Commercial Condo Insurance Guelph

Oracle RMS is committed to creating a complete commercial property insurance plan for your commercial condo unit. By creating a policy specifically for you that protects your condo, your possessions, and your way of life, we can help keep your business safe while you go about your day.

Oracle RMS is a recognized expert in the field of commercial insurance. We have been supplying insurance to numerous business owners in Guelph for many years. We can offer an assortment of commercial condo insurance quotes from a number of the best insurance companies for all Guelph commercial property owners. With the assistance of our top insurance experts and first-rate customer service, we are excited to offer you the best commercial property insurance options for your business.

To help you get the best coverage for your commercial condo unit, Oracle RMS’s licensed insurance brokers work closely with you to ensure they thoroughly understand your insurance needs. We also make sure that our clients completely understand all the terms and details of the insurance policy being offered before they choose which insurance quote they want to go with.

Oracle RMS FAQ:

What does commercial condo insurance cover in Guelph?

We at Oracle RMS understand that every business is different. We collaborate one-on-one with our clients to develop an insurance policy that appropriately reflects the particular requirements of their commercial real estate. As such, your commercial condo insurance coverage is developed to guard your company against financial loss caused by:

• Natural hazards (e.g., earthquakes, hurricanes, hail)
• Equipment malfunctions
• Accidental breakages
• Vandalism or theft
• Fire
• Falling objects

Your coverage will assist in protecting several crucial elements of your company. What is commonly covered by a commercial condo insurance plan is shown in the list below:

• Any files or documents
• Any equipment and tools used in the business
• Outdoor building signs
• Electronics
• Furniture
• The commercial condo unit itself
• Your inventory and supplies

What are the disadvantages of commercial condo insurance?

The price

One of the main reasons why people frequently deliberate whether or not to purchase commercial condo insurance is because commercial insurance can be expensive. Between the monthly premiums rate and having to finance the insurance policy continuously, some may find it financially challenging.

However, one thing to keep in mind is that having a low deductible can result in high insurance premiums. Therefore, you could consider raising your deductible amount to help lower your premiums if your financial situation allows you to do so.

Lack of overall coverage

Another thing to keep in mind is that commercial condo insurance may not provide coverage for all possible damages to your condo unit. For instance, y our coverage might not cover every natural disaster or loss arising from flooding (which is different from water damage). So, it is imperative that you fully understand the precise coverage that your policy offers. Of course, you can add additional coverage to your policy, but that leads us back to the price disadvantage, as more coverage means higher premiums.

Possible hidden fees

Lastly, there are certain hidden fees often associated with commercial condo insurance. Sometimes policyholders are unaware of them since they are typically buried within the terms and conditions of their contracts. Fortunately, consulting a reliable insurance broker, such as one of our insurance experts at Oracle RMS, will allow you to easily locate any hidden fees within your contract and maybe even negotiate the price.

What are commercial condo insurance risks?

There are many risks when it comes to commercial condo insurance, just as there are with any commercial property insurance. However, the two that stand out more than the rest are how much your business assets are worth (which includes the condo unit) and the risk of potential natural disasters or weather-related damage in your area.

The value of the assets owned by your business, including the actual condo unit, is the main risk element. In the event that your commercial condo and everything within was damaged, the determined value decides how much your insurance provider would have to pay. An inventory list of the physical assets located on the property should be given to your insurance advisor so they can determine the precise replacement value of your business and the amount of coverage you need to buy. This will help ensure you are fully covered should your condo unit be completely destroyed.

Given the rise in natural disasters, the weather where the condo building is located has also become a crucial element when determining the price of commercial condo insurance. Properties near or inside areas where there is a higher risk of weather-related events often have higher commercial insurance premiums. For example, if the city in which your condo unit is located is known for earthquakes, flash floods, or frequent hail storms, chances are good you will receive higher insurance quotes for your commercial insurance.

Other common risks that commercial condo units face include:

• Robbery, break-ins, and vandalism
• Liability claims, such as a customer or delivery driver injuring themselves while within your condo unit.
• Fire, water, and storm damage
• Equipment breakdown, such as a refrigerator, stove, or dishwasher.

When is commercial condo insurance needed?

Whether a commercial space (such as a condo unit) is rented, leased, or owned by a business, it needs a reliable commercial property insurance policy. Commercial condo insurance helps safeguard the condo you use as well as a wide range of items inside, including equipment, supplies, furnishings, computers, inventory, and other electronics. Furthermore, it can offer security for exterior fixtures such as outdoor signs.

Is commercial condo insurance mandatory in Guelph?

Yes and no. Condo insurance is required by law for all condominiums, meaning condominium corporations must buy and maintain condo insurance. However, it is not required for condo unit owners within Ontario. Thus, business owners who own or rent/lease a commercial condo unit do not need commercial condo insurance unless the condo association mandates that each tenant have their own policy.

But, because all businesses encounter their own daily risks and because condominiums, in particular, are more vulnerable to damage and loss due to their close proximity to neighbouring units, we strongly urge all business owners to acquire commercial condo insurance. Furthermore, a condo association could require its tenants to pay for any shortfalls in insurance coverage the association may have in order to cover legal fees.

Is commercial liability insurance the same as property insurance?

Not at all! Commercial liability insurance covers liability claims, while commercial property insurance covers the physical condo unit and its contents. Let’s explore this further below.

Commercial general liability insurance

Liability risks that come with owning a commercial condo unit are covered by commercial general liability insurance, also known as “slip-and-fall insurance.” For instance, if a customer or delivery person slips and falls while inside your condo unit and injures themselves, they may sue you. In such a case, your insurance provider can assist with covering the cost of medical expenses as well as defence or settlement costs. In short, commercial general liability insurance helps cover costs associated with a third-party injury, property damage, libel or slander, and more.

Commercial property insurance

With commercial property insurance, you can safeguard the physical structure of your commercial space (such as a commercial condo unit) and the contents within against unanticipated events like theft, vandalism, fire, water damage, and more. In the case of loss or damage brought on by an insured risk, your insurance will help you finance any repairs or replacements related to the physical space and contents, such as business equipment, inventory, furniture, or electronics.

Can you insure your own commercial condo unit without the building being insured?

Certainly, but your building should always be insured because the Condominium Act in Ontario mandates insurance coverage for all condominiums. Either on its own behalf or on behalf of the owners of the building, the condo association is required to secure and maintain condominium insurance. Should you apply for a commercial unit within a condominium where the corporation does not have insurance, we strongly advise you to look for commercial space elsewhere.

Who is responsible for insuring a commercial condo property?

Both the condo association and the tenant are responsible for insuring commercial condominiums, thus requiring two insurance policies. The condo corporation is responsible for insuring the main structure of the building and any shared common areas, such as front lobbies, sports facilities, swimming pools, and elevators. This means that a condo association’s insurance policy does not insure individual condo units, which is where the second insurance policy becomes necessary.

Because the corporation’s insurance policy does not cover your specific unit, you are responsible for paying for any losses, modifications, repairs, personal property damage, and other associated costs. In order to safeguard your condo unit and its contents, it is imperative that you have comprehensive condo insurance coverage of your own.

Furthermore, in order to cover the cost of a lawsuit against the condo, the condo corporation could mandate that its tenants pay for any insurance coverage gaps that the association may have. For example, if a condo association’s policy limit for liability insurance is $2 million, but they either lose a lawsuit or agree to settle for $2.5 million, that leaves $500,000 that the condo association’s insurance won’t cover. They could require their tenants to cover the rest.

What are the factors that determine a condo insurance price?

The price of commercial condominium insurance differs for every business. This is because the location of your condo, the size of your condo unit, and your business type are just a few of the factors that affect insurance premiums. Your insurer will take the following things into account when figuring out how much your commercial condo insurance will cost:

• Your policy deductibles, limits and coverages
• Your annual and projected revenue
• The number of tenants or employees in your condo unit.
• The condition of your commercial unit, including the size, location, and age.
• The type of business you have
• Your prior insurance claims history