Commercial Property Insurance in Nova Scotia
Protecting Your Commercial Property Is Critical
Commercial property insurance is designed to protect the physical assets of a business against loss or damage that may be caused by things such as a fire, hurricane, ice storm, and water.
What You Can Insure With Commercial Property Insurance:
- Business Interruption
- Computers and electronics
- Crime and employee dishonesty
- Equipment (on and off-site)
- Fencing and landscaping
- Inventory and supplies
- Office furniture
- Personal property of employees while on-site
Whether you operate your business out of your home, or you rent, lease or own a commercial space — you need commercial property insurance. Commercial property insurance can protect what is inside your building, including equipment, inventory, furniture, computers and other electronics. It can also provide protection for things outside of the building including outdoor signs, fencing and landscaping.
Who Needs Commercial Property Insurance?
Contractors & Trades People
- Carpenters
- Contractors
- Construction Companies
- Home Builders
- Landscapers
Retail Small Businesses
- Bakeries
- Clothing Stores
- Gift Shops
- Florists
- Restaurants
Professional Services
- Accountants
- Graphic Designers
- Marketing Consultants
- Photographers
- Web Designers
What Are The Benefits Of Commercial Property Insurance?
Business Interruption
The likelihood you are able to get back to business after a loss is unfortunately not as quick as you may think. A proper policy will provide business interruption coverage which covers your income, expenses, and other important aspects to keep your business running.
Costs To Repair
If your business suffers a covered loss which damages your property, a commercial property policy will help financially to repair the damage to get your business running sooner. This helps you get back to what matters most.
Replacement Costs
If a piece of your property is damaged beyond repair, your policy will cover you for the cost of replacement. For example if you are a restaurant and you have a fire in your kitchen that damages your ovens beyond repair, a property policy will help cover the costs to replace those damaged/destroyed items.
Recovery Time
If your business suffers a loss, the time it would take for your contents to be replaced or repaired could hinder you from getting back to work. The right policy will help to ensure that your business suffers the least amount of downtime to get you back up and running.
How Much Does Commercial Property Insurance Cost In Nova Scotia?
There are many factors that contribute to the premium for a commercial property insurance policy.
- Age of Building and Upgrades
- Building Construction
- Gross Annual Revenue
- Location
- Occupancy
- Type of Business
- Value of Assets
- Value of the Building
- Your Experience
Other Coverage Options To Consider:
- Commercial General Liability Insurance (CGL Insurance) is designed to protect you and your business from a loss if you are found legally liable for bodily injuries or property damage to a third party caused by the product you sell or the service you provide. CGL insurance can also offer protection in situations where you or your employees are conducting business offsite.
- Product Liability Insurance is often included in a CGL policy, but not always. It is important to check that your small business insurance policy does protect you from risks associated with product liability claims.
- Cyber Risk and Data Breach Coverage is designed to help small businesses that rely on technology mitigate some of the expenses that may incur as a result of a cyber hack.
- Commercial Vehicle Insurance is important if you or your employees use your vehicle for business purposes because it will protect you in ways your personal auto policy may not be able to.