Commercial Property Insurance

Commercial property insurance also called building insurance varies from business to business given their unique needs and disparity. It helps to keep your business afloat in the occurrence of any unforeseen event. Commercial property insurance/building insurance will help you pay out for any sort of repair, replacement, or rebuild of the damaged property at the same site or of a different one.

You can also claim a cover on the asset/stock loss that occurred due to a mishap to your commercial property. A comprehensive business insurance package will be sufficient to provide broad coverage. However, depending on the size of your property and the nature of your business we could recommend a suitable insurance policy and an additional plant cover if required.

Commercial Property Insurance Covers:

• Fire/floods/natural calamities
• Theft/ Burglary
• Glass
• Public & product liability
• Machinery breakdown
• Supplies and equipment
• Inventory
• Business interruption

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

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.

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.