Commercial Building Insurance
We understand that a commercial building is a major investment and protecting it is your priority. We make insurance simple and easy – we find you fit for purpose insurance to save your investment and protect your livelihood if the worst ever happens.
Our team of experts will find the best policies available to protect your investment assets. We’ll find you the most competitive rate possible, and offer advice to ensure your insurance protects what matters. Contact us now for 9 no-obligation commercial building insurance quotes.
Commercial Building Insurance
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What Is Commercial Building Insurance?
Commercial building insurance provides coverage for owners of commercial buildings who lease to tenants across different industries. Even if the property is part of a strata complex, it is recommended to have your own insurance, as many risks are not covered by the body corporate’s building policy.
Commercial building insurance specifically covers the physical structure of your commercial building. It allows owners to be covered for losses caused by events such as fire and malicious damage as well as other types of damage to the building’s structure. For example, damage or accidents which were caused by your tenants or their customers
Choosing the right policy can be complex, but when it’s done right, it can potentially save your investment. A commercial building insurance policy can offer cover for a variety of things, from building cover and contents cover to business interruption cover and landlord liability cover.
What can be covered
What may not be
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Why Insure Your Building?
Some policy features can include the following :
If damage occurs to your physical building or the building structure, building cover can provide you with the cover you need. It can even include cover for fixtures which are attached to your building, such as air conditioning and elevators. Whereas the content of your building, such as your furniture and equipment can be covered by contents cover. However, if you are leasing your building unfurnished, you may require your tenants to get their own contents covered.
Landlord Liability Cover:
Business interruption cover protects you against the loss of income when your building is damaged by an insured event. However, this does not apply to ‘tenant default’, which is when your tenant falls behind on their rent. The same is the case for damage caused by an event which isn’t covered, for example a flood if you do not have flood insurance.
Building Interruption Cover:
Furthermore, it is always important to be covered in the event of an accident that results in a personal injury or damage to third-party property in your building. This cover can be provided by landlord liability cover, saving you costly legal fees even in the simple case of someone slipping whilst in your building.
Commercial Building Insurance claim example
James owns commercial properties, and mentions to his broker that he’s just bought a new tenanted industrial unit — but “not to worry it’s covered by the body corporate insurance.”
His broker insists that he should take out at least some cover for fittings, loss of rent and public liability. James accepts.Shortly after, he’s served with a notice for injury to one of his tenant’s customers who slipped on a spill in the common area. The injured customer sued, serving on James, his tenant and the body corporate alleging they were all responsible for the injury.
James’ insurer indemnifies him and settles on the claim with the other 2 insurers, each paying out $30,000 to the claimant. By having this policy, James avoided paying out his own legal costs to defend himself, and his only expense was a $500 excess.
Why Choose CIB?
Consolidated Insurance Brokers can help by placing you with the best policy for your needs. We’ll find you the most competitive rate possible, and offer advice to ensure your insurance protects what matters.
What our clients have to say
Why Use A Commercial Building Insurance Broker
Insurance brokers help you negotiate the best insurance policy for the best price. They are professionals that ensure your insurance policy meets your unique insurance requirements and risk management needs. Ensuring you understand your renewals, quotes and policies without confusing you with endless jargon. Our Insurance brokers are able offer competitive quotes from reputable insurers, that aren’t available to the public.
Save time and money by getting one of our knowledgeable insurance brokers to compare and customise policies for the best price possible
Frequently Asked Questions
There are many benefits of using a broker over buying directly from the insurer. Insurance brokers:
- Work on your behalf to secure you better protection through their negotiating power
- Help you understand your risks and empower you to make better life / business decisions
- Ensure insurers are held accountable to their promise to protect what you value during claims
- Save you time and money by taking care of comparing and customising policies for your needs
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Talk today with our team to find the right kind of insurance that will suit your needs.