Commercial Condo Insurance Uxbridge

To help safeguard your commercial condo, the Oracle RMS team is prepared to develop an industry-leading commercial insurance policy for you. We are prepared to create an insurance plan uniquely suited for your commercial condo unit to help you secure your company’s resources. Before assisting you in choosing the most appropriate commercial insurance policy that meets your requirements, our licensed insurance advisors will work with you to ensure we thoroughly understand each of your insurance needs and objectives.

Oracle RMS FAQ:

What does condo insurance cover in Uxbridge?

The Oracle RMS professionals are aware of the unique characteristics of each business. As a result, we provide personalized service to each client as we collaborate to create an insurance plan suited to the unique needs of their commercial property. As such, your commercial condo insurance is designed to protect your property from damages caused by:

• Falling objects,
• Equipment failures,
• Natural disasters (e.g., wind, hail, ice, tornado damage),
• Fire,
• Unintentional damage, or
• Break-ins or vandalism.

Your insurance will protect several significant components of your business. The following details are typically included in commercial condo insurance:

• Your resources and supplies,
• Furnishings,
• Electronics,
• Any documents or files,
• Outdoor building signs,
• Any tools and equipment utilized by the company, and
• The physical commercial condo unit.

​​What is the average cost of commercial condo insurance?

Several variables affect the average cost of commercial condo insurance. This is because insurance companies base their premiums on a wide range of different factors. Your insurer will consider the following factors when calculating the price of your commercial condo insurance:

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

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

What is not covered under commercial property insurance?

Commercial condo insurance covers a wide range of scenarios, but business owners should be aware that it may not cover all potential disasters or forms of damage. Like other types of insurance, commercial condo insurance policies are extremely clear about which events are insured and which are not. The following are some of the events that are often not covered:

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

Is residential condo insurance the same as home insurance?

Not exactly. In addition to covering personal liability claims in the event that someone is hurt while on your property (which both condo and home insurance include), condo insurance only protects your unit, your belongings within your unit, and any items within your storage locker, and not the building itself. As for home insurance, it insures both the house and the things within it.

Is commercial property insurance a legal requirement?

No, neither in Uxbridge nor elsewhere in Ontario has commercial property insurance been made mandatory. Thus, unless your condo association requires that each tenant purchase their own policy, Ontario does not mandate business owners to carry it.

However, commercial property insurance is strongly advised for any business, especially one operating out of a commercial condo unit, as they are more susceptible to damage and loss. After all, business hazards exist in every industry, but condos are particularly vulnerable. In addition, if a condo association discovers that its insurance coverage is insufficient to cover losses or legal costs, it may require its tenants to make up any gaps in coverage.

How are commercial property insurance rates determined?

There is no set price for commercial property insurance. This is because insurance companies base their estimates of insurance rates on several factors, such as the size of your unit, the location of your condo, and the kind of business you intend to run there. Some factors that your insurance provider will consider when calculating the cost of your commercial property insurance include:

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

What is the most common risk factor when determining the cost of commercial condo insurance?

When it comes to commercial property insurance, there are numerous everyday hazards to consider. Yet, two common risk factors have the most significant impact on the cost of commercial business insurance. They consist of the price of the assets owned by your business and the risk of weather-related tragedies.

An important consideration is the value of your company’s assets, including the physical condo unit. After all, this establishes how much your insurance company would be required to pay if your commercial condo unit and everything within it is damaged or destroyed. To calculate an accurate replacement worth of your company and how much coverage you need, you should provide your insurer with an inventory list of the physical assets present on the property.

Extreme weather events also make up a sizable amount of the price of condo insurance, thanks to the rise in natural disasters. As a result, properties near or in locations with an increased risk of experiencing a weather-related disaster frequently have higher commercial insurance premiums.