Commercial Insurance

If you are in the real estate business, and regardless of whether you own many properties, or one single building, rental income is a must. It’s a business income coverage specific to providing you with the coverage you’ll need for lost rents. Regardless of any mortgage in place, you’ll be at a loss if a claim forces closure of a property for repairs or renovations.

You need to ask yourself in either situation, can I afford to not have that revenue coming in? How will I cover the mortgage, or if you do not have one, how will I cover whatever other commitments I have for which those rents contribute toward? If your property is a residential risk, and your tenant is forced to move out and find a new place to live because the repairs of your property will take longer than they can wait, your rental income will protect you and usually pay up to 12 months worth of lost rent. Some insurers will offer options to purchase up to as much as 24 or 36 months worth of rental income coverage.

The same Rental income coverage as the residential building occupancy would apply if you instead owned a commercial building with commercial tenants that had to permanently or temporarily re-locate due to damage by a covered peril (the cause) for which you suffer a loss. Keep in mind, the opposite can also occur to protect the tenant(s). In some instances, landlords require their tenant(s) within their lease agreement to cover the Rental Income on their insurance policy and name the landlord as the loss payee with respect to those rents, should a loss occur.

Ultimately, this coverage is designed to protect those parties with a vested interest and is something that should not be overlooked. We understand that coverage such as rental income can be complicated, but we’ll assess your insurance needs properly so that you’re fully covered.

Don’t be fooled by the size of your business, or that it’s only home based rather than in a large building in a city core. We recommend that every business carry adequate insurance coverage and limits regardless of the size of your business. Keep in mind that your residential home insurance policy is not intended to cover a business and does not include the liability or additional coverage required. A proper commercial insurance application should discussed and completed with one of our professional advisors. We realize you don’t want or need an expensive policy, but we can focus on what your small business does need. If your business grows and you expand outside of your home, we’ll adjust your business insurance policy accordingly. We have a solution for every small business.

We hope you’re business never has to shut down, but in most cases it’s only temporary and we can provide the proper coverage to ensure you can sustain this downtime. Ask one of our insurance advisors about business interruption coverage, it will protect you financially when you’ve lost sales or production. We’ll have you back in business as soon as possible, but in the meantime we can ensure you have the means you need to keep moving forward.

Where would be without technology? It’s true that we’ve become very dependent on our computers to basically run some portion of the business. We understand the concerns everyone has these days about electronic security, so we recommend adding Cyberone coverage to all commercial insurance policies, it includes both computer attack and network security liability. We can ensure data is restored or re-created as needed, along with restoration of your system. You may have some lost business income or extra expenses that result, but don’t worry we’ve got that covered. Defense and settlement costs are also included in this coverage as liability protection. This is a must have for every business that relies on a computer for daily activity, and that’s most everyone.