Business and Commercial Insurance - Core Commercial Coverage
Core Commercial Coverage Overview
These foundational coverages protect your day-to-day operations and keep your business running smoothly, no matter what challenges arise.
Commercial Property Insurance
Property Protection
Covers your building, equipment, and inventory against risks like fire, theft, and damage—keeping your Winnipeg business secure.
Commercial General Liability (CGL)
Liability Coverage
Protects against claims of injury or property damage caused to others, offering peace of mind for Manitoba business owners.
Business Interruption Insurance
Income Protection
Helps replace lost income if your operations are paused due to an insured event, ensuring your family and employees are supported.
Commercial Umbrella / Excess Liability
Extended Liability
Provides additional liability coverage beyond standard limits for larger claims and added protection.
Equipment Breakdown Insurance
Equipment Protection
Covers repair or replacement costs if essential equipment fails, minimizing downtime.
Crime / Theft Insurance
Fraud Protection
Protects your business from financial loss due to theft, fraud, or employee dishonesty.
FAQ: Core Commercial Coverage
Commercial Property Insurance
What does commercial property insurance cover?
Commercial property insurance helps protect the physical assets your business relies on, including your building, inventory, furniture, equipment, tools, and other business property. Coverage typically includes losses caused by fire, wind, vandalism, theft, and other covered events.
Does commercial property insurance cover inventory?
Yes. Most commercial property policies can cover inventory that’s damaged or destroyed by a covered loss, helping your business recover more quickly after an unexpected event.
Does commercial property insurance cover damage from water?
It depends on what caused the damage. Many policies cover sudden and accidental water damage from things like burst pipes, but flooding is typically excluded and requires separate coverage.
How much commercial property insurance do I need?
The right amount of coverage depends on the value of your building, equipment, inventory, and other business assets. An insurance broker can help ensure you’re adequately insured without paying for coverage you don’t need.
Commercial General Liability
What is Commercial General Liability (CGL) insurance?
Commercial General Liability insurance protects your business if you’re found legally responsible for bodily injury, property damage, or personal injury involving customers, suppliers, or members of the public.
Is Commercial General Liability insurance required?
While it isn’t legally required for every business, many landlords, clients, municipalities, and contracts require businesses to carry liability insurance before work begins.
Does liability insurance cover mistakes in my professional advice?
Generally, no. Commercial General Liability insurance covers bodily injury and property damage, while professional errors or advice are typically covered under Professional Liability or Errors & Omissions insurance.
How much liability insurance should my business carry?
Coverage limits depend on your industry, the contracts you sign, and your potential exposure to lawsuits. Many businesses carry at least $2 million in liability coverage, although higher limits are common.
Business Interruption Insurance
What is business interruption insurance?
Business interruption insurance helps replace lost income and cover ongoing operating expenses if your business temporarily closes because of a covered loss, such as a fire or major property damage.
What expenses does business interruption insurance cover?
Depending on the policy, it may help pay for lost profits, employee wages, rent or mortgage payments, utilities, loan payments, and other fixed operating expenses while your business recovers.
How long does business interruption insurance provide coverage?
Coverage generally continues until your business can reasonably resume operations or until the policy’s maximum benefit period is reached.
Does business interruption insurance cover every type of business closure?
No. Coverage generally applies only when the interruption results from a covered loss under your policy. Closures caused by excluded events would not be covered.
Commercial Umbrella & Excess Liability Insurance
What is commercial umbrella insurance?
Commercial umbrella insurance provides additional liability protection once the limits of your underlying liability policies have been exhausted. It helps protect your business from large claims that exceed your primary insurance limits.
What’s the difference between umbrella and excess liability insurance?
Both provide additional liability limits, but umbrella insurance may offer broader coverage in certain situations, while excess liability simply extends the limits of an existing policy.
Does my business need umbrella insurance?
Businesses with significant assets, higher public exposure, multiple locations, vehicle fleets, or contractual liability requirements often benefit from additional liability protection.
How much umbrella insurance should a business have?
The appropriate amount depends on your business size, assets, contractual obligations, and risk profile. Your broker can recommend limits based on your specific needs.
Equipment Breakdown Insurance
What is equipment breakdown insurance?
Equipment breakdown insurance helps pay to repair or replace essential business equipment that fails because of mechanical, electrical, or pressure-system breakdowns.
What equipment is typically covered?
Coverage often includes HVAC systems, refrigeration equipment, boilers, electrical panels, production machinery, compressors, computer systems, and other critical equipment.
Doesn’t my property insurance already cover equipment?
Not always. Commercial property insurance typically covers external causes like fire or wind, while equipment breakdown insurance covers internal mechanical or electrical failures.
Is equipment breakdown insurance worth it?
For many businesses, yes. Even a single equipment failure can result in expensive repairs, lost productivity, and interrupted operations.
Crime & Theft Insurance
What is commercial crime insurance?
Crime insurance protects businesses against financial losses resulting from theft, fraud, forgery, robbery, employee dishonesty, counterfeit currency, and certain cyber-related financial crimes, depending on the policy.
Does commercial insurance cover employee theft?
Standard commercial insurance policies often provide little or no coverage for employee theft. Crime insurance can help protect your business from these types of losses.
Does crime insurance cover stolen money?
Many crime policies include coverage for stolen cash, securities, and certain financial assets, subject to policy terms and limits.
Is crime insurance only for large businesses?
No. Small and medium-sized businesses can also experience theft and fraud. Crime insurance can provide valuable financial protection regardless of business size.
General Insurance Questions
What types of businesses need commercial insurance?
Nearly every business can benefit from commercial insurance, whether you operate a retail store, office, manufacturing facility, restaurant, construction company, or home-based business.
How much does commercial insurance cost?
Commercial insurance premiums depend on factors like your industry, annual revenue, payroll, claims history, business location, and the types of coverage you choose.
How do I know what coverage my business needs?
Every business faces different risks. Working with an experienced insurance broker helps ensure your insurance program matches your operations, contracts, and long-term goals.
Why choose Garriock Insurance for commercial insurance?
Garriock Insurance works with multiple leading insurance companies to compare coverage options and build insurance solutions tailored to your business. Our brokers take the time to understand your operation, explain your options, and provide ongoing support as your business evolves.
Coverage varies by policy and operation. Contact us for specifics.