Commercial Condo Insurance Whitby

Oracle RMS excels at all things insurance, such as our industry-leading insurance policies that protect your business and its assets. Over the years, we have provided outstanding commercial insurance products to many Whitby business owners. For the benefit of our customers, we tirelessly gather a variety of insurance estimates from only the best insurance providers. At Oracle RSM, we enjoy offering our clients outstanding customer service and insurance plans created solely with the top insurance providers in the province.

Oracle RMS FAQ:

What is commercial property insurance in Whitby?

Commercial condo insurance protects condo unit owners from paying out-of-pocket fees for replacements or repairs if their commercial property or its contents suffers an insurable loss. Depending on your insurance policy, it also allows companies to recover more quickly from an insured peril by minimizing long-term repercussions and reducing financial loss.

What is and isn’t covered by commercial condo buildings insurance?

General liability insurance, directors and officers liability insurance, commercial property insurance, and equipment breakdown coverage (also known as boiler and machinery coverage) are frequently included in a standard commercial condo building’s insurance policy (not to be confused with commercial condo unit insurance). It includes coverage for legal fees, damages, loss, and replacements due to an insured peril that occurs within the common areas of the building or the physical building itself, such as the lobby, elevators, pool, gym or corridors. 

While this policy will cover many risks a condominium corporation may face, it does not protect against every peril. For example, a condo’s master policy does not include individual units. It is up to the unit owners or tenants to purchase their own insurance policy to protect themselves and their units against liability risks and property damage.

Fortunately, a commercial condo building’s insurance policy will be clear and direct regarding which scenarios it does and does not cover in its terms and conditions. Condo unit owners should request a copy of their condominium building’s master policy to review what the master policy does and does not cover. 

What is the average cost for commercial condo insurance in Whitby?

Since insurance providers base their prices on several factors, the price of commercial condo insurance in Whitby varies for each policyholder. When determining the cost of your commercial condo insurance, your insurance provider will consider the following variables:

• Your insurance claims history.
• Deductibles, limits, and coverages under your policy.
• Your current and anticipated yearly income.
• The number of people who live or work in your condo unit.
• The nature of your business.
• The size, location, and condition of your business unit and its age.

Call us today or request a free online quote for your commercial condo insurance.

Is condominium building insurance the same as home insurance in Whitby?

No. While both policies cover the structure as a whole, home insurance covers private residences and building insurance, being a type of commercial property insurance, covers commercial condominium buildings.