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Why You Need Commercial Property Insurance

Whether you are a manufacturer, wholesaler, or property owner, the larger your business, the more protection it should have. In the event of criminal or accidental damage, having to temporarily stop operations for equipment repairs and stock replacement can leave your company buried under financial losses it might not be able to recover from. Commercial Property insurance can support your company from such damages and enable you to preserve during tough times.

What Does Commercial Property Insurance Cover?

There are various Commercial Property insurance options available, and it is worthwhile talking with a licensed Insurance Broker to better understand your commercial property risks and requirements. Some standard commercial property policies may cover the following:

  • Office equipment and industrial machinery breakdowns
  • Accidental property damage (i.e. a vehicle crashing into your premises)
  • Water damage from leaks
  • Damage to or loss of contents, including fittings, fixtures, and tenant improvements, inside commercial premises
  • Damage caused by nearby construction and falling building fragments or trees

Commercial Property Insurance Cover Options

To cater to a wide range of businesses and industries, insurance providers offer different Commercial Property Insurance covers and packages. Below are several examples:

1. Mobile Plant and Equipment Insurance - This may be suitable for businesses such as excavation contractors, plant hire companies, quarry operators, farmers, and plumbers. This type of Commercial Property Insurance may help to pay for the replacement costs of machines less than five years old.

2. Strata Insurance - This Commercial Property insurance type, which comes in numerous policy options, caters to owners of strata residential property, such as apartments. These commercial property owners may be looking to protect their properties from rental losses and break-ins.

3. Industrial Special Risks Insurance - This risk management solution may reimburse businesses for losses from fires and storms and covers financial damage resulting from business interruptions. Engineering, transportation, aviation, media and telecommunications are some of the industries it may cater to.

4. Technology Property Insurance -  Companies in the technology industry are facing risks that were unimaginable only a few years ago. This type of Commercial Property insurance covers audit expenses, lost revenue, and losses arising from computer breakdowns.

Small Business Insurance Pack

If you’re a small business owner looking to protect your company from several risks at once, it may be worth considering whether a Small Business Insurance Pack is right for you. A Small Business Insurance policy can offer multiple layers of protection through one plan, and can be customized to cover the following:

Small Business Insurance can provide cover for your business’ premises and contents, against loss, damage, theft or financial loss from an insured interruption to your business.

Tax Audit Cover for Small Businesses and Individuals.

Bill Cover will take care of your bills, so you can take care of yourself! Bill Cover will pay a fixed monthly benefit or the total of your monthly bills (whichever is the lesser) for up to twenty-four months if you are unable to work due to injury or sickness. In the event of a claim, Bill Cover can be used to help pay for your business or general living expenses such as electricity, gas, gym membership, mortgage or rent.

If you’re a small business owner looking to protect your company from several risks at once, it may be worth considering whether a Small Business Insurance Pack is right for you. A Small Business Insurance policy can offer multiple layers of protection through one plan, and can be customized to cover the following:

  1. Portable Items - covers contents that are taken outside of the area your company operates from
  2. Theft - reimburses losses from employee dishonesty or fraud and covers the cost of temporary protection and key and lock replacements
  3. Glass - helps pay for the repair and replacement of damaged shop fronts, signs, and windows
  4. Business Interruption - covers lost profits and claims preparation expenses

Having Commercial Property insurance will ensure that the years you spent building your business will not go to waste because of accidents, natural disasters, and other unforeseen circumstances your business maybe exposed to. Find an insurance broker on Advisr today to learn more about the different Commercial Property insurance covers and which among them will fully protect your business.


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

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