Compare a range of commercial property insurance policies here with Savvy to make sure your business is protected.
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In today's competitive business world, protecting your assets is vital for the long-term success of your company. One of the best ways to do this effectively is by taking out commercial property insurance. This comprehensive business insurance provides financial protection against various risks that may pose a threat to your physical assets, ensuring continuity and peace of mind.
Through Savvy you can compare a range of quotes for commercial insurance from some of Australia’s leading insurers. Our 100% free comparison service will allow you to compare premiums, choose the most appropriate level of cover, and get your premises protected through a quick and simple online quote process.
Commercial property insurance is a form of business insurance designed to safeguard the physical assets of a business. It provides coverage for a wide range of assets, including buildings, equipment, inventory, furniture, and fixtures. This insurance policy protects businesses from financial losses resulting from risks such as fire, theft, vandalism, natural disasters, and other covered events. It typically includes cover for:
Commercial property insurance applies to any non-residential building used for commercial purposes. If an insured event occurs, the insurance can cover the cost of repairing or replacing the building and machinery.
Commercial property insurance typically applies to various types of commercial buildings. These may include:
All these commercial buildings require robust property insurance to protect owners or landlords in case of unforeseen disasters. To ensure you choose an appropriate insurance policy for your commercial premises, you can compare a selection of online quotes from reputable Australian insurers right here through Savvy.
Commercial property insurance provides coverage for various events that can have a significant impact on your business. Let's explore some of the key areas that this insurance can protect you from:
Commercial property insurance safeguards your building in case of storm, lightning, or fire damage. It typically covers the cost of building replacement, offering protection against bushfires (depending on the location and policy terms).
Coverage for floods caused by seawater or freshwater may vary depending on the location of your commercial building. Policies may have exclusions for natural flood damage, especially in flood-prone areas near major river systems. It's essential to review your policy to understand the extent of coverage for water-related risks.
Sudden power outages can have severe consequences for businesses, resulting in income loss and potential spoilage of perishable goods. It's crucial to ensure that your policy covers the loss of income and stock during extended power outages. Be aware of exclusions related to user error, such as leaving freezer doors open or accidental unplugging.
This coverage applies to incidents like burst water pipes, malfunctioning dishwashers, or leaking appliances that cause property damage. However, you may need to demonstrate that you have properly maintained the affected pipes or appliances to qualify for coverage.
Commercial property insurance not only covers theft but also the damage caused by thieves during break-ins, such as broken locks, doors, or damaged roofs. Keep in mind that not all policies include coverage for window or glass breakage. If protecting your glass shopfront is crucial, carefully compare insurance policies to ensure glass damage coverage is included.
Coverage extends to intentional damage and vandalism, including the costs associated with graffiti removal. Review the policy exclusions to ensure coverage for events that could pose significant harm to your commercial business as a tenant or landlord.
Commercial property insurance also provides coverage for impact damage. This includes incidents like cars colliding with your shopfront or trees falling onto your building, resulting in roof damage. The coverage often extends to adjacent buildings damaged by impact, leading to business closure for safety or assessment purposes.
By understanding the coverage offered by commercial property insurance, you can proactively protect your business from potential risks and ensure business continuity in the face of unforeseen events.
There can be a range of exclusions in commercial property insurance policies, so it’s important to read the small print carefully and find out what’s not covered.
As mentioned above, glass replacement and flood damage (particularly if you live in a known flood-prone area) are common exclusions. Other exclusions you may come across include:
Because there can be so many exclusions in commercial building insurance for landlords, it’s well worth discussing the insurance coverage you have with the tenants of your building if you’re a landlord. This may assist you to choose the type of insurance which is most appropriate for the potential risks you face.
For example, you could find yourself uninsured if there’s an explosion in one of your shops caused by the storage of chlorine if your tenants didn’t tell you they were running a swimming pool maintenance business on the side. Unauthorised storage of chemicals is a common exclusion in business insurance policies.
When selecting commercial property insurance, there are several important factors you should compare. Let's take a closer look at these considerations:
A good commercial property insurance policy provides coverage for a wide range of events, ensuring comprehensive protection. It's crucial to review the policy and ensure it includes all the necessary coverage without any significant exclusions. Remember, the best policy is the one that adequately covers all potential risks, rather than simply being the cheapest option.
Finding the right commercial property insurance also involves considering the cost. While insurance can be expensive, it's essential to compare prices and find a policy that offers a balance between coverage and affordability. However, keep in mind that prioritising events covered by the policy should always take precedence over price alone.
Different insurance policies may offer varying maximum payout amounts. When comparing commercial property insurance options, it's important to consider the maximum benefit available for each type of coverage. If your business requires higher coverage limits in specific areas, it may be possible to customise or tailor the policy to meet your specific needs.
Some insurance policies may have excess requirements, meaning you need to pay a certain amount out of pocket before the coverage applies. Keep in mind that opting for a lower excess amount will result in higher premium costs. If you aim to reduce overall insurance expenses, consider increasing the excess amount you're willing to pay.
By carefully considering these factors, you can make an informed decision when choosing the right commercial property insurance policy for your business.
Business insurance is not something that you should organise and forget about for years on end. Review your insurance needs regularly and come back to Savvy to compare more free quotes. This will help you ensure you remain current with your insurance and aren’t paying more than you need to, as well as make sure your property is appropriately valued.
When you’re organising your commercial property insurance, make sure you give realistic numbers for the replacement cost of your building. Don’t just guess or rely on figures that may be out of date. Do some careful research and, if necessary, get up-to-date quotes for the real cost of building replacement in case your building is destroyed by fire or other natural disasters.
It’s important to study the product disclosure statement (PDS) carefully when comparing any insurance policy. This document tells you in fine detail exactly what coverage you are buying and what is excluded from the cover. This will help you avoid any unwelcome surprises down the track.
When you’re choosing between two or more insurance policies, compare not only the obvious components such as cost and maximum payout limits but also the less obvious details contained in the fine print. Being able to see online quotes (such as those through Savvy) side-by-side will assist you in comparing policies carefully to make sure you’re getting the best deal for your business.
If your building is severely damaged, commercial property insurance will cover the cost of repairs so rental loss or inconvenience can be kept to a minimum.
You'll be able to claim your commercial building insurance premiums as a legitimate tax reduction on your tax return.
Having commercial property insurance will give you peace of mind, knowing your investment is protected in case disaster strikes.
You won’t be covered for all damage that occurs to your business premises, as there may be policy exclusions such as normal wear and tear.
You may find you’ll have to pay more for your insurance if there's an optional extra that you consider to be essential.
You may have to fork out a considerable sum to cover the excess on a claim if you decide on a large excess to reduce your overall insurance cost.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
