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.
For more information, feel free to contact Warren directly at warren@broadrisk.com.au or call him on 0422 131 401.
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.