Commercial Property Owners

A Commercial property owner can insure their Building and Contents (such as common property and machinery) for loss or damage under special commercial property owners covers.

Premiums for property owners policies can vary widely, depending on the type of tenants who are occupying the building at the time of effecting the insurance. A surfboard manufacturer as a tenant, will attract a higher fire insurance rate for the building owner than a retail florist for example.

Here is a summary of the basic insurance covers normally insured under a Commercial Property owners policy:

Fire & Perils /Accidental Damage

Covers your physical assets (buildings; contents, plant & equipment) against loss or damage by certain physical events such as fire; water; malicious or accidental damage; storm & tempest and the like.

Business Interruption (BI)

A Commercial Property Owners Business Interruption cover pays for the Loss of Rental Income should the building be damaged to the extent that tenants either leave or are no longer able to meet their lease obligations in regard to rent, due to an interruption to the normal trading.

A Loss of Rental Income cover can be effected for a period as long as twelve months or any shorter period less than a year.

Public Liability

Covers your legal liability to third parties for personal injury or damage to their property if you are held to be negligent at common law, arising out of your ownership of the building.

Machinery Breakdown

Pays for the repair or replacement of your machinery should either a mechanical or electrical breakdown occur.

Any advice or recommendation that may have been implied is General Advice only. Please be aware that we have not taken into consideration your needs, objective or financial requirements. Before deciding to purchase a financial product, you should read the Product Disclosure Statement to ensure the product is suitable for your needs.