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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 investments from a wide range of risks.
What is 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 defenCe 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.
The Broad Risk Difference
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"You First" Principle
Your business comes first. We align our services with your values and needs, providing expert advice and insurance protection that allows you to focus on what matters most—growing your business with peace of mind.
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Accountability
We take full responsibility for the services and recommendations we provide. Every action is designed to deliver results, fostering trusted, long-term relationships with our clients. Your satisfaction and security are at the forefront of everything we do.
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Expert Solutions
With over 15 years of experience, we specialise in delivering tailored advice and solutions to protect your business. We customise our offerings to your unique needs, ensuring comprehensive coverage and peace of mind.
Frequently Asked Questions
1. What is Commercial Property Insurance?
Commercial Property Insurance is designed to protect commercial property owners from financial losses due to damage to their property or the contents within.
2. Why do I need Commercial Property Insurance if my tenants have their own insurance?
Your tenants' insurance typically covers only their belongings and liability. As a property owner, you need coverage for the building itself and any potential loss of rental income.
3. Can I get coverage for earthquake damage?
Earthquake coverage is typically excluded from standard policies but can often be added by endorsement or a separate policy.
4. What should I do if my property is damaged?
Contact your insurance provider immediately to report the damage. Document all damage with photos and videos, and keep records of any repair costs incurred.
5. How can I reduce my Commercial Property Insurance premiums?
Improving security measures, maintaining the property, and installing safety devices like fire alarms and sprinklers can help lower your premiums. Additionally, increasing your deductible can also reduce your premium costs.