will impact the cost directly. The operations within the building will also impact the cost. If there are high hazards such as cooking with deep fryers, high liquor exposure or high hazard manufacturing these will impact the cost to insure the building and contents within.
Other factors that can increase your insurance costs include:
Some additional considerations that can come with commercial property insurance include hazards that surround the building (nuclear plant, for example), sprinkler systems, proximity to fire stations, and security systems.
The type of building and any additional safety and security measures can factor into insurance costs. For example, building with brick and mortar construction could mean a lower risk of water fire damage, and having sprinkler systems, fireproof doors, and smoke detectors may also lower your costs.
Security plays a part when the goal is to decrease insurance premiums too.
Other factors that lower your costs include upkeep and maintenance of your premises, occupied premises as opposed to vacant, and proximity to other locations.
You can take a proactive role in lowering commercial insurance costs by:
Your insurance company also considers the history of the area and whether Saskatchewan’s natural disasters are likely to cause damage in the future or not.
In the event of a claim, contact Knight Archer Insurance Ltd. to speak with your Commercial Insurance broker. They will obtain the information necessary to notify the insurance company of the claim, as well as provide advice on what is needed to mitigate potential or further loss of your property.
Get a quote from us today. Our account executives will help guide you to the best insurance plan for your commercial property.
If you prefer in-person or over the phone, you can always chat with one of our account executives.
Your building Insurance limit isn’t based on what you bought the property for or the potential sale price but rather what it would cost you (or the insurance company) to rebuild that building in like, kind and quality in today’s construction market.
Until new tenants move in, you’ll need unoccupied or vacant property insurance. Notify your account executive if your property becomes vacant and we can assist you with making sure you have the correct coverage.
Business interruption insurance will make you whole from loss of income due to an insured peril under your commercial property insurance policy. This could be as a result to a loss to your premises, such as fire or water damage, or loss to an adjacent location such as a fire at a neighbouring location which prevents entry to your location. Business Interruption may also provide coverage for increased cost incurred to get up and running at another location or to purchase replacement equipment, replace a source of income that’s disrupted, reduced, or completely eliminated if a covered peril suspends you from operating your business. This might happen after equipment or stock gets destroyed as it will take time to get your business up and running again.
If you are a jeweler who creates your own products, and your business suffers a break-in. You discover that the thieves have taken all the equipment you need to produce your goods. After this type of loss, your business will need some time to recover; you’ll need to replace the equipment and inventory in order to get back up and running. During such time, business interruption insurance would help cover your regular business expenses such as rent or your employees’ salaries.
While your commercial property coverage may help cover the repair and replacement costs of your damaged or stolen property, without a source of income during that time, you may find your business ends up bankrupt or unable to reopen. Without a sufficient reserve of funds, you would rely on your business interruption insurance to help replace income which was reduced (or lost) due to the interruption.
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I was blown away with the service I received here by both Lisa and Vlera. I had a bit of a complicated situation and felt caught between provincial systems but both women worked the problem with me until we had a good solution. Extremely helpful, professional and made what was tricky a good experience.
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The team is very good at Knight Archer Insurance, I visited that place first time and it's totally new place for me (New Immigrants In Canada) they explained everything with very easy way and gave me some extra knowledge about the future process as well.
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Our expert team of local brokers will help you find the best coverage possible.
