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Commercial Property Owners Insurance

Understanding the Risks in Commercial Property Owners

Commercial Property Insurance for property owners is designed to provide coverage for buildings and personal property owned by a business. This insurance is essential for landlords and property owners who lease their spaces to businesses, as it helps protect their investment from a wide range of risks.

What is Typically Covered:

  • Building Coverage: Protection for the physical structure of the commercial property against damage from fires, storms, vandalism, and other covered perils.

  • Loss of Rent: Coverage for loss of income if the property becomes uninhabitable due to a covered loss and tenants are unable to pay rent.

  • Property Contents: Covers the cost to replace or repair furniture, fixtures, and equipment inside the property that are owned by the landlord.

  • Liability Protection: Provides defense and damages if someone is injured on your property and you are found legally responsible.

  • Glass Coverage: Protection against breakage of windows and glass signage.

  • Equipment Breakdown: Covers the cost of repairing or replacing equipment like boilers, air conditioning units, and elevators if they break down unexpectedly.

What is Not Typically Covered:

  • Tenant Belongings: : Personal property owned by tenants is not covered; they would need their own renters' insurance.

  • Flood Damage: Standard policies typically exclude flood damage; separate flood insurance would be required.

  • Intentional Damage: Damage caused intentionally by the property owner is not covered.

  • Wear and Tear: The normal deterioration of the property over time is not covered.

  • Earth Movement: Earthquakes, landslides, and sinkholes are usually excluded unless additional coverage is purchased.

  • Nuclear Hazard: Damage from nuclear events is not covered.

  • What is Business Insurance?
    Business insurance is a broad term for various policies designed to protect businesses from financial losses due to unforeseen events such as property damage, liability claims, employee-related risks, and more. It's a safeguard that helps ensure the continuity and stability of your business operations
  • Why Does My Business Need Insurance
    Insurance is essential for any business as it provides financial protection against common risks that could otherwise result in significant financial hardship or even the closure of your business. It covers everything from property damage and liability to employee dishonesty and electronic equipment breakdown.
  • How Much Does Business Insurance Cost?
    The cost of business insurance varies widely based on factors such as the size of your business, the industry you're in, the types of coverage you need, and your claims history. To get an accurate quote, it's best to speak with an insurance broker who can assess your specific needs.
  • How Do I know What type of Insurance My Business Needs?
    Determining the right type of insurance for your business depends on various factors, including the nature of your business, the risks associated with your industry, and your business's specific needs. An insurance broker can help you assess your risks and recommend the appropriate coverages.
  • Can I Customise My Business Insurance Package?
    Yes, business insurance packages are highly customizable. You can choose to include or exclude specific coverages based on your business's unique risks and requirements. An insurance broker can assist you in building a tailored insurance package that fits your business.
  • What Happens if I Don't Have Business Insurance?
    Operating without business insurance exposes you to significant risks. If an unforeseen event occurs, such as a lawsuit or property damage, you would have to pay out of pocket for any losses or damages. This could have a severe impact on your business's finances and could even lead to bankruptcy.
  • How Often Should I Review my Business Insurance?
    It's recommended to review your business insurance coverage at least annually or whenever there are significant changes to your business, such as expansion, offering new products or services, or purchasing new equipment. Regular reviews ensure that your coverage remains adequate as your business evolves.
Business Insurance Contact

If you would like more information on Professional Indemnity Insurance please fill out the below contact form or call Warren direct on 0422 131 401

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