Business Types

We have, or can, develop commercial insurance programs designed to meet the insurance needs of the following types of businesses including, but not limited, to:

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Coverage

A commercial insurance policy can provide insurance coverage to protect the business owner against:

  • Damage or loss to property or assets owned by the business
  • Resulting financial loss caused a disruption of the business activity due to damage to property or assets
  • Acts of crime that results in damage to property or the loss of assets
  • Financial loss should you be sued because of property damage, injuries, or death caused by your services, products, business operations, or your employees.

Commercial Property Coverage

Below is a general description of the property and coverage generally offered on a commercial insurance policy. Depending on the nature of your business you will find that you will be able to purchase an insurance package policy that will include some, if not all, of the coverage types described below but it is always wise to fully discuss your coverage requirements with your insurance broker.

Call us for a review of your Commercial Property insurance coverage needs.

Building

This includes structures listed on the policy document, including any additions and extensions attached to the building, permanent fittings, and fixtures attached to and forming part of the building. Also included are materials, equipment and supplies on the premises for maintenance, normal repairs and minor alterations to the building. These same materials used for building services that are also used for growing plants, trees, shrubs or flowers inside the building used for decorative purposes when the you are the owner of the building, are also covered.

Equipment & Contents

This includes all contents usual to the insured’s business including furniture, furnishings, fittings, fixtures, machinery, tools, utensils and appliances other than property defined as stock or as a building.

Stock

This includes completed product or merchandise of every description usual to the insured’s business, including packing, wrapping and advertising materials.

Tenants Improvements

This is defined as building improvements, alterations and betterments made at the your expense to a building occupied by your business and which are not otherwise insured, provided that you are not the owner of the building.

Accounts Receivable

Should your accounts receivable records be damaged or destroyed by a peril covered by your policy and you are unable to effect collection of the amounts due directly because of the destruction of those records, then you can recover the amount due from your insurance company. This includes interest charges on any loan to offset impaired collections pending repayment of such sums made uncollectible by such loss or damage, collection expense in excess of normal collection cost made necessary because of such loss or damage, other expenses, when reasonably incurred by the insured in re-establishing records of accounts receivable following such loss or damage.

Bailee Customers Goods

This includes the property of others in your custody for cleaning, servicing or repair. Coverage applies while the property is in your possession, while located in the premises shown on the policy, and while being transported to or from your customers’ premises (only if shipped via your vehicles, messengers, or contract carriers within Canada and the continental United States of America).

Contractor Equipment Floater

This includes equipment that is incidental to your business operations, which is typically used away from your business premises. Usually the items of equipment are scheduled with a limit of coverage assigned to each based on the Actual Cash Value or Replacement Cost of the Item (subject to conditions). Blanket limits can also be purchased for miscellaneous small tools of lower value. The coverage is usually provided within Canada and the continental United States.

Electronics Data Processing Equipment

This is coverage specifically designed to cover computer equipment, data systems, and media. Loss of income and extra expense due to these losses can also be included. Computer systems breakdown coverage can also be part of this protection in the event of a sudden and accidental breakdown of the equipment.

Exhibition Floater

This includes property usual, or incidental, to the exhibit of your property with coverage provided while in transit to and from, and while at a trade show.

Fine Arts Floater

This includes antiques, paintings, statuary, and other objects of art that are your property or the similar property of others in your custody or control. These items are usually scheduled with a value assigned to them for insurance purposes verified by a qualified appraiser.

Glass

This policy provides coverage for plate glass, lettering, frames, and ornamentation for doors and windows of the building on your premises.

Installation Floater

If you have materials in transit, at a customer location, or at a temporary location they are not covered for loss unless you have an Installation Floater on your policy. An installation floater is an insurance policy that covers personal property installed, fabricated, or erected by a contractor. It covers the property until the installation work is accepted by the purchaser or when the contractor interest in the property installed ceases.

Mobile Tool Floater

This policy provides a broad coverage for all tools and equipment usual to your trade or business that are used on or off premises. This policy also contains a locked-vehicle warranty so it is designed to protect smaller mobile tools and equipment that can be kept under lock when not in use.

Motor Truck Cargo

This policy provides coverage against the risks of direct physical loss to cargo while in transit and loading or unloading. It can cover property while at a terminal or dock awaiting final distribution. The coverage can be amended to cover the exposure presented by the cargo type or mode of transportation.

Office Contents Floater

This coverage type is designed to protect you from the cost to repair or replace office furniture, fixtures and equipment, machines, supplies, records, Tenants Improvements and all other office contents on your premises when they have been damaged by an peril covered by the policy.

Sign Floater

This coverage type is designed to protect you from the cost of repair or replacement any signs either attached or not to any building on your premises when they have been damaged by an peril covered by the policy.

Transit

This coverage type is designed to protect the shipment of goods you make by car, truck, rail, or air from the time they leave your business location to the time they are delivered to your customer.

Transportation Floater

This policy provides coverage for your property while in transit to you, or while being delivered to your customer by common carrier.

Business Interruption

This coverage is designed to pay for the costs to reconstruct original source materials, including records, deeds, manuscripts, films, drawings, or other valuable papers or records that have been lost due to an insured peril.

Earnings Form

Benefits are paid only to the point your business is able to resume operation. This form will usually have a time limit for benefit payout and a limit on the amount that can be paid in any one month. This is typically the less expensive version of business interruption coverage.

Profits Form

Benefits are paid until your business profits are back to the level they were at prior to your insurance loss subject to a maximum period of indemnity. This form will be more costly then the earnings form as the benefits paid will usually be greater once the claim is finalized.

Valuable Papers

This coverage is designed to pay for the costs to reconstruct original source materials, including records, deeds, manuscripts, films, drawings, or other valuable papers or records that have been lost due to an insured peril.

Earnings Form

Benefits are paid only to the point your business is able to resume operation. This form will usually have a time limit for benefit payout and a limit on the amount that can be paid in any one month. This is typically the less expensive version of business interruption coverage.

Profits Form

Benefits are paid until your business profits are back to the level they were at prior to your insurance loss subject to a maximum period of indemnity. This form will be more costly then the earnings form as the benefits paid will usually be greater once the claim is finalized.

Benefit Period

You can define a specific time period for the payment of your business interruption coverage but it is also possible to obtain a policy that offers a coverage limit based on your actual loss sustained. The limitation would then be based on the coverage form you purchased.

Loss of Rental Income

Coverage can be purchased to protect against the loss of rental income because your building is unsuitable for occupancy after an insured loss occurs. This coverage can be purchased with a pre-defined limit or with the actual loss sustained clause applied. The choice of benefit limit would be determined by variability of your rental income from your premises.

Extra Expense Coverage

This coverage is designed for businesses that must remain operational during the period affected by damage caused by the insured loss. Extra expenses may be incurred if you have to carry on business at another location (e.g., telephone, advertising, rentals, moving to other premises or outsourcing of your work).

Call us for a review of your business interruption insurance coverage needs.

Boiler & Machinery – Equipment Breakdown Insurance

All Commercial Property Insurance policies contain the following exclusions that are removed if a Boiler & Machinery/Equipment Breakdown coverage is added to your policy:

  • Loss or Damage to or caused pressure vessels operating at 15psi and above
  • Mechanical Breakdown of machines including rupture or bursting caused by centrifugal force
  • Loss to Electrical Equipment caused by electrical currents artificially generated.

This policy will pay for damage to the pressure vessel, machine, or electrical equipment that is compromised, and the resulting damage to other property is direct result of the failure. The limit of coverage you should purchase for this protection should be no less then the limit of fire insurance coverage purchased for the property exposed to the pressure vessel.

Also as with a fire loss, you will experience a potential loss of income and extra expenses because of the damage to your property should such an event occur. Therefore you should also consider adding business interruption coverage for a Boiler & Machinery or Equipment Breakdown to your insurance policy. Again, the limits of this coverage should mirror that of your fire insurance policy.

Call us for a review of your Boiler & Machinery – Equipment Breakdown insurance coverage needs.

Crime Insurance

Commercial insurance policies can provide your business with a comprehensive menu of choices for crime insurance coverage. Below is a brief description of the coverage options, with each option having a separate limit of coverage.

Money & Securities

Protects against the loss of money & securities from almost any type of hazard, except forgery or employee dishonesty.

Inside & Outside Robbery

Protection against robbery of cash or property either on or off your premises. Robbery is defined as a theft with a form of violence or threat of violence used to deprive someone of their property.

Money Orders & Counterfeit Forgery

Provides your business with coverage against someone paying for purchases with counterfeit cash, money orders, or forged cheques.

Depositors Forgery

Provides protection against the forgery or alteration of instruments such as checks, drafts, or promissory notes, purported to have been written by the insured.

Burglary

This is coverage against theft of property from your premises during the which the burglar made a forcible entry to your locked building or safe. Additional protection can be purchased to cover the damages caused to your premises because of the forcible entry.

Employee Dishonesty

This is coverage to insure against loss of money, securities or other property belonging to you, or for which you are liable, that is caused by employee theft.

Commercial General Liability Insurance

Commercial general liability insurance protects your business from financial loss should you be sued because of property damage, injuries, or death caused by your services, your business operations, your products, your employees or that occurred on your premises. This policy will usually cover the cost of your legal defence and will pay any damages levied against you if you are found liable up to the limits of your policy.

Deciding what your commercial general liability insurance coverage limit should be is one of the most important decisions you must make when deciding on your insurance program. It is important that your insurance broker is aware of all your business activities so that we can ensure that you have the proper limit of coverage, and that all of your potential exposures to loss are known and protected against by your policy.

Below is a brief description of the components of a Commercial General Liability policy:

Bodily Injury & Property Damage

Protects your business from financial loss should you be sued because of property damage, injuries, or death caused by your services, your business operations, your employees or that occurred on your premises.

Products & Completed Operations

Protects manufacturers’ and distributors’ exposure to liability for bodily injury or property damage caused by the negligent manufacturing of your product. Also will protect you against your liability exposure because of negligent workmanship that caused a product to fail resulting in damage caused to persons or property.

Personal Injury and Advertising Liability

Personal injury is an injury other than bodily injury arising out of defined causes which usually include false arrest or detention, malicious prosecution, wrongful entry or eviction, libel, slander, or violation of a person’s right to privacy other than in the course of advertising, broadcasting, television, publishing. Advertising injury relates to damages caused by slander, libel, privacy violations, copyright infringement, and disparagement of goods, products or services of other companies that arises from your advertising or marketing activity.

Employee Benefits Liability

Protects you against injuries sustained by employees that fall under common-law liability. This should not be confused with workers’ compensation liability, which is liability as defined by workers’ compensation law.

Tenants Legal Liability

As a tenant, if you cause property damage to the landlord’s property because of your business operations, you could be held legally responsible. If there is an incident your tenants’ liability coverage will defend you against any action to cover the costs to repair the damages. This coverage only applies to property damage to premises owned by others rented to you or occupied by you. The limit of coverage required for this protection will depend on the replacement value of the premises that you rent for your business. Please be sure to advise your insurance broker of all properties you rent for your business activity so that we can ensure your coverage limit is adequate for your needs.

Medical Payments

This type of coverage is designed to pay for a third party’s minor medical expenses that arise from an accident on your company’s premises, or as a result of your company’s operations.

Standard Non-Owned Automobile (SPF 6)

The non-owned auto policy provides coverage for you for loss or damage arising from the use or operation of any automobile not owned in whole or in part by or licensed in your name. The purpose of the non-owned automobile policy is to protect an employer when employees operate vehicles not owned by the employer on behalf of the employer. All employers should buy a non-owned automobile policy, since they could be sued whenever an employee has an automobile accident while on company business in any non-owned vehicle.

Legal Liability for Damage to Hired Automobiles

This endorsement is used when the insurance is to be extended to cover your legal liability for damage to hired automobiles arising from all-perils or from collision and/or comprehensive/specified perils coverage. This coverage is ideal when you need to rent a vehicle for your business use for a short term, as it saves you from paying the rental company their daily rate for physical damage insurance protection to the vehicle you are renting.

Pollution Liability

Standard general liability policies include an exclusion for loss arising out of pollution. This coverage can be secured through an endorsement to your Commercial General Liability Insurance Policy by adding the pollution liability extension endorsement. It negates the exclusion for bodily injury and property damage under the policy but keeps the clean-up costs exclusion. The reason companies need pollution insurance is because no other insurance policies will cover damage and remediation costs resulting from pollutants you use during your business operations. Lots of companies use pollutants but some have a lot more pollution liability risk including general and artisan contractors, dry cleaners, abatement contractors, manufacturers, automotive companies, etc. Please contact us to discuss your insurance needs for Pollution Liability Insurance.

Umbrella Liability Insurance

This is a special form of liability policy designed to protect the you for certain unknown contingencies over and above the normal coverages and to provide excess insurance. This policy will only usually respond if your primary commercial general liability policy limit is insufficient to pay the judgment, or the policy does not provide protection for the action you are being sued for. Please contact us to review your policy limits and potential liability exposures and your possible need for an umbrella liability insurance policy.

Directors & Officers Liability Insurance

This will provide coverage for members of boards of directors against wrongful acts, which may include actual or alleged errors, omissions, misleading statements, and neglect or breach of duty on the part of the board of directors of any type of organization. Please contact us to discuss your liability exposure and your possible need for a directors & officers liability insurance policy to fill any gap in your coverage.

Professional (Errors & Omissions) Liability Insurance

This protects professionals against liability for damages and cost of defence based upon their alleged or real professional errors and omissions or mistakes (e.g., architects, engineers, medical malpractice, attorneys, etc.). Please contact us to discuss your liability exposure and your possible need for a professional liability insurance policy to fill any gap in your coverage.

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