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Commercial Property Insurance

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 ri

Get a quote Speak with a broker

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 CoverageProtection for the physical structure of the commercial property against damage from fires, storms, vandalism, and other covered perils.
  • Loss of RentCoverage for loss of income if the property becomes uninhabitable due to a covered loss and tenants are unable to pay rent.
  • Property ContentsCovers the cost to replace or repair furniture, fixtures, and equipment inside the property that are owned by the landlord.
  • Liability ProtectionProvides defenCe and damages if someone is injured on your property and you are found legally responsible.
  • Glass CoverageProtection against breakage of windows and glass signage.
  • Equipment BreakdownCovers 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 BelongingsPersonal property owned by tenants is not covered; they would need their own renters' insurance.
  • Flood DamageStandard policies typically exclude flood damage; separate flood insurance would be required.
  • Intentional DamageDamage caused intentionally by the property owner is not covered.
  • Wear and TearThe normal deterioration of the property over time is not covered.
  • Earth Movement:Earthquakes, landslides, and sinkholes are usually excluded unless additional coverage is purchased.

Frequently Asked Questions

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.

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.

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.

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.

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.

Updated

Speak directly with your broker

No call centres. No ticket queues. Warren Reid — senior broker, Gold Coast.

Get a quote Call 0422 131 401

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