Insurance is subject to terms, conditions, limitations and exclusions. Please refer to the insurance policy for complete details or discuss with our licensed insurance team:
Email: [email protected]
Phone support: Book a call
Live chat: Login to your Ownr account and click the chat icon
Overview
Business Contents coverage is a form of property insurance that covers repairs and replacement costs for the business’s own or rented physical assets, specifically equipment, tools and inventory, when they are damaged by an insured cause (or peril).
At Ownr Insurance, we offer an All-risks property form, meaning all types of property and perils are covered unless specifically excluded under the policy’s conditions.
What does Business Contents coverage cover?
Below are some examples of perils and content types covered by Business Contents coverage Ownr Insurance offers:
Covered perils | Covered Business Contents |
Fire | Office furniture |
Lightning | Computers, Electronics, POS Devices |
Windstorm or Hail | Tools and equipment |
Theft or vandalism | Stock and inventory |
The above list of examples may not cover all scenarios relevant to your business. If you have any questions or need assistance, contact our licensed insurance team for an insurance consultation:
Email: [email protected]
Phone support: Book a call
Live chat: Login to your Ownr account and click the chat icon
Keep in mind that the policy, co-insurance clauses, deductibles and coverage limits you chose will affect the amount of payouts you are qualified for in the event of a claim.
Business contents claim scenarios
Claim: A fire damaged office furniture, computers and leased equipment.
Business contents coverage: The insurance company would pay for replacing or repairing the damaged items and compensate the leasing company if such items are leased.
Claim : Criminals broke into a retail store and stole merchandise and vandalized display shelves in the process.
Business contents coverage: The insurance company would pay for the cost to replace the stolen merchandise and repair the damaged display shelves.
Business Contents: Coverage Territory
Business contents coverage responds to loss or damages that occurred within Canada and the United States.
Full contents limits will apply when business contents are stored or used at the location listed on the policy.
However, for the following situations, only 10% of the total business contents coverage limits will be provided:
In transit - such as being delivered in vehicles, watercraft or aircrafts.
Stored or used at any locations that are not listed under the policy
Example: A policy with $10,000 business contents coverage:
Full $10,000 coverage limit is provided when business contents are stored or used at the location disclosed under the policy.
$1,000 coverage limit (10% of $10,000 coverage limit) will apply when contents are in transit or stored at any other location that is not listed under the policy.
Policy deductibles will also apply in both scenarios above.
Business Contents: Co-insurance
Co-insurance clause is an important condition in Business Contents coverage. This clause requires you to maintain contents insurance equivalent to at least the specified minimum percentage of the business’s overall contents value.
In summary, if the insurance company discovers that you are underinsured by a certain percentage, then you will share part of any loss.
Important: Co-insurance calculation is done at the time of loss (or claim), not when the policy is made effective. Review and update your business contents value regularly to ensure sufficient coverage.
What is not covered under Business Contents coverage?
Policy exclusions explain the type of property and causes of loss (perils) that are not covered by the business contents coverage.
Below are examples of perils and content types that are not covered by Business Contents coverage at Ownr Insurance:
Examples of not covered perils | Examples of not covered contents |
Sewer Backups and Overland water | Automobiles, Watercrafts, Aircrafts |
Earthquakes | Money, securities and digital currencies |
Business Interruption | Property rented, leased or sold to others |
Wear and Tear | Property being worked upon or repaired |
The above examples do not contain all policy exclusions. Please refer to the insurance policy for complete details or discuss with our licensed insurance team.
Disclosure: Products distributed by RBC Commercial Insurance Agency Inc. and underwritten by Aviva Insurance Company of Canada. Insurance is subject to terms, conditions, limitations and exclusions. Please refer to the insurance policy for complete details.