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Commercial Property Insurance Basics

10.21.2015 By Elliott Insurance Insurance News

If you own a commercial property, you need to have the right level of cover in place so you’re protected financially if something goes wrong. But what forms of insurance are applicable for property? Outlined below are the main types of insurance cover you need to consider for your commercial property.

What do I need for my commercial property?

  • Buildings cover – This type of cover protects your business from fire and perils and is essential if you own a commercial property. If anything unexpected happens to your property, it could spell financial disaster if you don’t have the proper cover in place. Buildings cover ensures that your property is protected.
  • Rental income cover – If something happens to your commercial property such as flooding or other damage and your tenants are unable to use the property for a period of time, rental income insurance will cover this loss of rent until your tenants are able to return to the property. Even if you’ve got buildings cover in place which will cover you financially for repairs to your property after fire or other perils, the loss of income in regards to rent can lead to a big dent in income. Rental income cover means you don’t need to worry about being out of pocket for loss of rent.
  • Workers compensation – If you run a large business with a number of commercial properties and have employees who work at these properties, you need to have workers compensation insurance in place. This form of cover means that if an employee is successful with a worker’s compensation claim, you will be reimbursed by the insurer for the ongoing payments you’re required to make. Worker’s compensation insurance is a compulsory for any business with employees.
  • Legal liability cover – This protects you if you’re found legally liable following damage to property which is owned by someone else or personal injury to someone else. In terms of a commercial property, this cover would protect you financially if someone entering your property is injured. It would also apply if nearby property is damaged after an event in your property, such as a fire.

Speak with an expert

When it comes to commercial property insurance, before taking out a policy it’s best to speak to your insurance broker to make sure you’re getting the right level of cover. Your broker has the knowledge and expertise to not only find a competitive price but to also ensure the wording of the policy addresses your specific needs. Don’t risk being underinsured with your commercial property as it could cost you in the long run.

The information above is of a general nature only and should you need advice please consult your insurance broker. Contact Elliott Insurance Brokers on 1300 635 315 today for further information about commercial property insurance or for a quick quote.