Business Property Insurance
Tailored protection for your business assets.
Business property insurance covers the cost of repairs or replacement of your company’s property if it is damaged or destroyed by a covered event like a fire. It’s critical to ensure you have enough coverage to replace everything if you ever have a total loss.
Your guide to business property insurance.
Business property insurance is just one part of a robust commercial insurance policy. Some incidents are not included in standard coverage and may be added on such as earthquake, sewer backup and overland water (flood) coverage.
Some things to think about when considering property insurance:
- The cost of rebuilding your business’ physical location
- Other business property such as fixtures, inventory, equipment, and tools
- Some equipment may require separate insurance due to their special use or value
- Safety measures installed for your business such as a security system
- Increased risk by operating in an earthquake- or flood-prone area
Supporting businesses across Canada.
Get your business property insurance by phone or in person at your nearest branch.
Navigating property coverage for your business.
Having enough coverage is crucial in case of a total loss to ensure you can rebuild your business back to where it was before. These standard coverages give you peace of mind when it comes to keeping your business property safe.
Business Property
This covers the assets owned by your company, including buildings and fixtures, inventory, tools and equipment. If they’re damaged or destroyed by a covered event like fire, your insurance helps cover the costs of repairs or replacement.
Individual Floaters
Used for specialty equipment, this coverage ensures it is fully insured for its value and use.
Reimburse or Replace
Choose between actual cash value (ACV) or replacement cost (RC). ACV reimburses you for the present-day value of your company’s assets (or purchase price minus depreciation). RC replaces your assets with the same or similar, new items without a deduction for depreciation up to the limit of insurance shown on the declaration page.
Optional add-ons.
If you’re looking for extra coverage or live in risk-prone areas, we offer these additions to your plan.
Equipment Breakdown
Helps with the cost of repairing or replacing equipment if it breaks down due to a covered event.
Crime
Helps cover damage or loss caused by crime, such as theft, robbery, fraud and employee dishonesty.
Bylaw
Helps with the extra costs of bringing the building up to code as required in the process of repairs or rebuilding if your company’s buildings are damaged or destroyed in a covered claim.
Earthquake
Covers damage or loss caused by earthquakes and other earth movements.
Sewer Backup
Covers damage or loss caused by sewer backup incidents.
Overland Water (Flooding)
Covers damage or loss caused by overland water events such as overflow of a river or lake, or rapid accumulation of fresh water through rainfall or snowmelt.
Why choose Acera Insurance for business property coverage?
Running a business is already stressful enough. We’re here to ensure yours is taken care of so you can focus on the important things.
Trusted Advice
Our friendly team offers professional and personalized insurance advice. We use our years of experience and depth of knowledge to provide honest recommendations.
Local Experts
We have business property insurance specialists in your community who are familiar with your industry and locality.
Market Access
We have access to over 100 leading insurance providers, enabling us to find you the perfect coverage at the best possible price.
Helpful tips from our advisors.
We know the significant investment involved in acquiring and maintaining commercial properties. That’s why it’s crucial to thoughtfully evaluate the insurance options available to safeguard your most valuable business assets.
Answering your most common questions.
What is not covered by business property insurance?
Business property insurance does not cover wear and tear, deliberate damage to your company’s property, unexplained losses, and cash and securities. Some events are not covered unless specific coverage is purchased for them, such as earthquakes, overland water and theft.
Keep in mind that business property insurance only covers damage or loss to your company’s property. It does not cover any liability for your business. It also doesn’t cover your company’s vehicles, if you own any. Every policy is unique, so our experienced commercial insurance brokers will help you understand what is and isn’t covered in yours.
What affects the cost of business property insurance?
The following factors can impact the cost of business property insurance:
- Where you operate
- If your property is mobile or stationary
- Age of the property
- Building materials
- The type of plumbing, electrical and heating systems
- The value of what you’re insuring
- The type of business you operate
- The use of risk mitigation such as security cameras, sump pumps, fire suppression system, and water alarms
- Coverage options and limits
- Insurance history
Does my company need business property insurance?
Yes, if your company owns any assets, you should have business property insurance. It will likely be required if:
- You operate in a commercial building
- You own or lease commercial space
- Any of your buildings, equipment, or inventory are financed
It will help you recover if your business suffers damage or loss, offering you peace of mind and financial security. It can also help you appeal to potential clients. Finally, if you’re operating your business from home, your home insurance will not cover any property relating to your business.
Is my company’s property covered if the building is vacant?
Vacant business property insurance is slightly different. There can still be coverage, but depending on the situation it may be limited. You may also be required to install risk mitigation measures and check on the vacant building regularly.
What are some incidents covered by business property insurance?
Here are some of the common events covered by business property insurance:
- Fire
- Explosion
- Smoke
- Wind
- Hail
- Lightning
- Falling object
- Water damage (due to burst pipes)
- Theft
- Vandalism
Some incidents such as earthquakes, sewer backup and overland water are available as optional add-ons.
How much business property insurance coverage do I need?
Your coverage should be enough to replace all of your equipment, inventory, furniture, property of others you might be responsible for, and leasehold improvements (or the cost of rebuilding the building if you own) in the event of a total loss. This will depend on your individual company and our business insurance brokers can help you determine this amount.
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