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.
Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Instant price and coverage in just a few clicks!
Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Instant price and coverage in just a few clicks!
Partnerships with over 50 leading Canadian insurance providers
Partnerships with over 50 leading Canadian insurance providers
Why Choose Zensurance?
We help Canadian business owners save time and money by providing
a convenient and affordable way to buy commercial property insurance.
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.
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
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.
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.
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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- Great support provided by the Renewal team. Sangki one of the Renewal Manager's was very responsive, listened to my concerns and helped get a very competitive rate whiling getting the coverage we needed.Pedram Varjavandi3/04/2024thanks for consistently prompt and professional service :0)Miramichi House3/04/2024This firm offers great rates with great online services. Their representative, Bernard Albano, was very helpful and diligent with follow-up.Scott Dalsin3/04/2024
- Very please with their service. Prompt responses. Friendly customer service. I’d definitely recommend for your business insurance needs.Ti-Anna Hall3/03/2024Helpful and thorough - Adina Bennion at Zensurance guided me to the coverage that fits my business and I got the coverage I was looking for in a smooth process over the internet.Wayne Mitchell3/02/2024excellent service... I highly recommend. Jesse was wonderful to deal withCharlene Hooper3/02/2024
- I am a CPA, CA and Zensurance made it very easy to get the coverage I need at a very affordable price. Mike Lancaster in particular was very helpful in explaining the policy and what my answers to the questions meant. Highly recommendAaron Herman3/02/2024Shannon Henderson is a rockstar. I was tight on time and Shannon really helped gather all the info needed to move forward with my business. Great experience. Thank you!Jennifer Winter3/01/2024Billy Chang was great to deal with. Quick, honest and reliable. Would absolutely recommend him to friends and family.Dyab Al Nabout3/01/2024
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