Commercial Property Insurance Checklist

Commercial Property Owner's Insurance Checklist


Before You Get a Policy:
  • Understand Your Property:
    • Building type (retail, office, warehouse)
    • Age and construction materials
    • Replacement value (consider building costs)
    • Location (flood zones, crime rates)
    • Tenants (type of business, lease terms)

  • Identify Your Risks:
    • Natural disasters (common in your area)
    • Fire, theft, vandalism
    • Loss of income due to property damage
    • Liability for tenant injuries or property damage

Choosing a Policy:
  • Get Quotes from Multiple Insurers:
    • Compare coverage and pricing
  • Consider Coverage Types:
    • Building coverage (damage/destruction)
    • Business interruption (lost income)
    • General liability (tenant injuries/damages)
    • Loss of rental income (vacancy)
    • Additional coverages (flood, earthquake)
  • Review Policy Excess:
    • Higher excesses will lower your upfront insurance premium, but increases out-of-pocket cost for claims

Maintaining Your Policy:
  • Review Your Policy Annually:
    • Ensure coverage reflects property value and risks
    • Update for changes in tenants or building use
  • Maintain Building:
    • Regular inspections and repairs minimise damage risks
  • Document Everything:
    • Property inventory, maintenance records
    • Lease agreements with tenants

Additional Tips:
  • Work with an Insurance Broker:
    • Expertise in commercial property insurance
    • Can help navigate policy options and claims process
  • Communicate with Your Insurer:
    • Inform them of any changes to property or tenants
    • Promptly report claims to avoid coverage issues

By following this checklist, commercial property owners can ensure they have the right insurance coverage to protect their investments. Remember, this is a general guide, and it's always best to consult a qualified insurance professional for personalised advice. that is appropriate for you and your circumstances.

Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.

Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.


By following this checklist, commercial property owners can ensure they have the right insurance coverage to protect their investments. Remember, this is a general guide, and it's always best to consult a qualified insurance professional for personalised advice. that is appropriate for you and your circumstances.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.


Advisr, ABN 17 613 588 266

Related articles

Comments (0)

Related insurance brokers

Review rating
16 reviews

Featured Featured

Shane Brady

Stone Lane Broking & Risk Advisory

  • Typically replies within
    a few minutes
  • Review rating
    58 reviews

    Featured Featured

    Laura Meyer

    MeyerInsure

  • Typically replies within
    a few hours
  • Review rating
    26 reviews

    Featured Featured

    Abbie Wilson

    National Insurance Brokers

  • Typically replies within
    a day