Get Covered With A Commercial Property Insurance Policy
No matter what type of commercial property you own, there’s always a risk of damage to the building. Destructive events can strike with little or no warning. Your shop could be flooded, your warehouse could be hit by fire, or your factory could be severely damaged by strong winds. All of these events can leave your commercial building in varying states of ruin.
Damage to your commercial property won’t just interrupt business for weeks or months – it can also leave you with a huge repair bill. The global demand or construction materials and labour continues to spiral, and this is driving up rebuilding costs with each passing day.
Commercial property insurance – also called commercial property owner insurance, commercial building insurance or business property insurance – can help cover the costs of expensive repairs to your building.
Finding The Right Commercial Property Owner Insurance
Getting the right commercial property insurance for your building is very important. It will enable you to use or lease your commercial property with confidence. You’ll also be well-prepared for unexpected insurable events such as fire, lightning, storms, floods, explosions and vandalism.
With many years of experience in providing business insurance throughout Australia, Phoenix Insurance Brokers understand the many risks that property owners and landlords face. We know that when things go wrong for commercial properties, the physical and financial losses can be devastating if the right commercial insurance cover is not in place. That’s why we offer a personal service to help you determine what type of commercial property insurance is best for you.
Phoenix Insurance Brokers also offers a range of other business insurance services, including office insurance and public liability. If appropriate, these other policies can be bundled together with commercial property insurance to provide comprehensive insurance cover. This provides cost savings and also ensures you have a solid insurance solution in place for your commercial property.
If you have a portfolio of commercial properties, we can also help you find cost-effective insurance coverage.
Business Interruption
Commercial property owner insurance can also cover business interruption. This protects your rental income if your commercial building is damaged as a result of an insurable event and your tenant has to stop trading for a period of time and can no longer pay rent. Our experts can advise you on the best business interruption coverage.
Types Of Commercial Properties We Cover
At Phoenix Insurance Brokers, we can find the best insurance coverage for a wide range of commercial properties, from small to medium and large, across many different industries and sectors, including:
- Manufacturing
- Wholesale/distribution
- Professional services
- Retail
- Cafes and restaurants
- Unit and apartment blocks
Comparing Commercial Property Insurance
If you are shopping around for commercial property owner insurance, it’s a good idea to discuss your policy with an experienced local broker to make sure you fully understand all the fine print and you’re comparing like with like.
It’s important to make sure you buy adequate protection for your specific property. On the one hand, you do not want to over-insure and pay more than you need. On the other hand, you do not want to be underinsured and find yourself without sufficient insurance in case things go wrong.
At Phoenix Insurance Brokers, we understand the different requirements of different commercial properties. Our expert brokers will help you to assess and manage your unique property risks and match you with an appropriate policy that suits your specific situation.
Commercial Property Insurance FAQs
Commercial property insurance is similar to home insurance, but it covers non-residential buildings. It provides protection from unexpected insured events such as fire, flood and vandalism. At Phoenix Insurance Brokers, we can ensure that your commercial property owner insurance is tailored to suit your specific business property.
Typically, commercial property insurance covers damage sustained to the structure of the property itself. This may include fixtures and fittings, as well as services and utilities provided to the building.
- A standard commercial property insurance policy generally provides coverage for damage that results from the following events:
- Accidents, including industrial accidents such as the escape of molten material
- Burst or leaking pipes
- Earthquake or tsunami
- Fire
- Impact by a vehicle or falling object such as a tree or power line
- Lightning or explosion
- Malicious damage
- Storm damage
As with any insurance product, the specific terms and conditions of your policy will determine your inclusions, exclusions and policy limits.
When you use an insurance broker, you get a professional and impartial advisor on insurance matters. A good insurance broker will work closely with you and listen carefully to your specific commercial property insurance needs. At Phoenix Insurance Brokers, we use our expert knowledge to give you an unbiased opinion and match you with the most appropriate policy available, saving you time, money and legwork.
The landlord or property owner pays for the building insurance on a commercial property that is rented out. In most cases, under the terms of the lease agreement, the landlord will pass on the cost of building insurance to the tenant.
By taking responsibility for the building insurance, the property owner can make sure that the policy is in force, the premium has been paid on time and the level of cover is sufficient.
The cost of commercial property owner insurance depends on a variety of factors, including:
- The type of business your property is used for. Some commercial activities are high-risk, while others are low-risk. Insurance costs will reflect this.
- The value of the property.
- The location of the property.
If you own commercial property of any type, then you should get commercial property insurance. Without it, you will be responsible for covering the costs of repairs or replacement in the event that your property is damaged by an insurable event such as fire or vandalism. This can be very expensive, especially with the rising costs of construction materials and labour.
