Commercial Property 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 Property Insurance
Rely On A Reputable Insurance Broker
What Is Commercial Property Insurance?
Commercial property insurance policies can provide comprehensive coverage for commercial properties across various industries. It allows owners to be protected against financial losses that could occur as a result of anything from malicious damage and natural disasters to machinery breakdowns and public liability. Generally speaking, these policies are more complicated than residential property insurance.
Choosing the right policy is essential for all property owners as it protects your assets and investments. It is a complex purchase that needs to be done right as it could potentially save your investment. Especially in a country like Australia, where natural disasters are unfortunately extremely common.
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 Property Insurance
Protect your commercial property investments from accidental loss or damage.
Why Insure Your Property?
Some policy features can include the following :
Building Coverage:
Provides cover in case damage arises to the building, structures and or to any renovated parts of your building. It can also include coverage for fixtures that are attached to the building, including cabinetry or air conditioning
Contents Cover:
This covers the contents inside your building, such as the furniture and equipment. Please note, if you are a property owner leasing your premises unfurnished, you may require your tenants to insure their contents.
Building Interruption Cover:
This can provide cover for the loss of income if your premises are damaged by an insured event (such as a fire or storm). However, it is important to note that this does not cover ‘tenant default’ (so there is no cover if a tenant just falls behind on their rent) and you will not receive any compensation if the event which caused the damage was not covered (for example if you do not have flood insurance).
Landlord Liability Cover:
Landlord Liability coverage allows you to be covered in the event of an accident that results in personal injury or damage to third-party property on your insured building. This could be as simple as someone slipping whilst visiting your tenant’s business, saving you costly legal fees.
Others:
While no one likes to think about the possibility of experiencing a loss, it’s important to be prepared in the event that something does happen. That’s why commercial property insurance is such an important safeguard for any business owner. Don’t wait until it’s too late to get the coverage you need – give us a call today to learn more about our commercial property insurance options.
Commercial Property Insurance Claim Example
James is the owner of several commercial properties, including a newly purchased tenanted industrial unit. He mentions this to his broker but tells him not to worry because he’s covered by the body corporate’s insurance.
His broker insists that he should at least take some coverage for internal fittings, loss of rent, and public liability, and James eventually agrees.
Shortly after, James is served with a notice of injury from a customer visiting his tenant, who slipped on a spill in the common area. The injured customer sued serving on James, the body corporate and his tenant, alleging they were all responsible for the injury.
James’ insurer indemnifies him and settles the claim with the other two 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.