Commercial Building Insurance
The resource of choice for the country’s most forward-thinking insurance professionals.
The resource of choice for the country’s most forward-thinking insurance professionals.
Commercial Building Insurance
Rely On A Reputable Insurance Broker
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
- Accidental, malicious damage and perils (eg. fire)
- Loss of rent
- Injury to third parties
- Damaged glass or signage
- Landlord legal liability
- Machinery breakdown
- Tax audit
What may not be
- Floor, unless requested
- Tenant default
- Deterioration (wear & tear)
- Neglect, lack of maintenance
- Properties vacant for continuous periods (varies by insurer)
Get Started with Commercial Building Insurance
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Why Insure Your Building?
Some policy features can include the following :
Building Cover:
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.
Our Expertise
Committed to finding you the best insurance solution, our team of knowledgeable insurance brokers will get you the best price available
Your Partner
Safe time and effort by letting our team of expert insurance brokers do the work for you, we can manage your insurance on your behalf.
Clear Terms
We will put an end to the endless jargon, we can help you understand your quotes and policies in clear terms.
Full Cover
We are able to access insurance policies that are not available when buying direct, allowing us to get you a more comprehensive cover and better benefits.
What our clients have to say
109 James St, New Farm
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Tracey was fantastic to work with. She was knowledgeable, responsive, friendly, and always happy to answer my many questions throughout the process. As a startup founder looking for insurance for an online platform, I appreciated … More how clearly she explained everything and made what could have been a complicated process feel straightforward.I received other quotes that took longer to arrange and involved multiple insurers, making them difficult to compare. Tracey was able to provide a comprehensive and competitive solution bundled through a single provider at a competitive price, which made the decision easy.I would highly recommend Tracey and Consolidated Insurance Brokers to anyone looking for professional and personalised service.
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I went with CIB insurance because the customer service was top-notch. Debbie was super helpful from start to finish and no question was too hard for Debbie. She even mentioned that she had been working in the business for … More 15 years which you can tell from her advice.Debbie provided alot of advice on what would be best for my business.I feel comfortable with the policy Debbie provided as she went into detail to get coverage for everything.Highly recommend CIB and Debbie.
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I was referred to Alison through a personal recommendation after we had been struggling to find direct insurance for our business refrigerated van within a very tight timeframe. From the beginning, Alison provided outstanding … More service and made the whole process feel easy and stress-free.She was always contactable, professional, and incredibly helpful throughout every step. We had urgent deadlines and even needed last minute changes very late in the day, and Alison still went above and beyond to make sure everything was completed on time.Her communication, responsiveness, and genuine care for her clients really stood out. We are very grateful for all her support and would highly recommend Alison to anyone needing insurance assistance.
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We’ve had the pleasure of working with Aimee at Consolidated Insurance Brokers for several years now, and she has been nothing short of amazing. No job is ever too big or too small! She approaches everything with the same … More level of care and professionalism. Aimee is incredibly attentive, efficient, and always goes above and beyond to make sure everything is handled smoothly. It’s rare to find someone so reliable and easy to work with. Highly recommend!
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I had a great experience working with Debbie from Consolidated Insurance Brokers. She helped me arrange the Professional Indemnity and Public Liability insurance for my new fire engineering company, and the whole process … More was smooth and straightforward.Debbie was very responsive and took the time to understand my business needs to find the right coverage. As a new business with novel business offering, I really appreciated her guidance and support throughout the process.Highly recommend Debbie and the team at Consolidated Insurance Brokers
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
No Obligations, Completely Free
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Talk today with our team to find the right kind of insurance that will suit your needs.
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The resource of choice for the country’s most forward-thinking insurance professionals.
The resource of choice for the country’s most forward-thinking insurance professionals.