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Strata Title / Body Corporate Insurance

The Insurance Every Plant & Equipment Needs to Know About

Brief Summary: Strata Title / Body Corporate Insurance is designed to protect the common property of a strata scheme, which is typically managed by a body corporate or owners' corporation. This type of insurance is essential for shared buildings and complexes, as it covers areas that individual unit insurance does not.

What is Typically Covered:

  • Building and Common Contents: Covers the repair or replacement of the building structure and common area contents due to events like fire, storm, or vandalism.

  • Public Liability: Provides coverage for legal liability if someone is injured or their property is damaged within the common areas of the property.

  • Office Bearers' Liability: Protects committee members of the body corporate against personal liability when carrying out their duties.

  • Voluntary Workers: Offers protection for people who voluntarily work on behalf of the body corporate, such as gardening or maintenance.

  • Fidelity Guarantee: Covers loss of money belonging to the body corporate due to dishonest acts by committee members or employees.

  • Catastrophe Cover: Provides additional funds to cover costs if a major event, like an earthquake, affects the insured property.

What is Not Typically Covered:

  • Individual Unit Contents: Personal belongings within an owner's unit are not covered; unit owners need their own contents insurance.

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

  • Defects and Poor Workmanship: Pre-existing defects or damage from poor construction or design are typically excluded.

  • Asbestos Removal: Costs associated with the removal of asbestos may not be covered unless resulting from an insured event.

  • Landscaping: Plants, soil, and landscaping features may not be covered except for specified events in the policy.

  • 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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