Office Insurance: All You Need to Know

Business Office Insurance with Surex

At Surex, we’re here to help you find the best rates on business office insurance in Canada. Whether you work in financial services, plumbing, or any sector in between, we’ll help you find the best quote on a commercial tenant insurance policy that meets your needs.

What You Need to Know About Professional Office Insurance

Is office insurance mandatory in Canada?

Commercial landlords often include professional office insurance as a lease requirement. Additionally, insurance may be mandatory at the government level depending on what type of business you operate and where it’s located.

For example, accounting firms in Ontario must maintain professional liability insurance.

Why is professional office insurance mandatory?

From a commercial landlord’s perspective, insurance places a barrier between them and any liability that may arise during your tenancy.

For example, let’s say a fire breaks out at commercial property and destroys the tenant’s belongings. Did you know the landlord’s property insurance typically only covers their belongings?

That doesn’t always stop tenants from attempting to pursue legal recourse against their landlords in these scenarios, however.

Commercial tenant insurance can serve as a firewall, offering recourse in a way that does not require legal action against the landlord.

When professional insurance is mandatory at the government level, it’s often part of an effort to protect consumers and their data. The cost of cleaning up a major sensitive data breach can easily put a company without insurance out of business, leaving consumers with no recourse.

What does business office insurance cover?

Business office insurance typically protects policyholders against a variety of risks, including:

• Property Damage: If you own the building your company operates out of, this coverage is essential (and possibly even mandatory if you have a mortgage). It will help you handle the cost of damage to the structure itself.

• Contents Insurance: Office buildings contain lots of valuable equipment. In the event of a burglary, fire, flood, or other incident, contents insurance will provide coverage from replacement and repair costs.

• Appliance Coverage: Office appliances like water heaters and air conditioners can be quite expensive to repair or replace. This coverage can help you cover those costs in some cases.

• Sewage Backup: This coverage typically exists as a separate rider on insurance policies, helping property owners cover the cost of cleaning up after a sewage backup. It’s most popular among owners of older commercial property.

• Third Party Liability: This coverage protects you against legal and financial consequences that may arise if a visitor gets injured on your property.

• Crime Coverage: In the event of employee dishonesty, depositors forgery, robberies, and other illegal actions, this coverage will help you deal with the costs.

As you can see, there are many types of coverage to choose from. The best office insurance policy will be one that strategically addresses your company’s needs.

Therein lies the value of working with Surex. Your Surex Insurance Advisor will carefully consider the various risks your company is exposed to and recommend the ideal coverage.

How much does professional office insurance cost?

The cost of office insurance varies dramatically depending on what type of coverage you need. Additional factors include your company’s industry, history of claims, and location.

This variance is why it’s important to work with an insurance advisor that prioritizes your interests. At Surex, we’ll help you find the best rate on whatever policy you need.

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How do I get the best rates on business office insurance?

You can quickly find the best rates on business office insurance by working with Surex. Our advisors help Canadian businesses in every sector find the lowest rates on coverage they need.

This is a much faster, more streamlined process than shopping for insurance on your own. It’s our expertise; let us handle it while you focus on your company’s goals!

How are office insurance rates determined?

Many factors affect office insurance rates, including:

• Your Coverage: Understandably, insurers charge different rates depending on the coverage you need. If you need insurance for your commercial property along with its contents, you’ll of course pay more than a company that solely needs coverage for the latter.

• Your Industry: Office insurance rates are often heavily influenced by your industry and the level of risk associated with it. Commercial insurance exists for just about every industry imaginable, including:

  • Accounting

  • Marketing

  • Investment

  • Lawyers

  • Management Firms

  • Photographers

  • Software Development Firms

  • Mortgage Brokers

  • Construction

• Your Deductible: In the event of a claim, your insurance company will only cover amounts above your deductible. You can achieve lower premiums with a higher deductible.

Keep in mind that no two insurers’ policies are identical. A Surex Insurance Advisor will evaluate your company’s needs to recommend the best insurer and policy for you.

What documents do I need to apply for office insurance?

When applying for office insurance, be prepared to provide information about your company, including its location and the value of whatever assets you’d like to insure.

Additional documents may be required based on the type of coverage you’re looking for.

Can I tell whether my current office insurance is still the cheapest for my needs?

While it’s inadvisable to change office insurance providers in the middle of your term, Surex can absolutely help you gauge the market. If we find a lower rate than you’re currently paying, we can provide guidance regarding your next best steps.

How do I choose the best office insurance policy?

First, identify your company’s needs. There are many types of insurance policies out there so it’s important you choose the right one.

A Surex Insurance Advisor can help you identify the best policy along with the lowest available rate.