What is Commercial Property insurance?
A Commercial Property (or Commercial Building) Insurance policy is designed to protect your Physical assets from damage or loss. It is similar to a residential landlord’s insurance policy which covers a residential property, however, the difference being, it is a Commercial Property and is occupied or leased by a business. This means that there is a wide range of risks, due to the variation in tenants.
For example, a building occupied by an Office which would be a lower risk and therefore attract a lower premium, compared to another owner who has a Factory or Industrial Building occupied by a kitchen cabinet manufacturer, which has a lot of dust and flammable materials making the risk of fire and explosion higher resulting in a higher premium. Some buildings may be occupied by multiple tenants; such as a Mechanic, Locksmith & Retail Paint Shop and the insurance premium would be based on those tenants occupying the building.
With Commercial Property, it is important to inform your insurer if you change your Tenant as it could affect your premium and insurance coverage. If you don’t update your tenant list with your insurer, you may find you are not covered in the event of a claim if the insurer was not aware of the type of tenant in your building.
What can Commercial Property insurance cover?
Commercial Building insurance packages can cover your asset, whether it’s an office block, an Industrial building or a small single us Commercial property.
If your building is destroyed by fire or damaged in an earthquake, you need to know you can afford to have it replaced or repaired. Without insurance this could be difficult.
Insurance policies generally cover events such as Fire, Storm, Hail, Earthquake, Impact, Explosion, Malicious Damage & other listed Perils. Some insurance policies cover Accidental Damage which gives a broader cover.
Some other optional sections that can be insured include:-
Loss or Rental Income.
Removal of Debris.
Landlords Fixtures & Fittings.
Property Owners Liability.
What is Property Owners Public Liability insurance?
If an accident or unexpected incident on your property occurs, related to your ownership of the property (building) and causes damage to property or injury to someone (other than employees), you may be found legally liable to cover the costs. Public Liability insurance can help protect you from the financial risk of a liability claim as a property landlord giving you the confidence you need to own your property.
An important part of protecting yourself is including Property Owners Public Liability insurance to protect yourself in case of an injury caused on your property, such as a tile failing, or a faulty step causing injury to a visitor at the building property.
What doesn’t Commercial Property insurance usually cover?
Insurance policies don't cover everything. You need to be aware that all policies have exclusions. It is important to take the time to consider and understand your insurance cover. Exclusions are things that are not covered by your insurance. (examples like)
The excess you need to pay, the sum insured, and the limit of liability, vary greatly depending on the insurer. Commercial Building Policies generally do not include cover for:
High risk tenants’ occupations, where the insurer was not made aware of the occupancy. A change in occupancy is only covered if the insurer agrees to extend cover.
Claims where the building has been unoccupied for a long period, from 60 to 90 days depending on the insurer, and where the Insurer has not agreed to an extension in writing.
Claims by employees.
Claims arising out of the use of a registered motor vehicle.
Claims related to asbestos unless specifically included and agreed to by the insurers.
Many policies in Australia only cover Listed Events. That means if an event is not listed in the insurance policy there is no cover.
So check your cover and take the time to read your insurance policy to find out what the listed events are. If your policy wording has an Accidental Damage cover option you have more protection.
How can we help you with Commercial Property Insurance?
We insure and protect a wide range of Property Buildings. Helping you obtain Building & Public Liability insurance coverage for your Commercial, Industrial, Factory, Warehouse, Strata, Retail, Arcade or Office Properties is what we love to do. This is why we have many happy insurance customers Australia Wide. We use a range of insurers, not just one. This helps us tailor your insurance package to what suits your needs and budget.
You can include insurance options such as Loss of Rent, Glass and Business Interruption insurance. Property insurance includes cover for events such as Fire, Storm, Malicious Damage, Earthquake, Impact by vehicles and other listed events.
How do I get Building Insurance?
To get a Property Owners Insurance Quote and find out the value of your insurance premium, submit an insurance quote form today.
We will provide and email you back insurance quote options, information and insurance costs to help you decide what suits your needs. Then, after receiving your insurance quotes, if you wish to make alterations to the insured amounts, or cover, its just a matter of letting us know and we will adjust your quote.
There is no obligation to proceed after submitting a Building & Property Owners Public Liability Insurance Quote form, and no cover is in place until we provide you with confirmation and a policy number.
If you decide to proceed with a policy, there is a 14 day free look period.
So give us a try, you have nothing to lose, let us help you obtain competitive Quotes for your insurance by completing the Property Insurance Quote Form you can find above. Using the information you provide we obtain competitive tailored quotes and options from the wide range of insurers on our approved list. You can then make commercial building insurance comparisons to find the insurance cover you need.
Of course Conditions apply to all policies, so it is important to view the policy and the Insurance Product Disclosure Statement we will provide with your quote.
How to reach out to us.
If you would prefer to just talk to us, rather than completing a Property Quote form, call us on 02 6555 5022 to discuss your insurance needs.
Alternatively use the Email Us button below so send us an email with any questions you have.