Commercial Property Insurance

Commercial Property Insurance

Whether you rent or own your business space, having commercial property insurance can provide financial coverage for physical loss or damage to your building, property and contents.

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Trusted by over 350,000 Canadian small business owners!
Save up to 35% on your insurance
Get the best insurance quote in a few clicks!
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Zensurance - commercial property insurance

Partnerships with over 50 leading Canadian insurance providers

Partnerships with over 50 leading Canadian insurance providers

Why Choose Zensurance?

We help Canadian small business owners save time and money by providing
a convenient and affordable way to buy business insurance online.

Convenience

Purchase your insurance anytime, anywhere, with our easy-to-use online platform.

Cost

Compare rates across leading insurance companies to ensure you get the best price on your premium.

Curation

We use data and analytics to identify the right insurance policies for your business.

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Commercial Property Insurance Claims Examples

Problem: There is a fire in your office building, which results in damage to your office furniture and computer equipment. 

Outcome: Your commerical property insurance covers the cost to replace all of the insured contents damaged in the fire. 

Problem: Three of your company laptops were stolen out of your car while parked at a client’s office. 

Outcome: Your business contents insurance covers the cost to replace your laptops.

Problem: A flash flood causes significant water damage to your rental property.

Outcome: Your commercial building insurance covers the cost to repair the damage to your property.

Commercial Property Insurance, Explained.

What is Commercial Property Insurance?

Commercial property insurance provides financial coverage for physical loss or damage to your property and its physical contents due to an external disaster, such as a fire, theft, or vandalism.

This policy is also known as:

  • commercial building insurance
  • business property insurance

Business contents insurance is usually a sub-coverage under your commercial insurance policy.

What does Commercial Property Insurance cover?

Commercial property insurance typically includes coverage for the following: 

  • Tenant Improvements: Improvements you make to a building as a tenant, which cannot be removed, such as carpeting, lighting, paint. 
  • Building Coverage: Replace or repair damage to a property you own due to unforeseen disasters, such as fire or flood. 
  • Inventory: Replace or repair your merchandise and inventory, including food items, in case of fire, theft, or damage. 
  • Equipment/fixtures/furnishings: Replace or repair your equipment, fixtures, or furnishings that were lost or damaged due to unforeseen events. 
  • Electronics: Replace or repair your electronics that are damaged or stolen inside and outside of your office. 

What is the cost of Commercial Property Insurance?

The cost and amount of commercial property insurance you need will vary by business. The following factors are taken into consideration when determining the best policy options for you: 

  • Type of Property
  • Type of Business
  • Age and Condition of Property
  • Property Location
  • Previous Insurance Claims

We’ve partnered with over fifty insurance providers to offer you different contents coverage options that suit your business needs at the best price.

What is not covered by Commercial Property Insurance?

Commercial property insurance does not typically provide coverage for: 

  • The mysterious disappearance of an item, where the cause of loss cannot be explained;
  • Property left at vacant or unoccupied locations for over 30 days; (you’ll need Vacant Property Insurance)
  • Wear and tear to equipment due to regular use. 
  • Cash, securities, or precious metals (you’ll need Crime Insurance).

Who needs Commercial Property Insurance?

You need commercial property insurance if:

  • You own or lease a commercial building, equipment, or inventory
  • You have an office or commercial space
  • You use computers, hardware, or machinery for business purposes 
  • You use portable electronics, such as laptops, tablets, or mobile phones for business purposes
  • You or your employees conduct business off-site.

What is the standard deductible in a commercial property policy?

Most commercial property insurance policies include at least one deductible. These help keep the cost of premiums low for both the policyholder and the insurer.

The most commonly used are: 

  • Flat Deductibles are a specific dollar amount applied to each loss, as well as the most frequently seen deductible in commercial property policies. 
  • Percentage Deductibles are usually used in catastrophic events to cover a percentage of the policy’s limit or value of the property.
  • Waiting Periods refer to the amount of time before coverage sets in; this term is commonly used in business interruption policies.

Frequently Asked Questions About Commercial Property Insurance

What is the difference between All-Risk and Named Peril insurance coverage?

As the name suggests, All-Risk insurance coverage covers all losses unless otherwise specified. Named Peril policies only cover risks listed explicitly in the policy, with all others assumed to be excluded. You can add additional coverage to your policy as a rider in both cases.

Does Commercial Property Insurance cover vacant properties?

Non-residential property is considered vacant after 30 days and seen as high-risk. When your property is vacant or unoccupied for a prolonged period, it is more susceptible to property damages, such as theft and vandalism, which may affect how your insurer would handle a claim. As a result, your insurer may remove some key coverages from your policy (e.g., vandalism-related property damages) after 30 days of being vacant.  Please speak to our brokers to better understand the restrictions around commercial property vacancy.

Does commercial property insurance cover employee theft?

No, employee theft is covered under crime insurance coverage. Although commercial property insurance may protect businesses from property damage by third parties, it does not cover stolen money or securities. About one in three Canadian companies are concerned about employee theft. To protect your business from theft of money and securities, forgery, and computer fraud, by a third party, add crime insurance to your policy.

Other business insurance coverage options to consider:

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