Commercial Condo Insurance Barrie

Oracle RMS is an expert in protecting the assets of your business. We have offered insurance to Barrie business owners like you for many years. We can provide a wide range of commercial condo insurance quotes from several top insurance companies for all Barrie company owners. We are ready to offer business owners like you the finest coverage thanks to our high-quality insurance solutions and exceptional customer care.

Oracle RMS FAQ:

What is not covered under commercial condo insurance?

Despite the wide range of situations that commercial condo insurance covers, business owners must keep in mind that it does not cover all types of damage or disasters that a company might endure. Commercial condo insurance policies are very explicit about which occurrences are covered and which are not, as with any other insurance coverage. Some of the events typically not covered include the following:

• Intentional property damage
• Earthquakes
• Flood damage (different than water damage)
• Units left vacant for more than 30 days
• Liability claims
• Commerical vehicles
• Obvious maintenance neglect and associated damages

What kind of insurance is a condo corporation required to maintain?

A condominium corporation’s insurance policy must cover the building and shared areas, like lobbies, elevators, and foyers, but it does not cover individual units. Typically a condo corporation carries general liability insurance, director and officers liability insurance, and equipment breakdown insurance (also known as boiler and machinery coverage).

Is condo insurance mandatory in Barrie?

Barrie condo owners are not required to carry condo insurance unless the corporation mandates it. If they don’t, however, it is still strongly recommended as a condo corporation’s insurance policy will not cover your unit or the contents within should anything happen, like fire or water damage. Plus, if your condo corporation does not have enough insurance coverage to cover damages to the building, they may require their tenants to cover the rest.

Is commercial condo insurance required?

While commercial condo insurance is not required for business owners, it is highly recommended that all businesses carry reliable commercial general liability insurance, at the very least. Many dangers that your company can experience on a daily basis could lead to an unanticipated third-party lawsuit. Suppose a visitor, such as a client or delivery person, were to get hurt on your property. In that case, your company may find itself in a difficult financial situation without commercial general liability protection, as you would be liable for any resulting medical expenses or legal fees.

How does commercial condo insurance work?

Commercial condo insurance insures only the unit and its contents. It helps pay for unforeseen expenses like repairs and replacements. If your commercial condo insurance includes a business interruption policy. In that case, it can also help safeguard the financial resources of your business in case you must temporarily stop operating or if your condo unit is structurally damaged.