Business

Insuring your business

Your business insurance policy comprises a number of coverages. You choose the one that meets your needs and your type of business.

Liability

You unintentionally cause damage to a third party? If you purchased liability insurance, you’d be covered. A number of options are available for this type of coverage:

• Guarantee A – Bodily injury and property damage liability. This is coverage for damage you cause to third parties.
• Guarantee B – Harm attributable to public advertising. This is coverage for damage caused by one of your advertisements.
• Guarantee C – Medical fees. This option reimburses medical fees.
• Guarantee D – Tenant’s liability

You should know that all these coverages have common exclusions. These include:

• Asbestos
• Fungi, spores
• Nuclear risk
• Pollution
• Terrorism
• War

Insuring property

To insure your business, you must select several different coverages. You choose your coverage depending on the property to be insured!

To meet everyday needs, insurers may offer a combination of various insurance products. The coverage may extend to the:

• Building
• Equipment
• Stock
• Contents (equipment and stock)
• All property (building, equipment and stock)

Two possible coverages

• Named Perils
  ("Commercial Property Insurance – Named Perils Form")

  Insured perils:	Some property that’s excluded:	Perils excluded:	Extensions of coverage:
  Fire Explosion Impact by vehicle (aircraft, spacecraft or land vehicle) Riots, vandalism, malicious acts Smoke Leakage from fire protective equipment Wind or hail storm	Property illegally acquired or kept Cash, securities, tickets, stamps, etc. Automobiles, watercraft, aircraft, their trailers and other accessories Equipment or stock actually being worked upon	War Nuclear risk Terrorism Pollution Data and loss of data Fungi, spores Dishonest or criminal act Consequence of any law regulating zoning	Removal of property from the insured premises to prevent further loss or damage Debris removal (as per limit) Personal property of officers and employees (as per limit) Growing plants, trees and shrubs (as per limits)

  Some clauses in the policy may limit its scope. Discuss this with your broker.

• All Perils
  ("Commercial Property Insurance – Broad Form")

  The following categories of property can be insured under this form (provided an amount is specified in the "Declarations Page").

  • A building on a temporary location
  • A building on a newly acquired location in Canada
  • Contents at a newly acquired location in Canada
  • Property in transit

  This type of protection covers all, except for the exclusions stated in your policy.

  Some property that’s excluded:	Perils excluded:	Extensions of coverage:
  Property illegally acquired or kept Cash, securities, tickets, stamps, etc. Automobiles, watercraft, aircraft, their trailers and other accessories Equipment or stock actually being worked upon	War Nuclear risk Terrorism Pollution Data and loss of data Fungi, spores Dishonest or criminal act Consequence of any law regulating zoning	Removal of property from the insured premises to prevent further loss or damage Debris removal (as per limit) Personal property of officers and employees (as per limit) Growing plants, trees and shrubs (as per limits)

  Some clauses in the policy may limit its scope. Discuss this with your broker.