Finding the Right Realty Insurance in Ottawa
If you own commercial property in Ottawa, it is important to protect your assets with the right type of insurance. Commercial properties differ from private properties as they often have higher limits of insurance and the coverage required is also slightly different. If you do not purchase the correct type of coverage for your property, it may get complicated.
The Importance of Property Insurance
Realty/property insurance covers your building and assets against property damage, bodily injuries and legal situations arising from your operations as a property owner.
Who Needs Realty Insurance?
If you own a commercial building in Ottawa, you should carry insurance coverage to protect your assets. In fact, unless you own the building free and clear, your mortgage lender will require you to carry insurance coverage. Also, if you rent your building for business, you need to insure its contents and cover liability issues. The following operations should strongly consider Realty Insurance:
- Retail business owners
- Building owners/tenants that rent offices for business use
- Landlords (apartment buildings and commercial buildings)
- Owners of Student Housing
- Owners/Tenants that own or rent commercial property
Standard Property Insurance Coverage
Your Realty insurance needs will depend on the type of business you own, the operating budget, and many other factors. You should consider consulting with an Insurance Professional to further discuss the following important coverages:
- General liability insurance – covers bodily injury and property damage arising from your ownership of said realty and/or assets.
- Building and property insurance – covers your buildings/assets against Fire, Explosion, Impact by vehicles, Windstorm, Hail and Malicious Acts/Vandalism and many other sudden, accidental events.
- Building contents – covers product, inventory, equipment, tools, office equipment, and supplies – as well as landlord’s contents.
Property Insurance Options
You may wish to consider a number of the following coverages when purchasing your business insurance policy:
- Broad form coverage
- Equipment breakdown – may include business equipment, computers, HVAC systems, electrical and mechanical equipment against sudden and accidental damage.
- Sewer backup coverage
- Earthquake coverage
- Flood coverage
- Rental income coverage
- Onsite and 3rd party pollution coverage
- Replacement cost coverage
Why You Need a Bradley’s Insurance Broker
When you shop for realty insurance, there are numerous options to consider; Bradley’s Insurance is an independent insurance company representing many providers. We have been in the business for more than 50 years, and as such, have secured a strong reputation and respected voice among our partners.
Bradley’s Insurance can provide an insurance package that suits your needs.