What is Commercial Property Insurance?
Commercial property insurance helps protect the things your business relies on every day — your building, contents, equipment and stock. It covers damage or loss from events like fire, storm, theft or accidental damage.
Whether you own your premises or lease them, this cover means you won’t be left carrying the full financial burden if something unexpected happens. It’s insurance made simple and tailored to your needs.
How Commercial Property Cover Can Help Your Business
Why Should I Invest?
Investing in commercial property insurance is essential for any business that owns or leases a physical space. This type of insurance provides a safety net, ensuring that your business can survive financially in the face of potential property damages and related losses. Here are some compelling reasons to consider this investment:
Cover for Your Business Property and Office Contents
This policy helps ensure that if your property, equipment or contents are damaged or lost, you are not left fully responsible for replacing them.
Property-Specific Cover
Alongside general protection, we can arrange specialised plans tailored to your property and industry needs.
Peace of Mind
Running a business comes with enough challenges. With the right cover in place, you can focus on your operations knowing your assets are protected if the unexpected happens.
What Do Most Policies Cover?
As you research your options, you’ll find that there are different commercial property insurance rates and types of plans available. While specific cover options might vary, most policies will protect against certain events that could cause damage or loss to your property or the contents within it.
A few examples of these events include:
- On-premise property loss or damage
- Accidental property damage
- Loss or damage to your contents
- Water-related damage (e.g. busted pipes, leaks, damaged water mains)
- Property loss due to theft, attempted theft, vandalism, assault, burglary or an armed hold-up
- Signage damage (including glass)
- Goods damaged while in transit
- Machinery malfunction (including technology, heavy-duty equipment, boilers, etc.)
- Social setbacks, including civil unrest, riots, or labour disturbances
- Physical impact to your property caused by tree limbs, vehicles, watercraft, or compromised buildings on adjacent properties
In addition, most policies will also extend to cover property loss or damage caused by inclement or extreme weather conditions, which include:
- Fire
- Earthquake
- Explosions
- Lightning
- Wind, water and rain
- Snow, sleet, and hail
What are the Common Exclusions?
It’s important to read all of the definitions included in your commercial property insurance policy. In particular, you’ll need to understand the way that your business personal property insurance plan defines “commercial building” and “contents”.
In most cases, these terms will include all of the tangible property that falls under your possession. It will also cover all of the property that you maintain control over or are responsible for insuring, even if you don’t personally possess it.
While there are exceptions, most policies do not cover certain items deemed non-essential to the ongoing operation of your business. These include, but are not limited to, the following entities:
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Jewellery and artwork
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Money (unless addedas optional cover)
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Watercraft or aircraft
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Registered vehicles or trailers
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Livestock
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Certain structures such as bridges and railway tracks
Note: Stock is sometimes treated separately or covered under different policy sections. We’ll help you check that it’s included if you need it.
In addition to these physical exclusions, there are also certain events that most commercial property insurance plans won’t cover. These might include:
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Flood (often offered as an optional cover)
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War, terrorism or civil commotion
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Intentional or fraudulent acts
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Storm surges or tidal waves (unless linked to a named cyclone/hurricane)
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Employee fraud or dishonesty
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Bushfires or cyclones in certain locations
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Accounting or operational errors (e.g. faulty workmanship, non-compliance)
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Gradual damage such as wear and tear, corrosion or insect activity (including termites)
How Can I Find the Best Policy?
Are you searching for the best commercial property insurance policy to protect your business? If so, one quick online search will reveal myriad options. How can you discern which providers are reputable and which plan is the best?
When comparing policies, be sure to review the following features to make sure you’re signing up for suitable cover that fits your business needs.
Cost of Cover
One of your first considerations will be the actual cost of the cover. How much are your premiums and can you afford to weave them into your budget?
Range of Cover
Of course, you’ll want to make sure the commercial property insurance policy you’re eyeing includes the right amount of coverage necessary for your business.
All Policy Exclusions
A policy could exclude one specific event, and suddenly, it’s no longer an effective solution for your property.
Any Additional Benefits
There might be an additional cover option that turns a prospective policy into “The One”.
Benefit Payment Conditions
Compare what details you’ll need to prove to your insurance agency before you can claim the benefit that you deserve.
Policy Cancellation Terms
Can you freely cancel your policy any time you want? Or, are there exorbitant fees and other negatives involved?
Cost of Cover
One of your first considerations will be the actual cost of the cover. How much are your premiums and can you afford to weave them into your budget?
Range of Cover
Of course, you’ll want to make sure the commercial property insurance policy you’re eyeing includes the right amount of coverage necessary for your business.
All Policy Exclusions
A policy could exclude one specific event, and suddenly, it’s no longer an effective solution for your property.
Any Additional Benefits
There might be an additional cover option that turns a prospective policy into “The One”.
Benefit Payment Conditions
Compare what details you’ll need to prove to your insurance agency before you can claim the benefit that you deserve.
Policy Cancellation Terms
Can you freely cancel your policy any time you want? Or, are there exorbitant fees and other negatives involved?
Cost of Cover
One of your first considerations will be the actual cost of the cover. How much are your premiums and can you afford to weave them into your budget?
Range of Cover
Of course, you’ll want to make sure the commercial property insurance policy you’re eyeing includes the right amount of coverage necessary for your business.
All Policy Exclusions
A policy could exclude one specific event, and suddenly, it’s no longer an effective solution for your property.
Any Additional Benefits
There might be an additional cover option that turns a prospective policy into “The One”.
Benefit Payment Conditions
Compare what details you’ll need to prove to your insurance agency before you can claim the benefit that you deserve.
Policy Cancellation Terms
Can you freely cancel your policy any time you want? Or, are there exorbitant fees and other negatives involved?
Cost of Cover
One of your first considerations will be the actual cost of the cover. How much are your premiums and can you afford to weave them into your budget?
Range of Cover
Of course, you’ll want to make sure the commercial property insurance policy you’re eyeing includes the right amount of coverage necessary for your business.
All Policy Exclusions
A policy could exclude one specific event, and suddenly, it’s no longer an effective solution for your property.
Any Additional Benefits
There might be an additional cover option that turns a prospective policy into “The One”.
Benefit Payment Conditions
Compare what details you’ll need to prove to your insurance agency before you can claim the benefit that you deserve.
Policy Cancellation Terms
Can you freely cancel your policy any time you want? Or, are there exorbitant fees and other negatives involved?
Find the Commercial Property Insurance You Need
Now that we’ve covered what most policies cover and exclude, as well as what to expect from each plan, are you ready to invest in commercial property insurance for yourself? If so, we’d love to help.
For more than 20 years, our team of passionate and experienced insurance brokers has helped clients just like you find the cover they need. We’re well-versed in the legalese, paperwork and other duties required to secure the perfect insurance policy.
Contact us today to learn more about what we do and let’s walk this journey together, one step at a time.
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