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Property Owners Insurance...
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When your property is used by others to run a business - it is important to protect your investment
against a variety of risks such as property damage, loss of income, rent default, glass damage and
legal liability.
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Sections available for Commercial Properties
- Fire and Defined Events - This section covers you for the risks of fire, storms, impact, malicious damage etc.
The sum insured needs to be enough so that you can cover the costs of rebuilding the premises.
Note: Flood insurance will add dramatically to the premium if you are in a flood prone area.
- Loss of Rent - If your tenants are forced to relocate due to the damage caused by fire or other defined event,
you’re reimbursed for loss of rent while your property in untenanted.
- Property Owners liability - Covers your potential liabilities to third parties for personal injury or damage to property resulting from your
ownership of the property.
- Glass Breakage - This section covers glass replacement due to breakage
- Theft - theft from locked premises
- Machinery Breakdown - Covers unforeseen and sudden damage to machinery and mechanical equipment like air
conditioning equipment.
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Other business insurance...
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Getting the right insurance for your business can be tricky.
Make sure you consider all your options. Always ask for the policy in writing and make sure you
read and understand the full terms and conditions in the policy disclosure statement.
Consult an insurance broker for more advice.
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Common misunderstandings
Replacement policy
Sections of insurance policies that relate to replacement and asset valuation are often misunderstood.
A replacement policy aims to replace or restore property as new. These policies may have an upper limit on the amount payable and, if you are not aware of this, you could be insured for less than you think. Similarly, if you're not sure of the replacement costs of your assets at today's prices, you may also be underinsured.
Flood cover definitions
The different definitions for flood and inundation in insurance policies often cause confusion.
Most insurance policies do not cover damage to a property if caused by:
- inundation of water flowing from a natural watercourse
- inundation of water from both the storm and overflow of a natural watercourse (unless most of the damage is caused by stormwater)
- other phenomena, such as earth movement, even though this may itself have been caused by water from a storm.
Speak to your broker to find out if you have the right insurance cover for your business.
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