Commercial Property Insurance(Occupied Or Vacant)
Building/Property Insurance plans that work for you
Commercial Property Insurance(Occupied Or Vacant)
Building/Property Insurance plans that work for you
Commercial Property Insurance
Commercial Property Insurance Covers:
- Fire/floods/natural calamities
- Theft/ Burglary
- Glass
- Property damage
- Public & product liability
- Machinery breakdown
- Supplies and equipment
- Inventory
- Business interruption
Why Is Commercial Insurance Needed
Unforeseen calamities resulting in severe property damage due to fire, electricity damage, and natural calamities including storms can leave you with a huge loss. Not just the property you own or have on a lease, if your business also has assets and equipment stocked, you have all these put at risk.
A well-assessed commercial property or building insurance can save you from a substantial loss of income, which can otherwise leave you all devastated. In the case of business traders, you are at high risk for material theft and its financial consequences. Having a cover for materials and equipment is crucial in such a case.
Who Needs The commercial property/building Insurance
If you are commercial property owner or even have a commercial building taken under the lease (occupied/vacant), you are advised to have commercial property insurance. Any business irrespective of the sector, from manufacturers, and wholesalers to any business owners who have high value assets, get your assets and property insured from theft, fire mishap, or natural disasters that come unannounced.
When To Take The Insurance
It is always recommended to get commercial property insurance as soon as you get a new property or lease out a building for business purposes.
Depending on the nature of the property, size, location, and occupancy, commercial property insurance is tailored in a manner that it can sustain and get your property back into the same financial position as it was, after an un-eventful incident. It is also recommended to review and upgrade your commercial building insurance, whether your property is owned/rented or leased out.
Your insurance should reflect the changed value of the property, and then include features that can rightly provide a cover for your current property value and scenario.
Benefits Of Having The Insurance
Commercial property insurance safeguards the building from where businesses operate. Having this insurance can help you cover a wide range of rather costly scenarios, which can otherwise lead to a heavy financial and material loss.
1. Property Insurance
Commercial property insurance covers the repair or replacement of owned/rented/leased equipment/tools and inventory against fire, theft, and any damage. While basic property insurance gives coverage for the building, there are others that provide a cover to its contents too.
2. Strata Title Insurance
Corporate insurance provides protection to properties that fall under a shared property. Damage to the building or the common places is covered under this insurance.
3. Employer’s Liability Insurance
If you have anyone employed for the property or your building premises, an employer’s liability insurance helps to cover claims for injuries that occurred as a result of property damage
4. Industrial special risks insurance
If you are an owner of a commercial property or in a relevant business with high value physical assets including equipment, materials, or machinery worth more than $5 million, it is recommended that you have industrial special risks insurance. Apart from the property, the loss of material can be a significant financial burden to get over without having an insurance policy.
5. Owner’s liability insurance
If you are a landlord, an owner’s liability insurance will provide a cover for claims done by third party injuries or damage.
Other insurances that also are opted for include:
1. Business Interruption Insurance
Business interruption insurance enables you to claim for the loss due to interruptions in business caused by natural calamities.
2. Cyber Insurance
Cyber liability insurance provides a cover for any kind of data breaches and the cost arising from events such as customer notification or legal expenses.
What Is Covered Under The Insurance:
Commercial property insurance enables you to cover the following aspects and situations for your property. Largely commercial property insurance handles the loss and damage to the property, however, additional business insurance can cover business interruption.
- Structure of your building - roof, wall, and ceilings
- Glass panels and doors
- External/internal fixtures and fittings
- Furniture and inventory
- Office equipment and machinery
- Accidental damage to the property
- Loss or damage to contents, unexpected leaks, fittings, and tenant improvements
Unoccupied/Vacant Commercial Property Insurance
ILINK INSURANCE can offer insurance coverage for property owners of Unoccupied/ Vacant Commercial (Retail or office) and Industrial property.
- 1. Unoccupied commercial cover for when a property is unoccupied for no minimum or maximum periods. Including, on a case by case basis, perils such as:
- Property (Building & Contents)
- Storm, storm surge, rainwater, hail, snow, wind, flood
- Water escape/damage
- Damage caused by theft or Malicious damage
- Impact
- 2. Property Owners Liability:
- Public Liability cover of $10m or $20m
We can tailor the package exclusively for your property to suit your needs and budget. You can have peace of mind that your assets and liabilities are covered by a specialist policy designed for short term and long term unoccupied commercial property.
Property Owners And Handling An Unoccupied/Vacant Property:
It is natural for commercial property to stay vacant/ unoccupied in between for certain periods of time, before re-tenanting. One is to overcome a period of not having a rental income, but the other important aspect is to still protect your property from any kind of natural disasters, fire accidents, and vandalism.
- The kind of tenants and their business can impact your property depending on their business associated risks. Thus, it will also affect your insurance and the level of protection you hold.
- Any property that’s been vacant for more than three months, as a property owner you are recommended to inform your insurance broker about the same. Consulting your insurance broker for a vacant property or a change of tenant can help you optimize/rerate/upgrade your commercial insurance policy accordingly, for you to get maximum coverage.
- Never miss out on access to insurers because of a lack of information or timely professional guidance.
How Much Is Covered Under The Coverage?
Whether you own a factory, warehouse, or office space as part of a property, or you have a property that you have leased/rented out for commercial purposes, the coverage would vary to the unique needs of your situation. Comprehensive business insurance coverage may be sufficient for some, whereas others may require additional coverage.
The coverage is calculated based on the present financial value of your property and assets, and the replacement cost required to recover the loss. Talk to one of our experts who can help you get multiple quotes from leading insurers and packages that can give you appropriate coverage.
How To Renew The Insurance?
Our team of insurance experts can help you with the regular renewal of your insurance policy. However, when it comes to commercial property insurance a lot of it can change depending on the kind of property, age of the property, ownership, change in tenants, and its usage. It is important for you to assess your property with time and make changes to your policy as and when needed. At Ilink insurance, our insurance specialists can help you review your policies and suggest relevant building insurance options that can best suit and benefit your scenario.
Claim Process & What Are The Documents Required?
Consult our insurance experts and have all your queries answered regarding property, legal documents required as well as claim process in case of an occurrence. We will be right there when it comes to any sort of claims. As commercial property insurance brokers, our insurance plans are tailored to be inclusive of all the property associated risks specific to your business, to bring you the most appropriate insurance solution and coverage.
What Can You Expect
Under Commercial Building Insurance?
Specific, comprehensive, fast turnaround and instant cover
Why Choose Us
We have worked and supported an extensive portfolio of clients across Australia for all kinds of commercial property/ building insurance (occupied/vacant)
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What our customers
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FREQUENTLY ASKED QUESTIONS
Although every commercial property insurance differs widely in the level and the kinds of coverage they provide, policy exclusions, payment options, terms, and conditions; the following are some of the key insurance that is covered by insurance companies for commercial properties.
- Property Insurance
- Strata Title Insurance
- Employer’s Liability Insurance
- Industrial special risks insurance
- Owner’s liability insurance
The property owner or the landlord is the one who pays for the commercial property insurance. For rented out commercial buildings, if you are the landlord, you are responsible to have the building insurance in place. In most cases where the commercial property is leased out, the cost of the building insurance is passed on to the tenant to pay.
In case of mixed-use property, where you have your space allotted to different tenants, the insurance is taken separately depending on the risk exposure, and a premium is set accordingly. Commercial property insurance brokers at Ilink insurance can help you provide appropriate insurance policy plans depending on your property and the kind of occupancy it has.
Taking a comprehensive business package insurance can give a commercial property a wide cover to risks such as legal liabilities, business interruption, and cybercrime insurance. However, if you are a property owner with your buildings leased out to several other businesses, you would benefit more from having standalone commercial property insurance and landlord insurance.
Speak to our expert insurance brokers, who can review your property under different grounds such as risk exposure, nature of occupancy, age of the property, and others, and guide you towards the best possible policy with comprehensive coverage.
Yes, having an insurance policy is mandatory in Australia, especially for the ones who fall under the high risk categories and operate businesses having high value assets worth over $5 million.
- Insurance coverage can widely differ from one policy to another, so be very careful while looking into the features of every policy.
- The terms and conditions can be quite complex and the PDS documents can be confusing to understand. Insurance brokers are trained in these, so it is advisable for you to take support of them while getting a commercial property insurance
- Every policy will come with a set of exclusions, be clear about your requirements and queries with your insurer or insurance broker.
- Be mindful to update your insurance coverage with an annual review of your business and property. Your commercial property insurance should reflect the increased value of your property be interns of renovations or the rising costs of the building. Never keep your property under insured.
- Often property owners tend to underestimate the costs that they would have to incur to reinstate a building post an accident or a natural disaster. This fails to give you a proper cover for rebuilding and replacement. Take that extra cover, if you are advised to.
- Business interruption insurance is generally not covered under the commercial building insurance. Do speak to the insurance broker and know what are additional covers your property and business scenario requires.
