There's no one-size-fits-all solution for commercial property insurance coverage, as no two businesses have the exact same insurance needs, so it's important to know how your particular policy is written and what it covers.
All-Risk Coverage
Provides protection for all perils except those specifically excluded. Typically covers fire, natural disasters, theft, and vandalism. Often excludes water damage, but endorsements are available for further protection.
Named Perils Coverage
All perils are excluded except for the ones that are specifically listed on your insurance policy.
Provides protection against loss for any items in your commercial space should an insured event occur, including office furniture, computers, specialized equipment and stock inventory.
Here are a few types of insurance endorsements that you may want to include with your commercial property insurance coverage:
Water Damage Coverage
Business Interruption Coverage
Sewer Backup Coverage
Tell us about your insurance needs and current coverage.
We shop multiple trusted insurers to find coverage that fits your needs and budget.
Review your options, choose what fits your needs, and get your policy started, often the same day.
Serving all of Ontario, our brokers are available in every region. Find the closest office to you.
Don’t see your city? Call us to find
the nearest broker to you
Our licensed brokers help clients throughout Ontario — virtually, by phone, or in person.
Is Ontario Commercial Property Insurance Legally Required?
Ontario commercial property insurance coverage is not legally required by the government. However, it's commonly listed as a requirement on a commercial lease agreement or lease contract or even on a real estate purchase contract. Without Ontario commercial property insurance, it's unlikely that you'll be able to lease or buy a commercial property that meets your business needs.
Even if you're not required by anyone to have an Ontario commercial property insurance policy, as a business owner, you can't afford to go without the financial protection it offers. There's no way to guard your property and its contents against everything that could happen—no matter how careful you are, you can't stop fire, extreme weather patterns and other perils that could cause severe destruction and bring your business grinding to a halt. Most business owners can't pay the costs associated with recovering from a disaster like that without experiencing devastating financial hardship that could bring their business to a premature end. Why put yourself through the stress and ruin of a major financial setback when you can get the Ontario commercial property insurance protection you need by calling the brokers at Morison Insurance?
How Can You Reduce Your Ontario Commercial Property Insurance Premium?
As a business owner, you keep a watch on your expenses and are always looking for ways to save money in order to maximize profits. This includes saving money on your insurance plan. There are lots of ways to save money on your Ontario commercial property insurance, as well as with other types of insurance, such as:
Keep in mind the more expensive your business property is, the more insurance coverage we recommend that you get. This will help ensure that you are properly protected with the right commercial property insurance in the event of an insured peril. Ontario’s top brokers at Morison Insurance will do their utmost to not only help you get the comprehensive coverage you need with comprehensive policy options but also find you an affordable policy.
Does commercial property insurance offer liability coverage?
No. Commercial property insurance covers property only. For liability coverage you need separate policies
What is not covered by commercial property insurance in Ontario?
Commercial property insurance does not cover: off-premises property, business vehicles (which require separate commercial auto coverage), excluded or unlisted perils, deliberate damage, employee theft, or liability.
Do you need commercial property insurance if you operate your business from home?
Yes. Home insurance excludes business equipment, tools, materials, and stock. Home insurance covers building restoration from fire, but not business contents if the fire started by business operations. Depending on the size of your business, you may need a home business endorsement or separate home business insurance.
Do you need commercial property insurance if your landlord has business insurance coverage?
Yes. Your landlord's policy covers the building only. As a tenant, you need your own policy for contents, equipment, materials, and improvements made to the space.
