Commercial Property Insurance In Stratford

What To Know Before Getting Commercial Property Insurance In Stratford

Starting a business in Canada can be overwhelming. However, becoming your boss and working for better financial flexibility is rewarding. On the other hand, managing a business can be confusing and requires making well-informed decisions to ensure it continues to thrive. 

If you’re establishing a business in Stratford or any part of Ontario, you should protect your investments, like properties and business equipment. Hence, you can consider getting commercial property insurance in Stratford. Reputable property insurance companies like Orr Insurance can help you protect your assets.

This guide discusses the basics you need to know about commercial property insurance in Stratford, including its different types, what it covers, and the types of businesses that need it.

Understanding Commercial Property Insurance 

Commercial property insurance helps cover and pay for repairing or replacing lost, stolen, or damaged business properties by problems covered by your policy. 

It offers protection to the following physical assets of your business:

  • Commercial building or space
  • Tools
  • Equipment and machinery 
  • Furniture
  • Product inventory 
  • Valuable business records
  • Office supplies
  • Outdoor fixtures, including signs and fences

Meanwhile, standard commercial property insurance has a ‘named perils’ policy which covers damages caused by:

  • Natural disasters, including fire, wind, lightning, hail, and storm
  • Vandalism
  • Theft

You may also get broader protection for an open perils policy. It covers any problems more than the typical problems involved, except those specifically listed as exclusions. In addition, it offers better protection. However, an open perils policy will cost you more than the regular named perils commercial property insurance policy. 

Generally, commercial property insurance in Stratford often includes general liability and business interruption insurance as part of a comprehensive business owner’s policy (BOP). 

What To Know Before Getting Commercial Property Insurance In Stratford
What To Know Before Getting Commercial Property Insurance In Stratford

Types Of Commercial Property Insurance In Stratford

Depending on your business’s unique risk characteristics, you have insurance different coverage options for commercial property insurance. Although your company may not need all coverage types, having basic information on various commercial property insurance types is an excellent idea. 

  1. Direct Damage

Direct damage coverage pays for repairing or replacing office spaces, equipment, furnishing, and other business-owned property destroyed or damaged by an insured peril. Did you know that typical BOPs often include a direct damage policy? However, you can get it as an individual line policy if your basic commercial insurance doesn’t offer it. 

  1. Inland Marine

Most commercial property policies need more coverage for properties situated at another location or those moving from one place to another. That said, an inland marine policy is a good addition if your company regularly moves valuable properties from place to place. 

Significantly, inland marine insurance covers any business property transported over land, not water. Think of it as an offshoot of marine insurance, which protects cargo and ships transported over the ocean. 

Generally, inland marine insurance covers cargo, equipment, and other items, regardless of location. It protects business properties while in transit. Construction companies and catering services are examples of businesses that will benefit from inland marine insurance. It can cover construction machinery or catering equipment they transport to the job site or event venue. 

  1. Crime Insurance

Numerous businesses in Stratford suffer financial losses due to robbery, theft, and other criminal acts. In this case, you can purchase a crime insurance policy to protect your business properties from criminal acts. 

Crime insurance is available in various types, each having unique coverage. Here are some of them:

  • Theft Of Money And Securities: This policy pays for losses caused by stealing money or properties from your premises by someone other than your employee. 
  • Employee Theft Coverage: This policy covers theft of money and business properties caused by employees. 
  • Online Fraud: It covers financial losses when someone fraudulently uses your business computer to transfer money and other properties from your business. For instance, when an employee transfer money in response to a phishing email received via an office computer.

Why Your Business Needs Commercial Property Insurance In Stratford

In general, the law doesn’t require commercial property insurance for businesses. However, many entrepreneurs consider it an essential insurance type for small business owners, even more so for more prominent corporations. 

Here are some reasons why businesses need a commercial property insurance policy:

  • Lease or own an office, building, or store
  • Have products or inventory stored
  • Rent or own your business equipment and tools
  • Have essential business documents and records

With the right coverage, you won’t pay out of pocket to replace or repair your property when damaged. In a worst-case scenario, like fire, companies may go out of business without the necessary commercial property coverage.


Whether you’re a new business owner in Stratford or have been running a successful one for years, commercial property insurance is a must. It’s one of the essential financial investments you can make for your company. 

Operating a business becomes more manageable if you no longer worry about suffering a significant financial loss of your property and equipment due to unforeseen circumstances. The right commercial property insurance coverage can make a substantial difference between recovering with minimal business interruption and going out of business after a severe loss.

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