Suppose you’ve spent years living and building your dream business in Stratford, Ontario. You spent time and money trying to make it successful. Now imagine what would happen if there was a fire, theft or a natural disaster on your property. Would a financial hit break your business? Commercial property insurance in Stratford is where. In a way, it is a safety net allowing your business to keep on running without you being stormed down by events that could cause huge financial disasters.
What is Commercial Property Insurance?
One such coverage offered by commercial property insurance is physical assets of your business. However, this is also what your building, equipment, inventory and furniture gets included in too. This insurance helps pay for repair or replacement costs if any of these are damaged or destroyed as a result of events such as fire, storm, theft or vandalism. In certain situations, it can even include lost income if your business is temporarily shut down due to damage.
Why is it Important in Stratford?
A bustling hub of business, Stratford is most well known for its arts scene and historic architecture. Nevertheless, the place is no exception to dangers. Weather can be unpredictable, theft or fires by accident are real possibilities. Commercial property insurance is an important thing to have so that if something goes wrong your business can bounce back without a huge financial setback.
What Does It Cover?
Usually a standard commercial property insurance policy will cover:
- Building Coverage: For whether you own or lease, physical protection of the structure of your business.
- Contents Coverage: It can cover equipment, furniture and inventory inside a building.
- Business Interruption Coverage: This covers for lost income when your business operations are suspended as a result of covered damage.
For instance, if a fire breaks out at your kitchen in the bakery you own, the insurance would cover the repair costs. Business interruption coverage would compensate you for the income while you are losing if you are forced to close for a week to realize those repairs.
Choosing the Right Coverage
However, insurance needs vary from business to business. You need to assess your risks and make sure that the policy covers them. The place value, your business and potential harm in your area are also sources of consideration.
It might be helpful to work with a local insurance provider, for example, Orr Insurance. Having lived in Stratford all their lives, they know the special problems faced by companies in Stratford and will shape the program accordingly.
Common Misconceptions
Since not many business owners own their buildings, commercial property insurance may be off their minds. In fact, if you are leasing and your current space was destroyed, that means the contents inside, your equipment and your inventory are still at risk. Landlord insurance does not normally cover your belongings, only the building itself.
There is another misconception whereby many just believe that small businesses don’t need insurance. The fact is that small businesses can be far more susceptible to financial difficulties in the aftermath of some event. Insurance gives you a safety net for the difference between reopening and closing doors for good.
Real-Life Example
Take for example the break in of a local café in Stratford. The thieves also damaged the property, and stole expensive equipment. Without commercial property insurance, the owner of the café would have had to pay for repairs and replacements out of pocket, which could have been financially ruinous. Fortunately, the insurance helped cover the costs, since they had the right coverage, and the café was able to get back to business quickly.
Conclusion
Commercial property insurance should also be on your agenda and you should protect your business by opting for this type of insurance. It protects the things you’ve spent a lifetime building and prevents unexpected occasions from collapsing your achievement. For businesses in Stratford and the surrounding area having that peace of mind knowing that your business is protected from the unexpected like a trusted provider like Orr Insurance is a great option.
After all, it’s always safer to have had insurance and not have to use it, than to have used it and not to have had it. Waiting until a disaster occurs is not a good time to discover that you need the right coverage. Act now when it comes to securing the future of your business.
