Office Building Insurance Barrie

To assist you in protecting the assets of your business, Oracle RMS will create an insurance policy that is specifically tailored for your office building. Our professional insurance advisers will sit down to talk with you about your insurance needs and goals before helping you choose the finest office building insurance plan to ensure we can find you the perfect policy.

Oracle RMS FAQ:

What is the best type of insurance coverage for an office building?

Office building insurance is the best way to protect your office building. Whether you need to safeguard your physical assets or handle liabilities arising from injuries, this comprehensive policy can be tailored to provide optimal coverage for your particular needs. 

Generally, an office building insurance policy will begin with commercial general liability insurance and commercial property insurance. However, depending on the types of businesses operating inside your office building, you will likely need to include additional coverage types, such as professional liability insurance or cyber insurance.

What are the factors that determine an office building insurance price?

There are many factors that influence office building insurance rates in Barrie. As such, each policyholder will incur a unique insurance rate. The list below includes some of the more common factors your insurance provider will consider.

• Your current and anticipated yearly income.
• The nature of your business and company assets.
• The size, location, age and condition of your office building.
• Deductibles, limits, and coverages under your policy.
• Your insurance claims history.
• The number of people who work in the office building.

What does office building insurance not cover?

Commercial property owners should be aware that not all potential events or types of perils will be covered by commercial property insurance. Fortunately, commercial property insurance policies specify in their contracts which occurrences are covered and which are not, just like other insurance policies. Examples of situations that are routinely excluded include:

• Flood damage (different than water damage),
• Obvious maintenance neglect and associated damages,
• Drain and sewer backups, seeping groundwater, or standing water,
• Buildings left vacant for more than 30 days,
• Nuclear events, acts of war or terrorism.
• Earthquakes or tsunamis,
• Commerical vehicles, and
• Intentional property damage.

Adding supplemental coverages to your office building insurance policy allows you to insure some of these risks. To find out more, contact Oracle RMS today.

Is it legal not to have office building insurance?

Yes. Even though it’s legal not to have business insurance, having office building insurance is strongly recommended. Every business would profit from having office building insurance because it safeguards the company’s assets against loss or damage from several insurable perils, including natural disasters, fire, theft, and vandalism, as well as against liability claims.

Do you need to inform your insurance company about any building work?

Yes. Your current insurance limits might not be sufficient if someone is hurt while your office building is undergoing renovations. Your insurance also may not be sufficient if you make modifications that increase the costs of rebuilding. Moreover, if you submit a claim while your office building is being renovated without informing your insurance, your claim could be dismissed. For this reason, you must always contact your insurance provider before starting a renovation project. Your insurance provider can also explain to you whether you require additional protection for specific types of renovation projects.