Commercial Property Insurance is designed to protect commercial property owned by you and rented/ leased out to another business.
Commercial Landlord Insurance cover can protect a range of different types of tenanted properties, including but not limited to:
- Shops
- Offices
- Factories
- Industrial Units
- Warehouses
- Restaurants
- Commercial Strata
What does commercial property insurance cover?
A Commercial Property Insurance policy can provide broad coverage and depending on the insurer can include:
Property Damage - Damage to your building, contents, fixtures and fittings that you own as a result of accidental damage, malicious damage, fire, storm, burst or leaking pipes ect
Property Owners Public Liability - Provides cover if a third party is injured or their property is damaged at your property and you are found to be negligent.
Loss of Rent - If you experience a loss at your property, your tenants may need to vacate whilst the repairs are being carried out. To protect you from losing out on rent or if you need to provide an alternative accommodation the insurer will reimburse these costs. Rent default cover is also available with certain insurers.
Machinery Breakdown - This will cover the risk of loss arising out of repair or replacement of machinery you are responsible for such as air-conditioning.
Glass - This provides cover for breakage of internal/external glass
Tax Audit - Providing cover for professional fees associated with a tax investigation.
Important Information to Consider when taking out a Commercial Property Insurance Policy
Can you insurer more that one property under the same policy?
Yes. If you own multiple properties you cannot beat the convenience of covering the whole portfolio under one policy.
Is the building insured for the correct amount?
It is important that your commercial property is insured for its full replacement value. All insurance policies include a co-insurance clause which allows insurers to limit your claim payment if the property is not insured for full replacement value.
You may wish to appoint a professional insurance valuer to ensure that this figure is correct.
Alternatively we have the option to assist you in setting your sum insured - please contact us for a free sum insured review.
Is the construction noted correctly?
The construction of your property is one of the main factors that effects your premium and cover. It is extremely important that this is disclosed correctly. EPS, Asbestos and certain types of Cladding require special attention when placing a commercial property insurance policy.
Are the tenant’s business activities correct?
The occupancy of your building is a major rating factor for Commercial Property Insurance.
If your tenant is involved in high risk activities the premium will be higher.
If the tenants business activities change or you have a change of tenant is imperative that your insurer is notified to make sure that you have full cover in the event of a claim.
Is the property or any part of the property unoccupied?
If your property becomes unoccupied it is imperative that your insurance company is notified.
Insurers usually have additional conditions and higher excesses in place. If the property is unoccupied for an extended period you may even need to move to a specialised product.
Do you understand the policy conditions and exclusions?
All insurance policies include terms and conditions that specify what is included and what is not, what the insurers obligations are and what your obligations are.
If you do not comply with the terms and conditions of the policy, you may be in breach of contract and the policy may not respond in the event of a claim.
Commercial Property insurance policies can be very complex and difficult to understand.
At Insure Gold Coast, we will discuss this with you to ensure that you fully understand the policy conditions and any obligations you may have.
The Insure Gold Coast Difference
At Insure Gold Coast we have extensive understanding of the Commercial Property Insurance Market:
We can save you money by taking the time to put together a tailored insurance program and are happy to arrange a visit to your property to ensure that we fully understand your requirements
We are passionate about supporting the local community and donate a portion of our income to Bravehearts Childrens Charity and 1% for the Planet.
Servicing only Gold Coast customers we are able to give you the service and support that you deserve.
Insure Gold Coast is a member of the largest insurance broker network in Australasia.
As a client of a Steadfast network insurance broker, you get the best of both worlds - local knowledge and service, with the strength of a large organization.
