What is Commercial Strata Insurance?
Similar to residential strata insurance cover, commercial strata insurance protects business owners who operate in a divided building under a strata title. Commercial strata insurance covers the common areas of the building that houses your company.
What Are the Different Kinds of Commercial Strata Insurance?
There are a number of specific types of cover that can be a part of your commercial strata insurance. Here are three of the most common kinds. You should consult your insurance professional to discuss all of the options available to you.
- Building and Common Contents – This is the basic commercial strata cover and will guard against physical loss or damage to common contents and the physical building.
- Legal Liability – If you are found legally liable to pay because of personal injury or property damage, your commercial strata cover can help if you have legal liability as part of your policy.
- Machinery Breakdown – This typically refers to malfunction of lifts, mechanical machinery, boilers, electrical machinery, and other equipment covered under your policy
Facts About Mixed-use Strata Insurance
When a property combines residential and commercial use, it is essential to address the needs of all building occupants within a mixed strata insurance policy.
How is Mixed Strata Insurance Different From Other Kinds of Strata Cover?
Generally speaking, insurance cover for mixed strata combines the necessary elements of each individual type of insurance.
What Will a Mixed Strata Insurance Policy Cover?
A mixed-use strata policy will cover the common areas of the building for the residential and commercial standpoints. Additionally, a mixed strata policy is suitable for residential retail as well as commercial retail and mixed commercial properties.
A mixed strata building and common contents policy typically provide the minimal cover for losses to the physical building and shared contents. There are various options to customise your mixed-use strata insurance. Consult with your insurance professional to find out the best choices for you.