In the event of a loss, would the compensation you receive cover the cost of rebuilding or replacing your property? Ask yourself these 10 questions to make sure you have the coverage you need.

1. Does the assessment of your commercial property cover everything?

Your commercial property may include:

• Furniture and valuables
• Telephone and computer systems
• Machinery and tools
• Products and merchandise
• Valuable documents and records
• Material and equipment related to your industry

You’ll find more information in the following fact sheet: Is your business underinsured?

2. Does your product inventory vary significantly at certain times of year?

Depending on the type of business you run, the size and value of your inventory may increase at certain times of year. For example, the holiday season stands out for many retailers and wholesalers.

3. Have you added or changed any business activities?

If you offer new services, such as online ordering and delivery, you’ll probably need additional insurance coverage.

4. Have you hired any new employees?

If you’ve hired new employees, especially in certain specialized fields, you may need to adjust the amount of your civil liability insurance or add additional coverage.

5. Has your business income increased or decreased in the past year?

If your income has increased, your policy’s loss of income coverage may be insufficient. To improve protection of your business income, you can add optional coverage for broader protection.

6. Has the neighbourhood changed?

Vacant premises nearby might be considered an insurance risk. You should notify your insurer of any changes in your business environment.

7. Has your business started operating outside the province?

If so, you can increase your insurance coverage based on your company’s operations. It’s important to keep your insurer informed, so your business is properly covered.

8. Does the building assessment reflect the reconstruction cost?

If you have to rebuild after a fire, will the insurance amount in your insurance policy be enough to cover the cost?

When making an assessment, you need to consider a number of factors, including the cost of labour and construction materials, building code standards and demolition costs. In fact, it’s a good idea to call on a specialized insurance appraiser.

9. Have you renovated or extended the building recently?

Improvements to the premises can affect the building’s reconstruction cost, so it’s important to mention them to your insurance agent as soon as possible.

10. Have you added security measures (e.g., alarm system, surveillance cameras, etc.)?

Measures to protect your building and property can help prevent losses, so you might see a reduction on your insurance premium.

Make sure your insurer knows about any changes to your building, property or operations. It's important to keep your insurer informed, so your business is properly covered.