Le Blogue - la sécurité d'être bien assuré!

Three Essentials for your Commercial Spaces

Assurance entreprises | Lussier Dale Parizeau
Caryne Boisvert | July 5, 2018
Most business insurance policies for SMEs are issued with a MULTIRISK formula that includes basic coverage. Several additional forms of coverage are available on the market as well, such as Floating Insurance – Off-Site Property, Cyber-risk, and Construction Site Insurance.

It is important to properly analyze your needs in order to protect your business.

On the Insured Premises

Generally speaking, a guarantee on the property covers (subject to certain exclusions and possible limitations): 

  • The building
  • Its contents, including equipment for professional use & merchandise
  • Operating losses
  • Machinery breakdown
  • Civil Liability — Personal Injury and Property Damage to third parties: For example, if an accident causes damage to commercial spaces adjacent to your premises, you could be held responsible for the damage as a tenant or owner.

Leasehold Improvements

Commercial spaces are often delivered “raw,” and the tenant or owner often makes certain additions or changes at their own expense. These additions have the effect of increasing the value of the leased premises compared to its initial value. These improvements become an integral part of the building:

  • Outdoor Terrace
  • Fixed Extinguishing System (Restaurant Sector)
  • Fixed Shelving or Storage

Off-site Property

To protect property located outside the insured premises and receive full compensation, it’s often necessary to include “Floating Insurance” coverage. This protection provides coverage for the “value on the date of the loss” of property that may be mobile and that is not already covered by your insurance policy. This coverage applies both on and off the premises, everywhere in Canada and the continental United States:

  • Mobile Phones
  • Tools
  • Contractor Equipment (Belonging to the Insured or Rented)
  • Professional Equipment (Cameras, Sound Equipment, Drones)
  • Paintings, Sculptures, or Antique Furniture

 

For more information on your commercial spaces, contact us today!

About the author
Caryne Boisvert

Caryne is a Manager, Insurance of SME and a Commerical Lines Damage Insurance Broker.

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